Reverse mortgage counseling is an essential component of the full reverse mortgage transaction, and while some counselors perform customary check-ins with their borrowers after the initial session, the idea of more concerted post-closing counseling is something to consider for borrowers. This is the perspective shared with RMD by counseling professionals at two different national counseling […]
A pivotal requirement for remaining in good standing on a reverse mortgage loan is keeping the home in good condition, as well as staying up-to-date with all associated taxes, fees and homeowners insurance. Often, reverse mortgage originators work with borrowers to determine the best path forward for making sure that a borrower keeps up with […]
Reverse mortgage clients appear to be better-prepared for their counseling sessions regarding their understanding of the reverse mortgage product category, a potential sign that the industry itself is doing an effective job of responding to the financial need that the COVID-19 coronavirus pandemic has created. However, it’s also more difficult to operate in this environment […]
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 […]
The Department of Housing and Urban Development (HUD) on Tuesday awarded nearly $40 million in counseling grants to agencies across the country, according to a statement released by the Department. However, this year’s award amount has dropped for the third consecutive year in a row. Housing counseling agencies approved by HUD will use grant funds […]
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 […]
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 […]
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 […]
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 […]
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 […]
