Living dangerously? That’s exactly what millions of retirees are doing every day. How? By draining their existing savings account to meet living expenses or draining their nestegg to buy a home. It seems the norm for many senior Americans. Live on cash, don’t incur debt and keep your home free and clear. The issue with such thinking is that it leaves these individuals vulnerable to financial disaster.
Continue readingReverse Mortgage A Rite of Passage for Retirement?
Will Reverse Mortgages become the norm? According to one retirement expert getting a reverse mortgage may become common amongst future retirees. The shift to younger borrowers may be a result of more Americans reaching retirement only to wake up to the reality that their home is an essential and useful source of funds. The Consumer Financial Protection Bureau’s study…
Continue readingAppraisal Costs May Be Rising
The reverse mortgage industry has just came through some of it’s most challenging years. That said we may be facing a new challenge…one of supply and demand which could increase the cost of an appraisal substantially
Continue readingAre the Barriers Too High for Reverse Mortgages?
According to a recent article in the American Banker reverse mortgages are becoming increasingly difficult for both the consumer and lenders alike. “It’s a good product made nearly impossible to provide”, said…
Continue readingJuly 2012 Top 100 HECM Retail Lenders
The exit of MetLife shows dramatically with their endorsements dropping from over 1,200 in June to 250 this month as their loan pipeline begins to empty. Notable movers this month include Urban Financial from #4 to #2 spot and One Reverse taking the #1 spot that MetLife had dominated for so long….
Continue readingLess than $30,000?
If you ever question the future market potential of the reverse mortgage, wonder no longer. A recent New York Times Editorial titled “Our ridiculous approach to retirement” paints a sobering reality. The vast majority of Americans have saved less than…
Continue readingLooking ahead: Interview with Urban Financial CEO Steve McClellan
He comes from both a banking and financial services background. Urban Financial CEO Steve McClellan sat with us at NRMLA’s West Coast Meeting and shares his insights on upcoming regulations, market conditions and more.
Continue readingMoral Hazard?
Moral Hazard? One definition is the lack of incentive to guard against risk because one is protected from the consequences while the risk rests on another party. Is that what we have with reverse mortgage borrowers who have defaulted? Non-payment of taxes and insurance has been an issue. A look at what real estate columnist had to say recently.
Continue readingCFPB to Congress on Reverse Mortgage Industry
What some feared would be highly critical actually was balanced giving a historical perspective. The CFPB’s report to Congress on the Reverse Mortgage Industry. Highly detailed and filled with demographic and market trends, the report…
Continue readingJune 2012 Top 100 HECM Retail Lenders
Despite MetLife’s exit their endorsements remain on this month’s report. There is a little jockeying around amongst the top 10 and trends indicate some big changes in the coming months. See the full Top 100 Retail HECM Lenders Report for more.
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