Items Tagged with 'Finance of America Reverse'

ARTICLES

  • How many borrowers are taking out jumbo reverse mortgages? No one really knows

    The industry avidly tracks HUD-endorsed HECMs, but it's sorely lacking cross-lender data on non-agency reverses
    For the last several months, data on reverse mortgage volume has illustrated a steady descent as the industry has struggled to regain its footing in the wake of program changes. But does this tell the whole story? Five lenders now originate proprietary reverse mortgage products. But the problem is they all decline to offer specifics on volume, so there’s no way to tell just how many of these non-agency loans the industry is collectively closing.
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  • Finance of America Reverse names Dan Hultquist VP of organizational development

    Hires the reverse mortgage trainer and author to assist in education across channels
    Finance of America Reverse has hired Dan Hultquist as vice president of organizational development. As such, the veteran reverse mortgage trainer will play a crucial role in developing the lender’s training and educational materials across channels, including those for professional partners in financial planning and real estate.
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  • Finance of America Reverse reduces cost of proprietary reverse mortgages

    Ditches origination fees, adds lender credits to combat cost concerns
    Finance of America Reverse announced it is taking steps to reduce the cost of two of its most popular proprietary reverse mortgage products, the HomeSafe Standard and the HomeSafe Flex. The lender said it has dropped origination fees and is offering lender credits in a move that directly combats the long-held criticism that reverse mortgages are too expensive.
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  • Finance of America Reverse's Kristen Sieffert: Holistic retirement options will save the reverse mortgage industry

    Lenders need to expand the conversation and broaden product offerings
    As the only woman leading a top 10 reverse mortgage lender, Finance of America Reverse President Kristen Sieffert is a dynamic trailblazer in the HECM space. Under Sieffert's guidance, FAR has become a major innovator in reverse lending and has rebranded as a provider of retirement solutions. HousingWire sat down with Sieffert to talk about the burgeoning proprietary market and why she believes the industry needs to adopt a holistic approach to helping America’s retirees.
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  • Reverse mortgage data details industry-wide volume plunge

    Wholesale endorsements suffer greatest decline at 34%
    Reverse mortgage volume plummeted a staggering 31.4% in December, closing out the month with just 1,749 loans and ending the year on a rather sour note. A new report from Reverse Market Insight breaks down the numbers, revealing that wholesale endorsements suffered the greatest loss at 34.4%, as many of the top lenders saw volume dip by as much as 46%.
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  • Finance of America Reverse eliminates key feature on proprietary reverse mortgage HELOC

    Borrowers can still get a line of credit, but it no longer grows
    Just two months after unveiling its HomeSafe Select – the only reverse mortgage HELOC on the market – Finance of America Reverse has eliminated a key feature of the loan. Despite boasting of the 5% growth rate on the Select's line of credit that could aid borrowers in "growing their available funds for future needs," the lender withdrew this option, disappointing borrowers who were just about to close.
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  • Here are the top 10 reverse mortgage stories of 2018

    A recap of the news that caught your attention this year
    It’s been an eventful year in the reverse mortgage industry. The HECM space saw new proprietary products enter the market, adjusted to a new second-appraisal rule, and witnessed volume plummet. We drilled down on our article stats to find out what reverse mortgage stories got the most attention this year, shedding light on the topics our audience found most interesting in 2018.
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  • A look back at 2018's HECM highlights

    Recapping the major reverse mortgage news of the year
    It's been a tumultuous year for the reverse mortgage industry, but that's really nothing new for those who make their living in this line of work. No stranger to change, the HECM space witnessed a good amount of action this year. We've compiled a rundown to give you a review of all that's happened in 2018.
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  • More borrowers turn to proprietary reverse mortgages

    Lenders report growing interest in non-agency reverses
    For years, 95% of the reverse mortgage market has been dominated by the FHA's HECM offering. But it looks like that's about to change. Now, borrowers can take a reverse mortgage on a higher priced home and choose from a selection of products with a number of interesting features offered by five different lenders, and lenders say consumer interest is strong.
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  • Reverse mortgage industry reacts to FHA’s hint at future policy changes

    Last week’s actuarial report suggests more change is on the horizon
    Last week, FHA’s 2018 Report to Congress revealed the HECM portfolio’s continued drain on the MMI Fund. While the agency said it was optimistic past policy changes would improve the program, it also suggested more change is coming for HECMs. While this wasn’t exactly welcome news for an industry that can’t seem to catch its breath, reverse execs offered a measured response to FHA’s report.
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