Reverse Mortgage Industry Braces for September Surge

With less than a month to go until the Department of Housing and Urban Development’s new reverse mortgage rules come into effect, many in the industry have predicted a scramble to the finish as potential borrowers attempt to lock down loans before limits narrow and insurance premiums rise. On the ground, as early as two […]

HUD Awards $50M in Housing Counseling Grants

The Department of Housing and Urban Development on Thursday awarded $50.6 million in counseling grants to agencies across the country, following through on one of Ben Carson’s key initiatives so far in his tenure as secretary. The vast majority of the grant cash — about $47 million — will go directly to hundreds of national, […]

Reverse Mortgage Assistance Program Gains Traction

The initial results of a pilot program aimed at assisting seniors with mortgage services — including reverse mortgage borrowers in danger of foreclosure — indicate a growing use of these resources in areas across the nation. Launched last year by non-profit organization HOPE NOW, the pilot includes several full-day events in California that offer reverse […]

CIT, OneWest Contribute to Reverse Mortgage Counseling Program

CIT Bank and its retail subsidiary, OneWest Bank, awarded a $335,000 grant to fund counseling for seniors in danger of tax-and-insurance reverse mortgage foreclosures in California. The money will help a pair of organizations — the Atlanta-based ClearPoint Credit Counseling Solutions and the Hope Now Alliance of Washington, D.C. — host events throughout the state […]

Housing Counseling Agency Opens N.Y. Branch to Meet Reverse Mortgage Demand

Responding to a demand for face-to-face Home Equity Conversion Mortgage (HECM) counseling in New York State and a lack of available counselors to meet this need, one HUD-approved Housing Counseling Agency is opening a new branch next month with a team of counselors to deploy in force. For years, Agawam, Massachusetts-based Cambridge Credit Counseling Corp. […]

HUD Dishes More Details on Reverse Mortgage Counseling Rules

One week after publishing its final rule on housing counseling certifications, the Department of Housing and Urban Development (HUD) held a stakeholders call on Monday to discuss the finer points of its new requirements for agency-approved housing counselors, including what the final rule means for reverse mortgage counselors. Under the final rule, housing counselors will […]

Friday Round-Up: Reverse Mortgage Roadblocks, New HUD Counseling Rules

It was another busy week for all things reverse mortgage news. Researchers revealed some of the largest roadblocks to reverse mortgage usage among older homeowners, while a new report from Harvard University proposed the use of reverse mortgages as a financially feasible solution to meet the aging in place demands of the United States’ soaring […]