The National Reverse Mortgage Lenders Association last week released a report indicating that housing wealth for older homeowners reached $6.6 trillion in the fourth quarter of 2017. These homeowners, who are 62 years old or…
Last month saw the rise of Ginnie Mae securities, backed by reverse mortgages, to over $1 billion. This is the second time in just two years in which the Government-Sponsored Enterprise has reported such a…
By Jason Oliva With a low penetration rate of eligible retirees who could potentially benefit from using a Home Equity Conversion Mortgage (HECM), today’s reverse mortgage market presents a vast runway to grow product utilization…
This week, the Federal Housing Administration (FHA) published Mortgagee Letter 2016-10. This Mortgagee Letter: Announces and transmits an updated HECM Financial Assessment and Property Charge Guide; Revises the calculation of the growth rate (compounding interest…
Combined with financial tools like reverse mortgages, new innovations in technology are keeping more seniors out of nursing homes and helping them to maintain their independence longer.
On June 12, the Federal Housing Administration (FHA) published Mortgagee Letter 2015-15, Mortgagee Optional Election Assignment for Home Equity Conversion Mortgages (HECMs) with an FHA Case Number assigned prior to August 4, 2014. This Mortgagee…
After releasing 3 Mortgagee Letters concerning various aspects of the Home Equity Conversion Mortgage (HECM) program in a few days, FHA announced on April 30 that is is immediately rescinding Mortgagee Letter 2015-03. The agency’s…
The U.S. Department of Housing and Urban Development (HUD) has released three Mortgagee Letters about the Home Equity Conversion Mortgage (HECM, or reverse mortgage) in the last week. The three letters cover loss mitigation guidance…
Today, the Department of Housing and Urban Development released a 59-page Home Equity Conversion Mortgage (HECM) Final Assessment and Property Charge Guide. The guide’s purpose is to provide underwriting guidance and documentation requirements for completing…
Last week, the Federal Housing Administration (FHA) announced an amendment to HECM program regulations and requirements concerning due and payable status where there is a Non-Borrowing Spouse at the time of loan closing, consistent with…