Items Tagged with 'Home Equity Conversion Mortgage'

ARTICLES

  • ReverseVision launches first-ever HECM borrower satisfaction benchmark

    Partners with STRATMOR Group to offer lenders insights based on customer feedback
    ReverseVision and STRATMOR Group just unveiled the MortgageSAT program, which surveys HECM borrowers on all aspects of their origination experience to provide lenders with deeper insights into ways they can improve the loan process. The program aims to help lenders better understand how they can elevate their services.
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  • Here are the top 10 reverse mortgage lenders

    And these are the different approaches they’re taking to survive the down market
    The reverse mortgage industry has taken a bit of a beating in the past year following significant program changes from HUD, but HECM lenders are nothing if not resilient. We’ve compiled a list of the top 10 players in the space and a summary of the approach each has taken to stay afloat in the current climate.
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  • Should you use home equity to delay Social Security?

    The CFPB warned against it, but experts say it works
    For some time, reverse mortgage lenders touted a strategy that involves obtaining a HECM early on in retirement in order to delay taking Social Security, therefore maximizing its benefit. But then the CFPB issued a warning against it. Now, retirement researchers and financial advisors say the strategy still has real merit, but suitability depends on a case-by-case basis.
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  • HUD awards $47 million grant to housing counseling agencies

    Funding is crucial to success of reverse mortgage program
    The U.S. Department of Housing and Urban Development announced Wednesday that it has awarded $47 million in housing counseling grants. Some of the grant money went to agencies that offer reverse mortgage counseling, and the influx of cash will be crucial to keeping them in business and keeping the HECM program alive.
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  • Baseline stakes its claim in HECM space

    Offers reverse companies data and insight to fine-tune their business
    Analytics provider Baseline is staking its claim in the reverse mortgage space. The firm offers clients a deep dive into HECM data with origination trends, performance stats and endorsement info – and companies are taking note. Baseline launched two years ago, but it took time for the company to gain traction. Now, President Dan Ribler said it has picked up significant market share.
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  • New HECM data shows bumpy road to recovery

    In September, volume dropped while competition grew
    In August, reverse mortgage endorsement volume grew 9.9%. Some HECM professionals looked at this data and said, “Finally! The market is showing signs of recovery!” Not so fast. In September, endorsement volume fell – by exactly 9.9%. “We should always expect bumpiness in recoveries,” said Reverse Market Insight’s John Lunde, “particularly when we're looking at endorsements.”
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  • FHA: We saw appraisal issues on 37% of HECM loans

    Agency will use confidential collateral risk assessment to look for patterns among lenders
    The FHA's investigation into possible appraisal inflations on reverse mortgage loans revealed an issue the agency decided it must address. The FHA said Monday that out of the 134,000 appraisals it reviewed, approximately 50,000 were inaccurate by at least 3%. FHA Commissioner Brian Montgomery said it was hard to know how many appraisals will be flagged for a second review moving forward, and that the agency intends to monitor the efficacy of the new guidelines throughout the year.
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  • FHA to require second appraisal on select reverse mortgages

    Aims to combat inflated valuations, reduce MMI Fund risk
    The Federal Housing Administration announced Friday that it will require reverse mortgage lenders to provide a second property appraisal on loans flagged by FHA as potentially having an inflated property valuation. The agency said the move is intended to reduce risk to the Mutual Mortgage Insurance Fund, which will ultimately ensure the long-term sustainability of the program.
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  • One Reverse Mortgage launches proprietary product

    Say hello to HELO
    One Reverse Mortgage, a subsidiary of Quicken Loans, has joined the growing number of lenders with private reverse mortgage offerings. Its new HELO product provides borrowers access to up to $4 million of their equity and comes with fewer restrictions than the FHA product.
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  • Would a reverse mortgage by any other name smell… sweeter?

    Maybe the name is holding the product back
    It comes as a surprise to…well, no one, that reverse mortgages come with some deep-seated negative connotations attached, which is why the industry has long debated the so-called “name problem.” Unfortunately, an issue like this is kind of a hard one to get around.
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