Trump Budget Sheds Light on Reverse Mortgage ‘Wish List’

While FHA officials have indicated that further changes to the Home Equity Conversion Mortgage (HECM) program are still on the table in order to further stabilize the reverse mortgage book within the Mutual Mortgage Insurance Fund (MMIF), no substantive changes were instituted at the end of 2019. The legislative and provisional proposals outlined in the […]

Reverse Mortgage Legislation Takes Back Seat to Washington Tumult

A series of proposed legislative and administrative changes to the Federal Housing Administration’s (FHA’s) Home Equity Conversion Mortgage (HECM) program have not moved forward in Washington, D.C., as politicians in the nation’s capital have focused on other, more tumultuous and immediate concerns. In addition to a series of legislative and administrative proposals submitted by the […]

FHA Publishes Condo Approval Notice in Federal Register

The Federal Housing Administration (FHA) announced that on January 31, the agency published “Project Approval for Single Family Condominiums,” a notice in the Federal Register seeking comment on data collection related to essential forms used to determine the eligibility of loans for borrowers who live in condominiums. Under the provisions of the Paperwork Reduction Act […]

FHA Appoints New Deputy Assistant Secretary of Single Family Housing

The Federal Housing Administration (FHA) this week announced the appointment of Joseph M. (Joe) Gormley as the Deputy Assistant Secretary for the Office of Single Family Housing, effective as of January 21. Gormley’s appointment comes after the departure of his predecessor Gisele Roget late last year, who went on to become Deputy Chief of Staff […]

A Look at the Top Episodes of the RMD Podcast

When Reverse Mortgage Daily launched The RMD Podcast in 2019, the site did so in an attempt to provide additional context and (literal) voice to some of the biggest, most prominent issues and players in the reverse mortgage industry. The episodes that have been released thus far have had guests ranging from the most visible […]

The RMD Podcast #8: Top Stories of 2019

In the eighth episode of The RMD Podcast, RMD Executive Editor and Aging Media Network Director of Content Elizabeth Ecker joins host Chris Clow to talk about the biggest reverse mortgage industry stories covered by RMD in 2019! The past year has been a very eventful one for the reverse mortgage industry, and as we […]

Top 10 Reverse Mortgage Stories of 2019

The reverse mortgage industry is about to close out another eventful year on the calendar, which has naturally put those of us in the RMD offices in a bit of a reflective mood as we get ready to say goodbye to 2019. The year has not been without its interesting and eye-catching stories, whether discussing […]

Reverse Mortgage Lending Limit to Rise in 2020

The lending limit for federally-backed reverse mortgages is increasing for the fourth consecutive year in a row and is set to rise to $765,600 in 2020. The Department of Housing and Urban Development (HUD) announced on Friday via Mortgagee Letter 2019-20 a maximum claim amount of $765,600 for calendar year 2020, up from $726,525 in […]

An Update on Reverse Mortgage Second Appraisals

Second appraisals on Home Equity Conversion Mortgage (HECM) transactions under the recently-extended collateral risk assessment (CRA) rule are largely unchanged from figures shared earlier in the year, though have appeared to tick slightly downward. This is according to data from a valuation professional and the National Reverse Mortgage Lenders Association (NRMLA). “The latest data indicates […]