NY Times Covers Reverse Mortgages & New Opportunity For Co-Op Residents

Over the weekend NY Times columnist Bob Tedeschi writes about reverse mortgages and why the Housing and Economic Recovery Act matters to New York area residents.  The new laws are intended to give older homeowners access to more of their homes’ equity, provide stricter consumer protection, and, most important for New York-area residents, offer co-op […]

New Federal Home Loan Bank Program Provides Liquidity For Reverse Mortgages

The Federal Home Loan Bank of San Francisco announced its new Homeownership Preservation Advance (HPA) program which offers member financial institutions discounted credit to restructure loans for eligible low- and moderate-income homeowners.  The HPA program can also be used to enable elderly residents to preserve homeownership by obtaining a reverse mortgage. “The foreclosure crisis has […]

Ginnie Mae HMBS Providing Liquidity To Reverse Mortgage Industry

During a time when credit markets are hurting, Ginnie Mae continues to provide liquidity to reverse mortgage lenders.  Last month Cerritos, California based Sun West Mortgage completed an issuance of $120 million in HECM Mortgage Backed Securities (HMBS).  The three HMBS pools comprised of Libor HECM, CMT HECM and Fixed-Rate HECM reverse mortgage products, respectively, […]