Congress Passes Extension of Higher Reverse Mortgage Loan Limits
Late last night, the House and Senate passed an extension of the 5,500 loan limit for reverse mortgages through December 31, 2010. Loan limits for the Home Equity Conversion Mortgage (HECM) would’ve returned to 7,000 at the end of the year if the extension wasn’t passed.
Also included in the continuing resolution (H.R. 2996), was an [...]
HUD Acts to Permanently Withdraw Reverse Mortgage Lender’s FHA Approval
The US Department of Housing and Urban Development announced its Mortgagee Review Board (MRB) is proposing to permanently withdraw the HUD/FHA approval of Financial Mortgage USA, Inc., a reverse mortgage lender based in Honolulu, Hawaii.
HUD’s MRB alleges the Company failed to implement an FHA-required quality control plan; separate its lending operations from those of [...]
Reverse Mortgage: Trick Or Treat?
Leave it to a witty journalist to get creative around Halloween by writing a story like Trick or treat: reverse mortgages can be foreclosures in disguise.
TampaBay.com writer James Thorne writes that:
Right in time for Halloween comes a topic right out of the ghoul’s guide to mortgage lending: reverse mortgages, which a growing number of Tampa [...]
Reverse Mortgage Securitization Moves Beyond Needs Based Seniors
Housingwire sat in on a reverse mortgage securitization session at the Information Management Network’s 15th annual ABS East conference in Miami and writes that over the last two years the structure has moved beyond the needs-based senior and now see a significant mix of borrowers tapping into the market.
According to HW, panelists said that the [...]
People Researching Reverse Mortgages Jumps Almost 90% Says Data
Results from Golden Gateway Financial’s reverse mortgage calculator showed that falling home values continue to negatively impact the amount of money available to Americans through a reverse mortgage.
Despite falling home values, the company also reported a increase of nearly 90 percent in the number of individuals researching reverse mortgages compared to the previous quarter [...]
Survey Shows Americans Lack Overall Understanding of Long Term Care
Overall, Americans did not do well on a survey of their long-term care knowledge according to MetLife Mature Institute (MMI). According to a recent survey, most know what long-term care is and how much it costs, but their scores fall short regarding how many people will need it and how they will pay for [...]
New Reverse Mortgage Companies Looking to Expand
reverse mortgage companies are hiring, check out the latest jobs from reverse mortgage Jobs Online:
reverse mortgage Specialist (East Brunswick) Village Home Mortgage
reverse mortgage Originator (Miami Lakes) Mortgage Bankers of Florida
reverse mortgage Originator (San Diego) Legacy Home Financing
reverse mortgage Specialist (Nationwide) Financial Freedom
reverse mortgage Specialist (South Carolina, Florida, Tennessee, Georgia)AAXA Mortgage
Reverse Mortgage Loan Officer (Nationwide) [...]
Appropriations Resolution Would Extend Higher Reverse Mortgage Loan Limits
Appropriations committees in the House and Senate are proposing to extend temporary higher limits on the size of home mortgages Fannie Mae (FNM) and Freddie Mac (FRE) can buy or guarantee as part of a stopgap funding legislation that could pass Congress as soon as this week said the Wall Street Journal.
According to a [...]
Hunch, Helping to Determine Suitability for a Reverse Mortgage?
reverse mortgage counseling is an important part of the process and lenders and counselors would agree that it can be improved. Despite HUD’s plan to eventually release new HECM counseling protocols, one issue that still needs to be addressed is the “suitability” issue which continues to be a concern from legislators.
I came across [...]
Barney Frank Talks Reverse Mortgages With AARP
AARP’s Sheilah Kast covered reverse mortgages in a 30 minutes session for Inside E Street on Retirement Living TV. The segment includes an interview with Illinois Rep. Judy Biggert who said reverse mortgages are “a great financial tool”.
Kast also interviewed Massachusetts Rep. Barney Frank who is clearly behind the product and said that, “I’ve been [...]