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Housing Options Most Bleak for Seniors as Mortgage Debt Rises

26
Jun,2015

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The state of the nation’s housing appears dismal overall, but the outlook is even more bleak for older homeowners, new research shows. The nation’s home ownership rate fell to 64.5% last year, erasing nearly all of the increase in the…

HUD Expands Options for Reverse Mortgage Non-Borrowing Spouses

19
Jun,2015

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Non-borrowing spouses of reverse mortgage borrowers will now have expanded opportunities to remain in their homes under newly revised guidelines released today by the Federal Housing Administration (FHA). Last year, the FHA amended its Home Equity Conversion Mortgage (HECM) policies…

5 Ways Reverse Mortgages Can Serve as Retirement Planning Tools

29
May,2015

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In today’s world, Americans face a looming retirement crisis — one that has been well-documented over the past several years and which has created a new purpose for the reverse mortgage. Gone are the days when reverse mortgages were considered…

Time to Wait and See Effects of Reverse Mortgage Policy Changes

15
May,2015

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The Department of Housing and Urban Development has made a host of changes to its reverse mortgage program in the last 18 months, and now will focus on evaluating the effects of those changes. Following implementation of the long-awaited financial…

Select Lenders Buck Declining Reverse Mortgage Volume Trends

6
May,2015

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Home equity conversion mortgage (HECM) endorsements declined -3.1% in April to 4,497 loans from March, but several lenders stood out with strong results in April. Reverse Mortgage Funding jumped 82.4% “to their highest total in their history and continuing to close…

HUD Rescinds Recent Rule on Reverse Mortgage Non-Borrowing Spouses

1
May,2015

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The Department of Housing and Urban Development (HUD) is officially rescinding a previous mortgagee letter that would have given reverse mortgage lenders the option to delay foreclosure of non-borrowing spouses via assigning the loan to HUD. Thursday, HUD issued Mortgagee…

Getting a Reverse Mortgage Will Soon Be Tougher

21
Apr,2015

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The federal government is going to make reverse mortgages harder to get starting April 27, said Fox News in a segment about how the new reverse mortgage rules work. A reverse mortgage is for those 62 and older who have…

Reverse Lenders See Big Growth Potential in Financial Assessment

17
Apr,2015

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The Financial Assessment may not be the change the reverse mortgage industry wants right now from a process standpoint, but it’s the one that it needs to clean its reputation and attract a different pool of borrowers in the long-run,…

These States Have the Highest Property Taxes in 2015

8
Apr,2015

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Property taxes might be a non-issue for the 36% of people who rent their homes, but for other homeowners and reverse mortgage borrowers they are critical expenses standing between them and possible foreclosure. The average American household spends $2,089 on…

WSJ: Reverse Mortgage Could Help Boost Retirement Income By 30%

26
Mar,2015

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Taking out a reverse mortgage could help increase retirees’ annual income by 30% when done in conjunction with a few other retirement planning steps, according to a recent Wall Street Journal article. The strategy comes at a time when retirement…