Class Action Suit Against Reverse Mortgage Lenders, Servicers Dismissed

A class action lawsuit filed in the Eastern District Court of New York in October of 2018 against reverse mortgage companies Live Well Financial, Reverse Mortgage Funding (RMF) and Compu-Link Corporation (Celink) has been dismissed indefinitely, though the plaintiff has the option to refile against one of the companies after its own legal woes have […]

Bloomberg: Reverse Mortgages Continue Booming North of the Border

The reverse mortgage business across Canada is continuing to prosper, as evidenced by a notable increase in balance figures of more than double compared to figures from 2015. This is according to original reporting by Bloomberg. “Outstanding balances on reverse mortgages have more than doubled in less than four years to C$3.12 billion ($2.37 billion), […]

Bloomberg: Wall Street Prepares for the End of LIBOR

The London interbank offered rate (LIBOR), which has served as the backbone of adjustable-rate Home Equity Conversion Mortgages (HECMs) for over a decade and which has formed the benchmark for expected rates and rate adjustments, is set to expire in 2021. Now, Wall Street institutions are directing their resources to prepare for its end, according […]

Bloomberg: Nearly 40% of U.S. Households are Free of Forward Mortgages

More Americans today find themselves living in homes that are free and clear of forward mortgage payments when compared with years past, according to U.S. Census data analyzed by Zillow (via Bloomberg). That data indicates that nearly 37 percent of American households own their homes without any remaining mortgage payment obligations. This number found itself […]