In an effort to streamline the Home Equity Conversion Mortgage claim payment process, the Federal Housing Administration announced Monday that it has updated requirements for servicers assigning loans back to the FHA for processing. Effective upon release, Mortgagee Letter 2018-08 gives FHA-approved servicers more alternatives when it comes to required supporting documentation for their loans […]

To help clarify the latest changes to the Home Equity Conversion Mortgage appraisal process, the Federal Housing Authority has published new Frequently Asked Questions to help make the transition smoother. The FAQs touch on the expected time frames, property-flipping cases, financing, and other guidance around the new appraisal rule.

As originators determine their overarching plans in the midst of low volume and lower principal limit factors, two reverse mortgage originators have turned their sights to politics. Paul Dilks, a reverse mortgage specialist with Investors Home Mortgage, is running as the Republican candidate for the First Congressional District of New Jersey for the U.S. House […]

Just days after Arizona’s Sun City community announced that its residents could begin obtaining Home Equity Conversion Mortgages, more Sun City 55-and-over communities have gotten the reverse mortgage green light. Originator Michael Thomas, a reverse mortgage specialist with V.I.P Mortgage, Inc. in Peoria, Ariz., said he received a lender alert from Reverse Mortgage Funding on […]

As more Home Equity Conversion Mortgage borrowers are short to close since last year’s principal limit factor reductions, originators are getting creative with ways to help their clients who need to bring funds to closing. Most commonly, borrowers find out they are short to close when their mortgage balance is still too high, they must […]

More than 80% of seniors want to age in place for as long as possible — and they plan to make home modifications and use the latest technology to do so. For the survey Aging in Place or Assisted Living Facility: Where Do Retirees See Themselves Living, the Retirement Living Information Center asked 2,300 adults […]

While recovery remains sluggish, Home Equity Conversion Mortgage endorsements continued to climb in August, rising 9.8% from July for a total of 3,191 loans, according to the latest data from Reverse Market Insight. The HECM Originators report shows the gains were spread across both retail and wholesale channels, with retail up 8.2% and wholesale up […]