Trump’s HUD Budget Would Cut Housing Counseling Funding

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 […]

Counselors See ‘Trickle-Down’ Decline in Reverse Mortgage Demand

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 […]

HUD Releases New Foreclosure Prevention Guide for Homeowners

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 […]

Reverse Mortgage Counseling Demand Rose 62% in September

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, […]

Reverse Mortgage Originators Wake Up to a Post-October 2 World

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 […]

[UPDATED] Need a HECM Counselor Fast? These Agencies Could Help

With less than a week before lower principal limit factors go into effect, reverse mortgage counseling sessions are difficult to come by. But a select few answered the Department of Housing and Urban Development’s call for agencies with availability, and could potentially provide a last-minute option for Home Equity Conversion Mortgage applicants. The list, obtained […]

HUD Asks Reverse Mortgage Counselors: Any Slots Left?

As housing counselors struggle to keep up with demand ahead of the new reverse mortgage rule changes, the Department of Housing and Urban Development is asking for their input and help. HUD’s Office of Housing Counseling on Thursday sent an e-mail, addressed to all approved Home Equity Conversion Mortgage counselors, seeking input on their current […]

How Servicers, Originators Can Prevent Reverse Mortgage Defaults

The reverse mortgage industry has been under scrutiny in recent weeks over tax-and-insurance defaults, with the Washington Post highlighting several seniors’ issues with servicers and the Department of Housing and Urban Development instituting new rules to help protect the Mutual Mortgage Insurance Fund from losses. One group in California has been attempting to provide resources […]

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 […]

Labor Day Round-Up: HUD’s Major Reverse Mortgage Shake-Up

After a blockbuster week in the world of reverse mortgages, you’ve earned a relaxing Labor Day weekend. All of us at RMD wish you a wonderful break, and don’t forget to take a second to tip your cap to the workers — of all kinds and walks of life — who keep our country running […]