As the reverse mortgage industry becomes more populated with a wider variety of products with different potential advantages for potential clients to observe, the potential for reaching different types of customers is similarly expanded. In particular, the proliferation of private variations of the reverse mortgage that is separate from the government-sponsored Home Equity Conversion Mortgage […]
The Federal Reserve will be instituting a major shift in its posture toward achieving economic stability, maximum employment and manageable inflation according to a Thursday announcement by Chairman Jerome Powell. This signals an approach that could mean the Fed will no longer raise interest rates in its efforts to keep the unemployment rate low, and […]
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, […]
Scott Norman’s career has taken him on a very unique trajectory from political aide to a Texas politician to one of the fiercest, most effective advocates for the reverse mortgage product category that the industry has fighting for it. Norman was instrumental in bringing the Home Equity Conversion Mortgage (HECM) for Purchase to the state […]
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 […]
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 […]
The evolution of the reverse mortgage product space has been a constant reality that the surrounding industry has had to contend with for many years, but having gone through such demonstrable and customer-focused periods of change is exactly what has made reverse mortgages more appealing for financial planner professionals. This is according to Evelyn M. […]
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 […]
Reverse mortgages aren’t cheap for seniors and should be avoided particularly for short-term needs, but recent research has identified an effective use of the product concept for those who have investments during volatile periods of market activity. This is according to Liz Weston, a certified financial planner and finance expert at NerdWallet. “Stay-at-home orders may […]
As proprietary reverse mortgage products have emerged as an increasingly dominant player in the broader reverse mortgage industry, determining what common attributes are shared by a group of borrowers who decide to go the proprietary route becomes essential so that lenders can best tailor their proprietary offerings to meet the needs of their clients. The […]
