3 Tips on How Reverse Mortgage Originators Can Approach Financial Planners

Making solid connections with Certified Financial Planners (CFPs) is becoming increasingly important for a growing number of reverse mortgage originators, due to the ability of financial planners to serve as reliable referral partners in finding new clients that can potentially become borrowers. While some originators don’t necessarily see the total value of appealing to CFPs […]

Reverse Mortgage Industry Encouraged by 2020 Lending Limit Increase

Last week, the Federal Housing Administration released a Mortgagee Letter (ML) detailing that the lending limit for government-backed Home Equity Conversion Mortgage (HECM) loans would be increasing for the fourth consecutive year in a row, to $765,600 beginning with case numbers assigned on January 1, 2020. This represents a welcome development for many reverse mortgage […]

Industry Meeting Signals ‘Exciting’ Time for Reverse Mortgages

The National Reverse Mortgage Lenders Association (NRMLA) is encouraged after a productive Annual Meeting last month in Nashville, Tenn., owing to a well-received programming schedule and enthusiasm among attendees for the event’s venue city. This is according to NRMLA’s recently-promoted President, Steve Irwin, in an interview with RMD. “Overall, the response to our recent annual […]

RMD Report: Low Rates, Private Products Boost 2019, Say Industry Leaders

The reverse mortgage market, comprising both traditional Home Equity Conversion Mortgages (HECMs) and proprietary loans, has been through a turbulent year in 2019. While year-over-year volume has shown a decline in the number of HECM originations when comparing the fiscal year data of 2018 and 2019, a number of other more positive developments have occurred. […]

FAR Lowers Minimum Age to 60 on Proprietary HomeSafe Products

Finance of America Reverse (FAR) announced that it has lowered the minimum age requirement from 62 to 60 on three of its proprietary HomeSafe loan products: HomeSafe Standard, HomeSafe Second and HomeSafe Flex, according to an announcement shared with RMD. “We are pleased to meet industry demand for this amendment but stress that borrower responsibility […]

FAR Expands Proprietary HomeSafe Loan to Massachusetts

Finance of America Reverse (FAR), the third largest reverse mortgage lender by volume, has expanded the availability of its proprietary reverse mortgage product “HomeSafe Standard” to the state of Massachusetts, according to a company statement to RMD. “Up until now, the 62+ Massachusetts homeowner was unable to take full advantage of their equity in neighborhoods […]

Top 10 Reverse Mortgage Lenders Reshuffle in 2019

While the reverse mortgage industry has seen its share of change, the top-10 lenders by volume has remained relatively unchanged over the last year. Yet the lender rankings within the top 10 have shifted, to present a top-10 in October 2019 that looks different in some ways from the same tabulation a year earlier. RankCompany […]

RMD Report: Preparing the Reverse Mortgage Industry for Gen X Borrowers

When the reverse mortgage industry made its transition in appealing to members of the baby boomer generation from borrowers primarily born during the years of the so-called “silent generation,” it presented a very unique opportunity for growth in the business. Growing up in an era of post-World War II dominance that solidified America’s place as […]