Nearly 50 percent of baby boomers reported that they don’t have a sufficient amount of savings to age in place in their own homes. This is according to a joint survey conducted by website Next For Me and roommate matching service Silvernest. The survey, which was conducted with Next for Me and Silvernest subscribers in […]
Home Equity Conversion Mortgage (HECM) endorsements fell by 5.6% in the month of June, hitting a threshold of 2,544 loans according to the latest data from Reverse Market Insight (RMI). The drop was led primarily by the retail endorsement segment of business, which experienced a drop of 8.7% that month, while wholesale growth managed to […]
The current reverse mortgage rate environment may not completely eliminate the impact of October 2017’s notorious changes to principal limit factors (PLFs), but it is certainly diminishing them, says a prominent reverse mortgage educator. After sharing with RMD a favorable change in reverse mortgage rates at the beginning of the summer, things have only managed […]
The U.S. stock market fell sharply on Wednesday in response to an “inverted yield curve.” Historically, economists have seen this as a telltale sign that an economic recession is likely to transpire. “On Wednesday, the U.S. stock market tumbled after a reliable predictor of looming recessions flashed for the first time since the 2008 financial […]
Through a new rule announced Wednesday, the Federal Housing Administration (FHA) is making it easier for condo owners to get reverse mortgages and other FHA financing. The FHA published a final regulation and policy implementation guidance this week establishing a new process for condominium approvals, effective October 15, which will expand FHA financing for qualified […]
It’s a well-known norm in the reverse mortgage industry that product education is key to expanding the understanding of reverse mortgage products, whether talking about a traditional Home Equity Conversion Mortgage (HECM) or proprietary offerings. Educating consumers as potential borrowers is key, but it’s also very important to inform those on the other side of […]
Finance of America Reverse (FAR), the second largest reverse mortgage lender by volume, announced Tuesday the availability of its proprietary reverse mortgage product “HomeSafe Standard” in the state of New York. This marks the very first proprietary reverse mortgage product available in the state, the only one of its kind to be approved in New […]
Multiple high-profile news articles that have appeared in different media outlets this year have highlighted the continued difficulties faced by the reverse mortgage industry in terms of protections in place for non-borrowing spouses (NBS), oftentimes including information that is either incomplete, out-of-date or both. Two reverse mortgage industry experts offer their perspectives on this issue […]
Finance of America Reverse (FAR), the number two reverse mortgage lender according to June origination data, has added its proprietary HomeSafe Select product to its suite of offerings in the state of Florida, the company announced Monday. This marks the first expansion of the product’s availability beyond just the state of California, and also makes […]
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 […]
