Industry Leader Update

Down Under: When lenders disappear

Shannon Hicks
 Australia: largest reverse mortgage lenders exit What happens when reverse mortgage lenders suddenly disappear? Australia is instructive on what happens when lenders offering a needed loan to help seniors age in place suddenly disappear. Despite the strong criticism and negative media stories covering the loan, it would seem the

Government Shutdown, Endorsement Plunge & Outlook

Shannon Hicks
 Thinking Big in a Smaller Market The bickering continues in Washington DC resulting from the budget stalemate and subsequent limited government shutdown. Veteran originators will recall a 16-day shutdown in October 2013.  During this time endorsements of all Home Equity Conversion Mortgages cease. All FHA mortgages stand to be impacted

Reverse Mortgage Loan Limit Increased: Impact & Outlook

Shannon Hicks
 Potential Impact of Lending Limit Increase The Department of Housing and Urban Development announced the third consecutive increase of its national lending limit to $726,525 for the federally-insured reverse mortgage and FHA loans beginning January 1st, 2019. An increase of over $46,000 from its previous limit of $679,650. The risks

HECM Changes in 2019: Inspector General’s Report Provides Clues

Shannon Hicks
 Inspector General report points to specific risks In October HUD’s Office of the Inspector General released their report which telegraphs what changes to the HECM we may see in 2019. If you were to ask ten HECM professionals what their outlook was for 2019, you would likely get ten

Strong Words: Comments on Reverse Mortgages Spur Controversy

Shannon Hicks
 This week: Former FHA Commissioner takes aim at reverse mortgages and a clear and present danger to the HECM Former FHA Commissioner David Stevens wasn’t merely providing some suggestions on how to improve the Home Equity Conversion Mortgage. He also took aim squarely at the industry, its alleged practices, and

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