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REO News

Older Homeowners Saw $170B Increase in Home Equity Last Quarter
Home equity controlled by U.S. homeowners aged 62 and up reached $6.2 trillion in the fourth quarter of 2016 according to data from the National Reverse Mortgage Lenders Association, a gain of 2.8% from the previous quarter. The Washington, D.C.-based trade group found a rise of $170.7 billion between the third and fourth quarters of […]

Get Government Out of Reverse Mortgages, Commentator Says
The Department of Housing and Urban Development should not be in the business of insuring reverse mortgages, a Heritage Foundation researcher claimed in a commentary piece published Tuesday. Writing for The Daily Signal, a conservative news and commentary website founded by Heritage, John Ligon claimed that HUD’s backing of Home Equity Conversion Mortgages is a […]

Consumers Like Reverse Mortgages Better When They’re Called Something Else
Shakespeare once asked his audiences if a rose by any other name would smell as sweet. The National Council on Aging recently asked focus groups of consumers and financial planners if a reverse mortgage by any other name would sound like a better retirement option — and, perhaps not surprisingly, it did. In a study […]

Tale of Three Servicers: Nationstar Rising, Walter Struggling, Ocwen Rebounding
Followers of publicly traded mortgage servicers might be coming down with a case of whiplash over the last few weeks. Walter Investment Management Corporation (NYSE: WAC) experienced massive losses following a dark mid-month earnings call, while Nationstar Mortgage Holdings (NYSE: NSM) and Ocwen Financial Corporation (NYSE: OCN) found themselves buoyed by positive news. First, the […]

Obscure Regulation Halts Reverse Mortgages, FHA Lending in Some Towns
Thanks to the abrupt enforcement of a decades-old regulation that the Federal Housing Administration had seemingly ignored, consumers looking to buy homes or take out reverse mortgages in some 55+ communities have had their FHA loan applications rejected at the last minute in recent months. Starting this past fall, applicants in the Sun City and […]

Ocwen Reaches Deal to Emerge from Independent Monitoring in NY
Ocwen Financial Corporation (NYSE: OCN) announced late Monday that it had struck a deal with with the New York Department of Financial Services to free it from the thumb of a mandatory third-party monitor in place since 2014. Under a consent order with the Empire State, the West Palm Beach, Fla.-based Ocwen will emerge from […]

Skeptical Columnist Recommends HECM Line of Credit Over HELOC
In a nationally syndicated housing advice column, writer Benny L. Kass cautiously recommends reverse mortgage lines of credit for certain homebuyers, despite also tagging the loans with the dreaded “last resort” label. Kass responded to a question from a couple of 65-year-old homeowners who need “money to pay for some personal matters,” and were curious about […]

Older Americans Have Home Equity, But Still Worry About Retirement
A pair of recent surveys reveal the facts that many in the reverse mortgage industry know all too well: Seniors worry about how they’ll pay for retirement, don’t have pensions, and are sitting on significant quantities of home equity. Perhaps the most interesting revelation in the Employee Benefit Research Institute’s annual Retirement Confidence Survey, however, […]