While counseling for both Home Equity Conversion Mortgage (HECM) products and their proprietary counterparts largely follow the same guidelines, some specific differences and lingering issues in borrower education prior to counseling can make the process more difficult for borrowers, lenders and counselors alike. This is according to a panel discussion between counselors and reverse mortgage […]
For reverse mortgage originators and counselors, dealing with clients that are either actively going through, or intend to obtain a divorce can offer a unique challenge. While sometimes a reverse mortgage transaction can actually streamline some of the processes of divorce for the couple, having one crop up during a reverse transaction can come with […]
An assistance program in the state of Oregon is on track to assist the majority of the state’s defaulted reverse mortgage borrowers just in time for a final round of applications, which are expected to begin in Spring 2020. The Oregon Homeownership Stabilization Initiative (OHSI)’s reverse mortgage benefit program is designed to assist homeowners in […]
The Department of Housing and Urban Development (HUD) this week announced the organizations that will receive a total of $42.8 million in counseling grants, including reverse mortgage counseling. “HUD-approved housing counseling agencies are on the front lines of helping individuals and families to find affordable rental housing or make more informed homeownership choices,” said HUD […]
Project Porchlight, an initiative of non-profit counseling organization Money Management International (MMI), has announced its public launch along with the disclosure of its primary financing partner: the MetLife Foundation. While previously available only through the Federal National Mortgage Association (FNMA, or “Fannie Mae”) Disaster Response Network, a grant from MetLife Foundation has enabled MMI to […]
In the wake of new disaster guidance for reverse mortgage borrowers from the Consumer Financial Protection Bureau (CFPB) and as parts of the southeastern United States continue to contend with the aftermath of Hurricane Dorian, affected reverse mortgage borrowers have another alternative to receive counseling and personalized assistance after surviving a natural disaster. Project Porchlight, […]
Counseling for prospective reverse mortgage borrowers is not only required, but it’s also a critical component of understanding how a new reverse mortgage loan is created. In order to make sure that the borrower fully understands exactly what kind of a transaction they’re getting into, the counselor guides the borrower through the features and obligations […]
Gray divorce, a term used to describe a divorce that takes place for couples over the age of 50, continues to rise in the United States. According to 2017 data compiled by the Pew Research Center, the rates of gray divorce have doubled since 1990, and the reverse mortgage industry has taken notice by viewing […]
Reverse mortgage counselors have seen their demand fall in tandem with originations and endorsements, but many are already adapting their educational programs to include the wide array of private products entering the marketplace. Counselors logged 7,198 visits during July, according to data from Ibis Software Corporation — representing a sharp decline from the recent peaks […]
As reverse mortgage counselors adapt to shifting levels of volume since the October rule changes, they are also adjusting to the types of borrowers seeking counseling. For the first two to three months after the lower principal limit factors took effect, Cambridge Credit Counseling Corp. saw more needs-based inquiries nationwide, but that is changing, said […]
