As loan interest rates rise banks & lender’s refinance business will dwindle forcing them to loosen lending standards to compete for potential borrowers. While this mostly applies to traditional mortgage lending relaxed lending standards result in more qualified buyers increasing housing demand and prices alike.
Continue readingOur Industry’s Choices will Determine our Future
Due to economic and regulatory pressure the HECM program has evolved rapidly in recent years. The truth is the choices that our industry collectively makes today will determine the outcome of tomorrow. What changes can we anticipate in the coming year?
Continue readingAn Ounce of Prevention?
Preventative Measures: Curbing Technical Defaults. An old saying reminds us “ An ounce of prevention is worth a pound of cure.” When it comes to technical defaults for HECM borrowers we may be seeking a cure but there are some preventative measure that can be taken today.
Continue readingHECM: A Mortgage or Social Program?
Is the federally-insured reverse mortgage a social program or a mortgage loan? The question should be addressed as it goes to the heart of recent program changes, restrictions and requirements. While few argue the HECM program is a social program many often lament that the loan no longer serves the needy, cash-poor or typical borrowers or the past due to principal limit reductions and further loan restrictions.
Continue readingNon-Borrowing Spouse Policy: A Wrench in the Gears?
What may have gone unnoticed by some may in fact turn out to be one of the most momentous policy decisions in the history of the HECM program: the non-borrowing spouse provision.
Continue readingThe Non-Borrowing Spouse Surprise?
The Home Equity Conversion Mortgage or HECM program still only allows borrowers 62 or older but now adjusts proceeds based on the age of the younger non-borrowing spouse. In essence it gives the non-borrowing spouse the right to remain in the home indefinitely during a ‘deferral period’ provided requirements are met. That said there are a few key points we must now to fully comprehend the benefit and risks of this policy change…
Continue readingThe Summer of Change
The remaining months of summer are certain to accelerate further changes to the federally insured reverse mortgage program. First is the long anticpated and often delayed Financial Assessment…
Continue readingInterview with AAG CEO Reza Jahangiri (Part 2)
AAG CEO Reza Jahangiri discusses the future impact of the financial assessment, strategies to succeed in a changing marketplace and more.
Continue readingDigital Edge
Most of us are aware that a growing number of seniors and retirees are online. From social media, web browsing and email our target market is online more today then ever before. The question is how do we leverage such a medium to keep our prospective borrowers engaged?
Continue readingMay Top 100 HECM Lenders
Download your May Top 100 Retail HECM Lenders Report Here.
This report was compiled from data courtesy of Reverse Market Insight.
