Items Tagged with 'Reverse mortgage'

ARTICLES

  • D.C. housing agency launches program to help delinquent reverse mortgage borrowers

    Provides financial assistance to seniors facing foreclosure
    A D.C.-based housing agency recently launched a program to help reverse mortgage borrowers facing foreclosure because of their failure to pay property taxes and homeowners insurance. While only available to help borrowers in the district, the program could be replicated in other parts of the country with a high percentage of HECM loans in default.
    Read More
  • Will sale-leasebacks change how homeowners tap into their equity?

    Figure Technologies says it has a better solution than reverse mortgages and HELOCs
    In just its second year of operating, Figure Technologies has already raised more than $120 million in capital. While at the LendIt Fintech conference in San Francisco this week, I sat down with TJ Milani, Figure's VP of finance and strategy, and Patrick Silberstein, senior director of capital markets, to discuss the company's strategy behind its sale-leaseback product and its plans to disrupt the home equity market.
    Read More
  • Former SoFi CEO Mike Cagney’s blockchain lending startup Figure raises $65 million

    Plans to use new funding to continue expansion
    Figure Technologies, the blockchain lending startup co-founded by former SoFi CEO Mike Cagney, grew throughout its first year of business last year. And now, the company will have some new funding to continue its expansion as Figure announced recently that it raised $65 million in its Series B equity funding round.
    Read More
  • Here's a compelling reason to take a reverse mortgage ahead of retirement

    The loan can help eliminate a massive burden for senior homeowners
    A reverse mortgage isn't a good fit for everyone, but for older homeowners with sizable equity and no intention of moving, the loan can make sense. And here's one compelling reason why: When a homeowner over the age of 62 refinances their traditional mortgage into a reverse mortgage, they can make their mortgage payments optional. For those who are on the brink of retirement and staring down the barrel of a limited, fixed income, this could make all the difference.
    Read More
  • Ellie Mae adds HELOC calculator to Encompass

    Announces Encompass 19.1 update
    Mortgage technology provider Ellie Mae announced it launched a new release of its Encompass Digital Lending Platform. The new updates include expanded HELOC origination support, Americans with Disability Act capabilities within Consumer Connect, and enhancements for correspondent and wholesale lending.
    Read More
  • HUD lists 2018 housing accomplishments

    Names reverse mortgage adjustments, disaster relief, community reinvestment among highlights
    Last week, the Department of Housing and Urban Development released a list of its accomplishments in 2018 under the leadership of Secretary Ben Carson. In the last year, the agency said its programs have spurred reinvestment in communities, advanced economic opportunity, reduced homelessness, funded disaster recovery, and protected taxpayers.
    Read More
  • Canada's reverse mortgage market sees explosive growth

    Meanwhile, its U.S. counterpart sinks. What gives?
    Reverse mortgages in Canada are all the rage, apparently, with the market closing out December up 31% year over year and a new bank jumping in to grab a piece of the action. Meanwhile, the reverse mortgage market in the U.S. is down 27% from last year, settling into a 14-year slump. So why do the two markets – which face the same convincing demographic and economic trends – vary so drastically in their rate of success?
    Read More
  • The problem with getting a reverse mortgage on a condo

    With FHA spot approval a distant memory, originators struggle to help condo owners secure a HECM
    Ever since the FHA eliminated spot approvals for condominiums, reverse mortgage originators have logged countless hours helping prospective borrowers secure a HECM on their condo – sometimes to no avail. And, with HUD dragging its feet on finalizing rules that would bring back spot approval for FHA loans, it doesn't seem like things will change any time soon. Will non-agency reverses provide the answer?
    Read More
  • Reverse mortgage volume recovers slightly

    October sees endorsements climb 7.4%
    The reverse mortgage market continues its uneven recovery after taking a sizable hit from program changes issued last year. The latest report from analytics provider Reverse Market Insight shows that endorsements were up 7.4% to 3,087 loans in October, following a bumpy trajectory that has been the pattern as of late.
    Read More