Items Tagged with 'reverse mortgages'

ARTICLES

  • USA Today blasts reverse mortgages, industry fights back

    Trade association says reporters jumbled the facts, skimmed over rule changes
    Last week, USA Today released a scathing investigative story that took aim at reverse mortgages, blasting lenders for targeting impoverished, elderly homeowners and leading a substantial number of them into foreclosure. Then, it followed it up with an even more damning op-ed by its Editorial Board. The National Reverse Mortgage Lenders Association fought back with its own op-ed on the matter, calling out the publication for failing to tell the full story.
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  • HUD: Reverse mortgages continue drain on FHA insurance fund

    Subsidy rate holds steady in Q2 as program becomes more burdensome for FHA
    Reverse mortgage volume has been rather abysmal as of late, and second quarter data from HUD doesn't provide many bright spots. In its Q2 report to Congress on the state of the FHA’s flagship insurance Fund, HUD reveals that the reverse mortgage program continues to be a drain.
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  • From HW Magazine

    What happened to reverse mortgages?

    Reverse mortgages taken a brutal hit in the last two years
    For anyone actively working in the mortgage industry, it’s no secret that reverse mortgages have taken a brutal hit in the last two years. The U.S. Department of Housing and Urban Development issued major program changes at the end of 2017 that effectively limited the amount of proceeds and the number of people who could qualify for the loan. The result had lenders across the space enduring sizable volume drops and subsequent gashes to their bottom lines.
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  • Government watchdog considering ways to reduce federal costs of reverse mortgage program

    CBO report analyzes impact of 4 proposed solutions – all of them drastic, none of them good
    The Congressional Budget Office released a report Thursday exploring four proposed solutions for lessening the cost and risk of the reverse mortgage program to the federal government. And, the report explores the potential impact of each solution on lenders, borrowers and the budget. Here’s a recap.
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  • Blue Ridge Bank launches reverse mortgage division

    Announces partnership with ReverseVision
    North Carolina-based Blue Ridge Bank announced this week that it has partnered with HECM technology provider ReverseVision to launch a reverse mortgage division. The bank, which said it has closed $25 billion in forward loans, is implementing ReverseVision’s RV Exchange loan origination system to support its launch.
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  • Retirement Funding Solutions partners with 55places.com to help older homebuyers get a mortgage

    Reverse mortgage lender and senior living website aim to help older homebuyers
    Retirement Funding Solutions, a top 10 reverse mortgage lender, has announced a partnership with 55places.com, an online resource for active adult communities. Together, the two entities are forming 55places Mortgage, which aims to guide users though the home financing process, presenting both traditional and reverse mortgage options.
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  • Reverse Mortgage Funding expands payment options on proprietary reverse product

    Equity Elite borrowers can now receive proceeds in term payments
    Reverse Mortgage Funding is expanding the payment options on its proprietary reverse mortgage – the Equity Elite – to include term payments. Previously, Equity Elite borrowers could withdraw up to $4 million in their home's equity in a lump sum only at closing. Now, borrowers can select any number of term payments between 24 and 120 months.
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  • Celink names Robert Sivori new chairman, CEO

    Longtime reverse mortgage exec to head HECM subservicer
    Celink, the largest subservicer of reverse mortgages in the U.S., announced that Robert Sivori will take over as its new chairman and CEO. The HECM industry veteran is credited with building one of the strongest and most robust reverse servicing platforms.
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  • The Academy of Home Equity in Financial Planning focuses on smart use of housing wealth

    Former Funding Longevity Task Force gets a new name and a new institutional partner
    For some time, a group of academics and financial planning professionals have sought to spread awareness about reverse mortgages and home equity use as the Funding Longevity Task Force. Now, this group has fine-tuned its mission, and it has a new name and a new institution to back it.
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  • ReverseVision launches interactive comparison tool for reverse mortgages

    Allows users to assess the HECM versus HELOC and other loans
    ReverseVision has long been on a mission to elevate reverse mortgage technology to encourage more borrowers and traditional loan officers to consider the product. Now, the three-time HW Tech100 winner is upping its game with the launch of a new loan comparison product that enables users to weigh a HECM against a HELOC or a first- or second-lien mortgage – a tool it hopes will help LOs and consumers better understand reverse mortgages.
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