In its efforts to connect with a broader base of potential borrowers, the reverse mortgage industry has made a lot of sustained, concerted efforts to communicate to customers how a reverse mortgage might be able to help them, and why the product category may be worthy of consideration. This has largely been an uphill battle, […]
Home Equity Conversion Mortgage (HECM) endorsements rose dramatically by 214.8% in the month of May 2020, for a total of 5,027 loans according to the latest HECM Originators report from Reverse Market Insight (RMI). The rise was led by the retail endorsement segment of business, which experienced an increase of 235.5% that month, while wholesale […]
A new survey of seniors by reverse mortgage industry leader American Advisors Group (AAG) has revealed that overall confidence in Americans’ ability to adequately retire has been severely impacted by the COVID-19 coronavirus pandemic, with over 85% of seniors reporting some level of concern about their retirement while over 79% felt the pandemic will impact […]
Home Equity Conversion Mortgage (HECM) endorsements fell by 45% in the month of April 2020, for a total of 1,597 loans according to the latest HECM Originators report from Reverse Market Insight (RMI). The fall was led by the wholesale endorsement segment of business, which experienced a decrease of 47.8% that month, while retail levels […]
Reverse mortgage market leader American Advisors Group (AAG) has unveiled a new public relations initiative aimed at illuminating the stories of its customers enjoying the benefits of their reverse mortgage loans. Introduced this week, AAG’s “Borrower Stories” relates the life stories of specific people who have benefitted from the incorporation of a reverse mortgage into […]
The economic impact of the COVID-19 coronavirus pandemic has universally affected the operations of virtually every business in America, with many non-essential operations shuttered for months following the spread of the virus into global pandemic status as people and organizations grappled with ways to continue operating. The reverse mortgage business is no exception, particularly since […]
While the effects of the COVID-19 coronavirus pandemic have continued to have a pronounced effect on the economic stability of the United States, it has also managed to create some decidedly unique opportunities for selling reverse mortgages and providing additional benefits to seniors — and some financial organizations — that have suffered an economic shock. […]
In late 2019, the Department of Housing and Urban Development issued new condominium guidelines that aimed to make it easier for single units to be approved for Federal Housing Administration (FHA) financing. This included transactions under the Home Equity Conversion Mortgage (HECM) program. Historically, an entire condo complex would need to be approved for FHA […]
As of 2019, annual reverse mortgage production is around 34,000 loans, which is a small fraction of the roughly 45 million seniors who currently reside in the country. These numbers are leading top-producer American Advisors Group (AAG) to look at expanding the market for reverse mortgages in some new and interesting ways. “An emerging trend […]
Last week, the Intercontinental Exchange (ICE) Benchmark Administration published a new 10-year London Interbank Offered Rate (LIBOR) SWAP rate for the first time since February 27, which came in this week at an estimated 45% lower than the previously-published rate. This presents a new opportunity for reverse mortgage borrowers to get a higher level of […]
