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REO News

HECM Endorsements Rise 9.8% in August; Recovery Still Slow
While recovery remains sluggish, Home Equity Conversion Mortgage endorsements continued to climb in August, rising 9.8% from July for a total of 3,191 loans, according to the latest data from Reverse Market Insight. The HECM Originators report shows the gains were spread across both retail and wholesale channels, with retail up 8.2% and wholesale up […]

Forbes: 5 Times to Beware a Reverse Mortgage
For those who are interested in opening a reverse mortgage, there are five specific scenarios when another solution might be a better idea, a recent Forbes column states. In her latest piece “5 Times Reverse Mortgages are a Bad Idea,” Forbes contributor Tara Mastroeni offers some caveats borrowers need to be aware of before opening a Home […]

FHA Lifts 2-Year Ban on Sun City Reverse Mortgages
After more than two years of waiting, residents at the Sun City retirement community in Arizona can once again open Home Equity Conversion Mortgages thanks to a new approval from the the Department of Housing and Urban Development. Michael Thomas, a reverse mortgage specialist with V.I.P Mortgage, Inc. in Peoria, Ariz., said he received word from his […]

Reverse Mortgage Veterans Join Ainsworth Advisors
Several mortgage industry veterans with ties to the reverse mortgage market joined corporate consultancy Ainsworth Advisors’ team this month. Among the new additions to Ainsworth’s panel of consultants are Marc Helm, former Reverse Mortgage Solutions, Inc. president and CEO, former Ginnie Mae president Joseph Murin. Additionally Managing Partner Mitch Kider of Weiner Brodsky Kider PC […]

TransUnion: Home Equity Borrowing Poised to Skyrocket
With home equity continuing to increase and a need for more debt consolidation tools, home equity lending is poised for strong growth in the coming years, a new TransUnion study revealed today. To make the most of this growth lenders must understand specific consumers’ needs to tailor their messages, the study “Emerging Opportunities in Home […]

Reverse Mortgage Counseling Fall Out Hovers Around 50%
For Home Equity Conversion Mortgage applicants, only about half of those who complete the required loan counseling go on to close a reverse mortgage loan, according to industry data. Numbers from Ibis Software, which tracks HECM counseling sessions, indicate that last year’s changes to the program have contributed to this trend. “Forty-eight percent of endorsements […]

Rising Healthcare Costs Key Factor in Planning Retirement
As long term care costs have risen 3% from 2017 to 2018, seniors need to keep these rising health care costs in mind as they plan for retirement, the latest cost-of-care data shows. On Tuesday, Genworth Financial, an insurance holding company, released its 15th Annual Cost of Care Survey looking at the costs of assisted living […]

FHA Commissioner Montgomery to Deliver NRMLA Keynote Address
Federal Housing Administration commissioner Brian Montgomery will serve as the keynote speaker at the National Reverse Mortgage Lenders Association’s 2018 Annual Meeting and Expo later this month, NRMLA has announced. The meeting will take place October 28-30 in San Diego, and NRMLA expects between 450 and 500 attendees. Montgomery is scheduled to address attendees at 9:30 a.m. on […]