Senior Home Equity Reaches All-Time High at $6.97 Trillion

Senior homeowners saw an increase in their housing wealth of 1.4 percent between Q2 and Q3 2018. This, according to the National Reverse Mortgage Lenders Association’s quarterly release of the NRMLA/RiskSpan Reverse Mortgage Market Index (RMMI) on Tuesday. The 1.4 percent increase results in a gain of $97 billion to senior home wealth over the […]

Class Valuation Acquires Landmark Network, Plans to Expand

National appraisal management company Class Valuation has acquired Landmark Network as of Friday, the companies have announced. Landmark, based in Van Nuys, California, has long been a leader in the reverse mortgage space through its real estate appraisal offerings, and Class identified the opportunity in Landmark based on its presence in the growing baby boomer […]

Reverse Mortgage Business Welcomes Increased 2019 HECM Lending Limits

Late last week, the U.S. Department of Housing and Urban Development (HUD) announced changes in the lending limit for federally-backed reverse mortgages, with the new maximum claim amount for 2019 set at $726,525. This represents both an increase for a third consecutive year, and a welcome development for many reverse mortgage originators who have contended […]

HUD Deputy Secretary Pam Patenaude Resigns

Pamela H. Patenaude, the deputy secretary of the U.S. Department of Housing and Urban Development (HUD) under Secretary Ben Carson, resigned from her position on Monday, which will go into effect sometime in early 2019. “Serving at HUD as Deputy Secretary has been the highlight of my 35-year career in housing,” Patenaude said in a […]

Former CFPB Director Mulvaney Named Acting White House Chief of Staff

Mick Mulvaney, former acting director the Consumer Financial Protection Bureau (CFPB), will be named acting White House Chief of Staff according to a Friday tweet by President Donald J. Trump. “I am pleased to announce that Mick Mulvaney, Director of the Office of Management & Budget, will be named Acting White House Chief of Staff, […]

[Updated] Reverse Mortgage Lending Limit To Rise in 2019

The lending limit for federally-backed reverse mortgages is increasing for the third consecutive year in a row and is set to rise to $726,525 in 2019. The Department of Housing and Urban Development (HUD) announced on Friday via Mortgagee Letter 2018-12 a maximum claim amount of $726,525 for calendar year 2019, up from $679,650 in […]

CFPB: Low Housing Payments Signal Better Senior Financial Well-Being

Older American homeowners have a greater degree of financial well-being than those who do not own a home, while lower housing costs are also correlated to more positive financial well-being. This is according to a survey titled “Financial Well-being of Older Americans,” released by the Consumer Financial Protection Bureau (CFPB) Office of Financial Protection for […]

Why AAG Sees Potential in the Market for VA Loans

Last month, American Advisors Group (AAG) announced the company was adding government-backed Veterans Affairs (VA) loans to its lineup of product offerings, differentiating its offering from the standard VA loan by focusing marketing efforts more specifically on the needs of older veterans. The company says it has staked a unique position in the larger market […]

FAR Moves to Private Label Servicing for HomeSafe Reverse Mortgages

Finance of America Reverse (FAR) will be transitioning to private label servicing for its proprietary HomeSafe reverse mortgage product, as well as conducting direct outreach to its borrowers on matters of account statements and communications. “We are private-labeling so that we can have a more direct connection with our borrowers,” said FAR president Kristen Sieffert […]

Tappable Home Equity Sees First Decline Since Housing Crash

Total equity on mortgaged properties currently stands at $9.8 trillion, $5.9 trillion of which is tappable. This indicates a drop of $140 billion in the third quarter of 2018, while also illustrating that 272,000 fewer homeowners have tappable home equity available in Q3 when compared with Q2. This is according to a new study released […]