What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Increasing lending and servicing capacity – regardless of rates

Business process outsourcing and digital transformation are proven solutions that more companies in the mortgage industry are turning to. Download this white paper for more.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.

Mortgage

Finance of America Reverse drops reverse mortgage eligibility age to 60

Applies to proprietary offerings

Finance of America Reverse announced this week that the eligibility age for borrowers to take out a reverse mortgage is now 60 years old.

The change from an eligibility age of 62 to 60 only applies to FAR’s proprietary offerings, including HomeSafe Standard, HomeSafe Flex, and HomeSafe Second.

The lowered age requirement does not apply to Federal Housing Administration HECM loans.

The change also won’t take effect in Texas or Utah, which have retained 62 as the minimum age for borrowers to qualify for such products.

Finance of America Reverse Vice President of Organizational Development Dan Hultquist said that this change makes the most sense for those who need to enhance their cash flow earlier in the retirement process, but cautioned on taking on those additional years of interest.

“The caveat is that this may extend the life of a loan which would mean that more interest accrues,” Hultquist said in a statement. “So, as with any mortgage-related product, borrowers need to make sure that this is appropriate for their specific financial situation.”

FAR President Kristen Sieffert expressed similar sentiments.

“We are pleased to meet industry demand for this amendment but stress that borrower responsibility is paramount in factoring in whether this new timeline makes sense for their long term retirement goals,” Sieffert said.

Last year, Finance of America Reverse rebranded itself as a retirement solutions provider. With this rebrand, Finance of America Reverse partnered with Silvernest, an online service that pairs older homeowners with qualified housemates.

More recently, Finance of America Reverse launched its HomeSafe Standard product in New York, the only proprietary reverse mortgage offering in the state and first of its kind to be approved in more than a decade.

Finance of America Reverse also announced the launch of its HomeSafe Select product in Florida, expanding the footprint of this groundbreaking line of credit offering.

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