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 […]

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. […]