Reverse Mortgage Industry Prepares to Convene for NRMLA Annual Meeting

The National Reverse Mortgage Lenders Association (NRMLA) is making the most pressing reverse mortgage insights and information a major theme of its upcoming national conference, bringing reverse mortgage professionals from across the country to discuss a series of contemporary issues facing the industry today. NRMLA’s Annual Meeting, taking place November 18-20 in Nashville, Tenn., features […]

Exploring 2019’s Reverse Mortgage Lender Exits

The long arm of changes to principal limit factors (PLFs) for Home Equity Conversion Mortgages (HECMs) continue to be felt over two years after they were first handed down by the U.S. Department of Housing and Urban Development (HUD). This has resulted in a number of mortgage lenders ceasing their reverse originations entirely in 2019. […]

Senior Housing Wealth Reaches Record High of $7.17 Trillion

Homeowners age 62 and older saw their collective housing wealth increase in Q2 2019 by 0.5% compared to the previous quarter. This constitutes an increase of approximately $32 billion to a record of $7.17 trillion, according to data provided by the National Reverse Mortgage Lenders Association (NRMLA) in conjunction with data analytics firm RiskSpan. The […]

Two New Reverse Mortgage Reform Bills Push for Program Change

On the heels of a House subcommittee hearing Wednesday on the Home Equity Conversion Mortgage program, committee members revealed two drafted reverse mortgage bills that move for program change. The draft legislation, slated to be introduced by Democratic House members Denny Heck (Wash.) and Lacy Clay (Mo.), respectively, aim to address issues related to bolstering […]

Congressmen, Housing Experts Weigh HECM Program Pros and Cons

In a rare assembly of reverse mortgage stakeholders, housing experts and members of Congress, a hearing convened Wednesday before the The U.S. House of Representatives Financial Services Subcommittee on Housing, Community Development, and Insurance to discuss the merits and areas of improvement of the federal Home Equity Conversion Mortgage (HECM) program. Newly drafted legislation, a […]

Reverse Mortgage Industry Cautious About Trump HECM Proposals

Late last week, the United States Department of the Treasury under the direction of President Donald J. Trump unveiled a new series of proposals aimed at improving the nation’s housing finance system, including a number of proposed changes to the Home Equity Conversion Mortgage (HECM) program. While the housing industry largely applauded the proposed changes, […]

Updated: FHA Eases Condo Rules, Expanding Reverse Mortgage Market

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 […]

New York’s New Reverse Mortgage Bill: What You Need to Know

A new reverse mortgage bill poised to become law in New York stands to change the way reverse mortgage professionals do business in the state. The bill, passed by the State Assembly in May and now awaiting the signature of Governor Andrew Cuomo, takes sweeping aim at what it calls “deceptive practices,” requiring lenders to […]