Items Tagged with 'PROPRIETARY REVERSE MORTGAGES'

ARTICLES

  • Canada's reverse mortgage program is seeing tremendous growth, so what's the U.S. doing wrong?

    Reverse mortgage debt in Canada reached an all-time high in April
    Canada’s reverse mortgage market continues to see explosive growth while its U.S. counterpart struggles to stay afloat. Reverse mortgage debt in the country reached an all-time high in April by climbing to $3.66 billion, according to Canada’s Office of the Superintendent of Financial Institutions. This represents a 28.15% increase from the previous year.
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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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  • Ocwen's reverse mortgage business has stellar Q1

    Liberty Home Equity Solutions reaps profits despite down HECM market
    Ocwen Financial's business didn't fare so well in the first quarter of the year, but it seems its reverse mortgage business is doing just fine. Liberty Home Equity Solutions, the reverse mortgage division of Ocwen based in Rancho Cordova, California, boosted its parent company’s profits with a $24 million gain of pre-tax income in Q1 2019 – no small feat considering the HECM market's staggeringly low volume as of late.
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  • Are more borrowers really taking out non-agency reverse mortgages? Originators weigh in

    Lenders say interest has spiked, but data is lacking. LOs in the field chime in
    In the past year, the reverse mortgage industry has seen a number of non-agency reverse mortgages come to market. But while most lenders say interest in their jumbo reverse products has been strong, data is sorely lacking. To shed some light on what's really happening, we reached out to a handful of active reverse originators to learn about what they're seeing in the field. Here's what they had to say.
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  • 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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  • WTH is a reverse mortgage?

    So many consumers think they're a scam. Here's the truth.
    Reverse mortgages may be the most misunderstood – and the most maligned – financial product out there. But for those who are certain they are simply a scam, shrug off your perceptions for a moment and consider this: Would the U.S. government really endorse a scam for the last 30 years? Not likely. While unforeseen problems with the loan have largely been resolved, the sour scent of foul play lingers. To clear the air, here is a list of facts curated specifically to address the questions of what, exactly, is a reverse mortgage.
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  • More countries promote reverse mortgage-like programs

    Hong Kong and Malta work on their own equity-release products
    Reverse mortgages are finding some traction abroad as more countries adopt and tweak equity-release programs designed to allow seniors to access their home's equity. Recently, the tiny Mediterranean island of Malta announced the pending launch of an equity-release program for retirees, while Hong Kong announced changes to its program to allow borrowers to relocate without defaulting. These developments highlight the fact that policymakers across cultures recognize the potential solution equity access presents as the global population continues to age.
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  • Reverse Mortgage Funding reduces fees, broadens broker access to proprietary reverse mortgage

    Now accessible on a second LOS, Equity Elite also has lower origination fees and closing costs
    New York-based Reverse Mortgage Funding jumped on the proprietary reverse mortgage train in May, becoming the third lender to offer a non-agency, jumbo reverse mortgage with the launch of its Equity Elite product. Now, less than a year later, the lender announced it is cutting the cost of its offering and making it available to a larger pool of brokers by appearing on ReverseVision's LOS.
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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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  • Is Liberty Home Equity Solutions about to get in on the proprietary reverse mortgage game?

    Parent company Ocwen reveals successful pilot program
    It seems Liberty Home Equity Solutions may be the next HECM lender to launch a proprietary reverse mortgage product. Liberty's parent company, Ocwen Financial, recently revealed that the company successfully test drove a non-agency reverse product in financial documents detailing fourth quarter earnings.
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