Reverse mortgage counselors are seeing an increased level of volume in 2020 which may partially be attributed to the COVID-19 coronavirus pandemic, but the source of the additional volume varies between counselors based on location and borrower needs. This is according to a panel discussion between reverse mortgage counselors which took place at the National […]
Reverse mortgage counseling is an essential component of the full reverse mortgage transaction, and while some counselors perform customary check-ins with their borrowers after the initial session, the idea of more concerted post-closing counseling is something to consider for borrowers. This is the perspective shared with RMD by counseling professionals at two different national counseling […]
Reverse mortgage clients appear to be better-prepared for their counseling sessions regarding their understanding of the reverse mortgage product category, a potential sign that the industry itself is doing an effective job of responding to the financial need that the COVID-19 coronavirus pandemic has created. However, it’s also more difficult to operate in this environment […]
Reverse mortgage counseling sessions have increased as more seniors seek out ways to soften the financial shock endured by the country during the COVID-19 coronavirus pandemic, but the reasons that seniors ultimately seek a reverse mortgage are not uniformly consistent. This is according to perspectives compiled from counselors at three major agencies which conduct reverse […]
The modern reverse mortgage product landscape has grown significantly in recent years to include a variety of different options that are either sponsored by the federal government, or that don’t include the government at all. As proprietary reverse mortgage options continue to become more prevalent, there is potential for the product landscape to become more […]
Understandably, counseling is an element of the reverse mortgage transaction which has been noticeably affected by the outbreak of the COVID-19 coronavirus. Reverse mortgage industry players at all levels often relate how senior clients prefer to conduct financial business transactions through face-to-face interactions, but given the recommendations and orders made by local, state and federal […]
Home Equity Conversion Mortgage (HECM) business in the state of Massachusetts has been effectively put on pause by the outbreak of the COVID-19 coronavirus pandemic, since a face-to-face counseling requirement within the state makes it impossible for seniors to move forward with reverse mortgage loans while adhering to business restrictions and social distancing guidelines put […]
Borrower inquiries related to proprietary reverse mortgage offerings appear to be steady in the early days of 2020 compared with their figures in late 2019, according to reverse mortgage counseling professionals. While steady for the moment, lenders and industry observers have noted increased levels of business activity that can be at least partially attributed to […]
While counseling for both Home Equity Conversion Mortgage (HECM) products and their proprietary counterparts largely follow the same guidelines, some specific differences and lingering issues in borrower education prior to counseling can make the process more difficult for borrowers, lenders and counselors alike. This is according to a panel discussion between counselors and reverse mortgage […]
The Department of Housing and Urban Development (HUD) this week announced the organizations that will receive a total of $42.8 million in counseling grants, including reverse mortgage counseling. “HUD-approved housing counseling agencies are on the front lines of helping individuals and families to find affordable rental housing or make more informed homeownership choices,” said HUD […]
