Items Tagged with 'reverse mortgage program'

ARTICLES

  • Former head of FHA and MBA David Stevens blasts reverse mortgages

    Suggests fixes to curtail "outrageous profits" and "predatory sales approach"
    David Stevens isn’t a fan of reverse mortgages, and he’s not afraid to say it. The former FHA commissioner and recently retired president and CEO of the MBA posted a comment about HECMs on LinkedIn that got people talking. "Brian Montgomery is trying to fix the abuse," he said, "but the product is the one that kept me awake at night when I was there." We reached out to Stevens to talk more about his issues with the program and his suggestions for fixing them.
    Read More
  • HUD: Reverse mortgage second appraisal rule affecting about 20% of HECMs

    Panel gives update on impact of recent HECM program changes
    The latest mandate requiring a second appraisal on select reverse mortgage loans has affected about 20% of HECM appraisals so far, according to representatives at the Department of Housing and Urban Development. Speaking on a panel at NRMLA's conference on Monday, HUD staff members presented data on the impact of the new appraisal rule and other recent changes made to the reverse mortgage program.
    Read More
  • New York proposes new rules for reverse mortgages

    Legislation would add protections for state’s senior citizens
    In addition to unveiling new legislation that would grant the New York Department of Financial Services the authority to ban individuals from working in the financial services industry, New York Gov. Andrew Cuomo also announced on Monday a series of new laws that would add financial protections for the state’s senior citizens. Included among those proposals are new rules for reverse mortgages.
    Read More
  • Study: Recent changes to reverse mortgage rules cut default risk in half

    New report from Center for Retirement Research at Boston College lauds HECM program
    A new study from the Center for Retirement Research at Boston College states that recent changes made to the rules governing reverse mortgages, specifically those that are part of the government's Home Equity Conversion Mortgages program, will dramatically cut the risk of default for borrowers.
    Read More
  • AAG brings jumbo reverse mortgage program to California

    Announces expansion of AAG Advantage lending program
    Last year, American Advisors Group, an Orange, California-based reverse mortgage lender, unveiled a jumbo reverse mortgage program, called the AAG Advantage. The AAG Advantage program initially launched in select states through the company’s retail channel in September. Now, the company is making the AAG Advantage program available to its wholesale partner network in California.
    Read More
  • FHA issues new reverse mortgage rules to protect spouses

    Designed to allow non-borrowing partners to remain in home
    The U.S. Department of Housing and Urban Development and the Federal Housing Administration announced changes to its reverse mortgage program designed to keep non-borrowing spouses in their homes after the last surviving borrower dies.
    Read More
  • FHA needs $1.7B bailout

    Decline in FHA endorsement volume leads to shortfall
    The Federal Housing Adminstration will require a $1.7 billion bailout from the Treasury to cover projected losses in mortgage-related programs, officials told Congress in a letter Friday.
    Read More