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

  • FHA loosens condo eligibility requirements for reverse mortgages

    Announces long-awaited changes that will make it easier for condo owners to obtain a HECM
    The Federal Housing Administration has finally issued a long-awaited update to its condominium rules, announcing Wednesday that it will allow individual unit approval and is taking other steps that will eliminate barriers for condo owners who want to take out a reverse mortgage. In all, the revised rule will drastically enhance the number of condo owners who have access to HECM financing.
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  • FHA moves to limit cash-out refinances

    Lowers LTV requirements from 85% to 80%
    In the last several years, an increasing number of borrowers with loans backed by the Federal Housing Administration have been refinancing their mortgages to extract cash – a trend some have called concerning and risky. Now, the Department of Housing and Urban Development is taking steps to curb the prevalence of cash-out refinances, announcing Thursday that it’s lowering loan-to-value requirements.
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  • Reverse Mortgage Funding hires 2 new wholesale executives

    Tim Griffin and Jaimee Scott join RMF’s wholesale and correspondent channel
    Reverse Mortgage Funding is beefing up its wholesale team, announcing two new hires this week as Tim Griffin and Jaimee Scott join the team as account executives. In their new roles, both will be responsible for building and maintaining relationships with third-party originators for the HECM lender, which currently ranks No. 2 for wholesale activity.
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  • NY attorney general opposes Ditech sale, announces investigation into reverse mortgage business

    Files brief with court claiming unlawful abuse of homeowners’ rights
    As the battle over Ditech's bankruptcy and subsequent sale of its mortgage channels rages on, New York’s top legal officer is weighing in. Attorney General Letitia James filed a brief in court this week expressing her objection to Ditech’s bankruptcy plan on the grounds that it fails to protect borrowers in foreclosure. "Ditech's action is an illegal attempt to strip hundreds of homeowners of their legitimate claims," James said.
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  • More homeowners are tapping their equity to build accessory dwelling units

    Is this an answer to the housing market's growing affordability problem?
    America’s affordability problem continues to plague the housing market as wages aren’t keeping pace with rising home prices. The situation has given rise to an increase in multigenerational living, and according to homeownership investment company Unison, that has led some homeowners to tap into their equity in order to build accessory dwelling units for extended family members.
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  • 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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