Counselors See Rising HECM Interest Through COVID-19 Crisis

Reverse mortgage counseling sessions have increased as more seniors seek out ways to soften the financial shock endured by the country during the COVID-19 coronavirus pandemic, but the reasons that seniors ultimately seek a reverse mortgage are not uniformly consistent. This is according to perspectives compiled from counselors at three major agencies which conduct reverse […]

Expanded Reverse Mortgage Product Landscape Can Lead to Counseling Confusion

The modern reverse mortgage product landscape has grown significantly in recent years to include a variety of different options that are either sponsored by the federal government, or that don’t include the government at all. As proprietary reverse mortgage options continue to become more prevalent, there is potential for the product landscape to become more […]

How Reverse Mortgage Counseling Has Had to Change During Coronavirus

Understandably, counseling is an element of the reverse mortgage transaction which has been noticeably affected by the outbreak of the COVID-19 coronavirus. Reverse mortgage industry players at all levels often relate how senior clients prefer to conduct financial business transactions through face-to-face interactions, but given the recommendations and orders made by local, state and federal […]

Private Reverse Mortgage Inquiries Steady as Lenders Eye Product Expansions

Borrower inquiries related to proprietary reverse mortgage offerings appear to be steady in the early days of 2020 compared with their figures in late 2019, according to reverse mortgage counseling professionals. While steady for the moment, lenders and industry observers have noted increased levels of business activity that can be at least partially attributed to […]

Counselors Prepare as More Borrowers Seek Private Reverse Mortgages

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 […]

RMD Report: Reverse Mortgage Industry Sees Big Potential in New Condo Rule

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 […]