Reverse

Reverse

ReverseReview is a beat dedicated to reverse mortgages and home equity use.

Jessica Guerin is an editor at HousingWire covering reverse mortgages and the housing wealth space. She worked previously as the editor-in-chief of The Reverse Review Magazine, and leads HW's charge into covering the housing wealth and HECM market.

ARTICLES

  • Finance of America Reverse launches New York's only proprietary reverse mortgage

    Older New York homeowners can now tap up to $4 million in equity with the HomeSafe Standard
    For years, HECM lenders have tried to launch a privately insured reverse mortgage product in the state of New York but have been stopped by repeated regulatory roadblocks. But now, it appears one lender has broken through the barrier, as Finance of America Reverse announced Tuesday that is has successfully launched its proprietary reverse mortgage, the HomeSafe Standard, in New York.
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  • ReverseVision appoints new VP of operations

    Sunny Mahdii to manage ops strategy for HECM tech provider
    ReverseVision, a reverse mortgage technology provider and three-time HW Tech100 winner, has named Sunny Mahdii as its new vice president of operations. As such, Mahdii will work with ReverseVision’s training, document management and customer success teams to execute a comprehensive operations strategy, the company said.
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  • Liberty Home Equity unveils proprietary reverse mortgage

    Becomes the 6th lender to bring non-agency offering to market
    Five months ago, word circulated that Liberty Home Equity was on the brink of releasing a proprietary reverse mortgage product, looking to take part in the explosive growth this market has seen in the last year. And now the talk appears to be true, as the reverse mortgage division of Ocwen Financial announced the launch of EquityIQ on Friday, making it the sixth HECM lender to bring a non-agency reverse mortgage to market in the last 18 months.
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  • Bank of America claims Ditech's sale of RMS "threatens to abandon" elderly reverse mortgage borrowers

    Files official objection to the terms of the deal court
    Ditech Holdings announced last month that it had entered into an agreement to sell its reverse mortgage business, but now one of its big-named clients is formally objecting to the sale. Bank of America, which has a reverse mortgage servicing agreement with Ditech subsidiary Reverse Mortgage Solutions, filed a motion in court Thursday objecting to the deal as it currently stands, claiming that it “threatens to abandon the thousands of elderly borrowers” whose reverse mortgages are being serviced by RMS.
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  • Quarter of homeowners can't define a HELOC

    Nearly half plan to renovate, but most won't use their home equity to finance it
    Nearly half of homeowners say they have plans to renovate their home in the next two years, and a third of those intend to drop $50,000 to do it. This is according to a recent survey from TD Bank, which highlights a major opportunity for lenders: A sizable number of homeowners can't define a HELOC.
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  • Harvard: Americans have more equity, less mortgage debt

    Equity levels double in last 7 years
    Americans now have nearly as much home equity as they did when levels peaked before the housing crisis, according to a recent study on the state of the nation’s housing market from Harvard’s Joint Center for Housing Studies. The report shows aggregate home equity climbed from $7 trillion in 2011 to $15.5 trillion in 2018.
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  • Live Well Financial forced into involuntary bankruptcy

    Judge grants creditors' petition to push lender into Chapter 7 liquidation
    Live Well Financial has officially entered bankruptcy protection, as a Delaware judge granted a petition Monday that forces the defunct lender into Chapter 7 involuntary bankruptcy. Court documents also reveal that Ginnie Mae has begun taking steps to terminate and extinguish Live Well’s interests in various MBS pools.
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  • Home equity withdrawals fall to new low

    Homeowners tapped just 1% of available equity in Q1
    After declining for two consecutive quarters, tappable equity rose in the first quarter of the year, but it appears homeowners are still reluctant to touch it. According to the latest report from Black Knight, homeowners tapped just 1% of available equity in Q1 – the lowest share since it began tracking the metric in 2008.
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  • FHA's reverse mortgage changes have slashed the default rate

    Policy of assessing borrower's credit risk appears to be doing the trick
    It’s been four years since the Federal Housing Administration instituted a policy requiring all prospective reverse mortgage borrowers undergo a financial assessment to determine their suitability for the loan, and so far, it appears to be working. According to the latest analysis from New View Advisors, Financial Assessment has slashed tax and insurance default by more than three-quarters and serious defaults by more than two-thirds.
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