Reverse Archives

One year after expansion, Guaranteed Rate remains bullish on reverse mortgages

May 25, 2024 mpsingh No Comments Real estate Bullish, expansion, Guaranteed, Guaranteed Rate, HECM, Marketing, mortgages, Rate, remains, Reverse, Year

Increased adoption When asked about how reverse mortgage business is going in the first half of the year, Ogata said that he’s happy with the division’s performance and its ability to enlist the company’s forward mortgage professionals to take a closer look at reverse. Ryan Ogata “I’d say in the last two or three months [...]read moreOne year after expansion, Guaranteed Rate remains bullish on reverse mortgages

Newsweek turns eye toward reverse mortgage pros and cons

May 24, 2024 mpsingh No Comments Real estate Cons, eye, HECM, HUD, Mortgage, Newsweek, Pros, Reverse, turns

A reverse mortgage has potential utility for a homeowner in the right situation, but loan terms must be observed closely to remain in good standing and avoid the possibility of foreclosure. This is according to a look at the reverse mortgage product category published by Newsweek. As part of its recently launched “Newsweek Vault” subsite, [...]read moreNewsweek turns eye toward reverse mortgage pros and cons

Are reverse mortgages for purchase a ‘sleeping giant?’ Pros are split

May 23, 2024 mpsingh No Comments Real estate giant, Guaranteed Rate, HECM, mortgages, New American Funding, OneTrust Home Loans, Pros, Purchase, Reverse, sleeping, split

According to the most recent annual report to Congress by the U.S. Department of Housing and Urban Development (HUD), the Home Equity Conversion Mortgage (HECM) for Purchase (H4P) program saw its share of total HECM endorsements in 2023 rise to its highest level since 2019. That’s not saying all that much. H4P endorsements accounted for [...]read moreAre reverse mortgages for purchase a ‘sleeping giant?’ Pros are split

Why equity-tapping challenges may make reverse mortgages ‘inevitable’

May 22, 2024 mpsingh No Comments Real estate Challenges, equitytapping, Home Equity, inevitable, mortgages, New York Times, Retirement, Reverse

Tapping into home equity, particularly for people in or near retirement, can be challenging — especially for those who may have a pressing need. Traditional equity-tapping methods — such as selling the home or taking out a home equity loan — could present lifestyle challenges, which is where alternative options like reverse mortgages can come [...]read moreWhy equity-tapping challenges may make reverse mortgages ‘inevitable’

NAF’s reverse division looks to tell new product stories with ‘Old Wives’

May 22, 2024 mpsingh No Comments Real estate Division, Marketing, NAFs, New American Funding, product, Reverse, stories, Wives

The reverse mortgage industry is no stranger to novel marketing campaigns, and it has often made use of celebrity spokespeople to drum up conversation about its products. While consistency can count for a lot when it comes to marketing and messaging, novelty can also be a path toward greater engagement. New American Funding (NAF) is [...]read moreNAF’s reverse division looks to tell new product stories with ‘Old Wives’

The long road to remote reverse mortgage counseling in Massachusetts

May 16, 2024 mpsingh No Comments Real estate counseling, long, Massachusetts, Massachusetts Division of Banks, Massachusetts House of Representatives, Massachusetts Mortgage Bankers Association, Massachusetts State Senate, Mortgage, NRMLA, Remote, Reverse, road, The Federal Savings Bank

From 2010 to 2024, the reverse mortgage industry sought to allow remote reverse mortgage counseling in the state of Massachusetts, citing an insufficient number of actual counselors and logistical challenges for senior clients. But as time dragged on and state lawmakers seemed unwilling to seriously entertain the proposal, the ravages of the COVID-19 coronavirus pandemic [...]read moreThe long road to remote reverse mortgage counseling in Massachusetts

Steve Resch talks about financial planner relationships for reverse lenders

May 15, 2024 mpsingh No Comments Real estate Finance of America, Finance of America Reverse, financial, Home Equity, lenders, planner, relationships, Resch, Reverse, Steve, Talks

Steve Resch, vice president of retirement strategies at leading reverse mortgage industry lender Finance of America, knows a lot about the intersection between the interests of financial planning professionals and reverse mortgage industry members. Financial planners have been, and remain, one of the most sought-after referral partnerships for reverse mortgage professionals to establish ties with. [...]read moreSteve Resch talks about financial planner relationships for reverse lenders

Former Norcom reverse mortgage team moving to Supreme Lending

May 14, 2024 mpsingh No Comments Real estate CMG Financial, lending, Mortgage, Moving, Norcom, Norcom Mortgage, Reverse, Supreme, Supreme Financial, Team, US Mortgage Corporation

The former reverse mortgage team from Norcom Mortgage in Avon, Connecticut — which elected not to move to CMG Financial following its acquisition of Norcom last month — has selected Texas-based Supreme Lending as its new home, with John Luddy serving as SVP of reverse lending. He begins in the role later this week. After [...]read moreFormer Norcom reverse mortgage team moving to Supreme Lending

DeSantis stamps changes to reverse mortgage tax requirements in Florida

May 11, 2024 mpsingh No Comments Real estate DeSantis, Florida, Mortgage, Requirements, Reverse, stamps, tax

Florida Gov. Ron DeSantis (R) signed a bill into law this week that changes certain requirements for the state’s reverse mortgage borrowers, a move that the National Reverse Mortgage Lenders Association (NRMLA) says could save money on closing costs. The new law, House Bill (HB) 7073, changes the way the state’s “documentary stamp tax” can [...]read moreDeSantis stamps changes to reverse mortgage tax requirements in Florida

The month in reverse mortgage rates: May 2024

May 11, 2024 mpsingh No Comments Real estate FHA, HUD, Month, Mortgage, rates, Reverse, Reverse rates, Understanding Reverse

In March, we explored the difference between Home Equity Conversion Mortgage (HECM) “expected rates” and “note rates” and why most reverse mortgages depend on these two interest rates. In April, we specifically focused on expected rates. We showed that when expected rates increase and round up to the next 1/8% (0.125%), the principal available to [...]read moreThe month in reverse mortgage rates: May 2024