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 […]
President Trump’s budget request for the Department of Housing and Urban Development showed a dedication to the reverse mortgage program — but a cut in housing counseling spending. The proposed fiscal year 2019 HUD spending plan would set aside $45 million for the Housing Counseling Program, a drop of $9.6 million or about 18% from […]
Last fall, reverse mortgage counselors stepped up their operations to handle the influx of borrowers looking to secure loans before the implementation of new rules on October 2. Now, several months later, demand is naturally down — but the numbers aren’t completely grim. “We have definitely seen less demand for counseling since the October 2 […]
The Department of Housing and Urban Development this week released a new resource for homeowners facing foreclosure. While it doesn’t specifically mention reverse mortgages, the guide — titled “Homeowner’s Guide to Success” — offers pointed advice that still applies to holders of Home Equity Conversion Mortgages. For instance, the document advises struggling homeowners to contact […]
Demand for reverse mortgage counseling services — a key indicator of demand for the product in general — spiked 62% between August and September, according to new data from Ibis Software Corporation. Followers of the Home Equity Conversion Mortgage industry had predicted a spike in demand after the August 29 release of Mortgagee Letter 2017-12, […]
As the deadline for major reverse mortgage changes came and went Monday, originators across the country exhaled — sometimes for the first time in a month. “Last week was finals week of your senior year in college, or right before your finals when you’re working on your master’s or something,” reverse mortgage specialist Laurie MacNaughton […]
By continuing to use the site, you agree to the use of cookies. more information
The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this. For more information, visit our cookie policy.
