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 […]
Counseling for prospective reverse mortgage borrowers is not only required, but it’s also a critical component of understanding how a new reverse mortgage loan is created. In order to make sure that the borrower fully understands exactly what kind of a transaction they’re getting into, the counselor guides the borrower through the features and obligations […]
The Department of Housing and Urban Development (HUD) announced earlier this month a new process for condominium approvals, effective October 15, which will expand FHA financing for qualified first time homebuyers as well as seniors looking to age in place, allowing those seniors to engage in reverse mortgage loans for single condominium units. While HUD […]
Gray divorce, a term used to describe a divorce that takes place for couples over the age of 50, continues to rise in the United States. According to 2017 data compiled by the Pew Research Center, the rates of gray divorce have doubled since 1990, and the reverse mortgage industry has taken notice by viewing […]
It’s no secret that in terms of the ways it’s communicated to the public as a financial product, the reverse mortgage has had difficulty in both gaining and maintaining public trust. Reputational challenges abound for the industry when trying to connect with potential borrowers, which can be impeded further depending on the kind of media […]
When drilling down on the primary reasons that a borrower may decide to take a reverse mortgage, whether they want to supplement their income, modify their home so it’s easier to stay there longer, or even head out on some kind of vacation, these reasons primarily boil down to a basic idea. It’s all about […]
The reverse mortgage market has long awaited the return of private products to a HECM-heavy market. Now that several products are making inroads across the lending landscape, a question arises concerning what constitutes the right balance of HECM and proprietary loans. There’s no shortage of originators who would like to see a viable private alternative […]
