Volume of the FHA’s Home Equity Conversion Mortgage (HECM) grew to $30.2 billion in Fiscal Year 2009 according to budget documents released earlier this week.
Despite only a slight increase in endorsed units, max claim volume grew 25% compared to the prior Fiscal Year total of $24.2 billion.
According to data from Reverse Market Insight, 22% [...]
Senator Chris Dodd (D-CT) and President Obama met face-to-face on Tuesday. Reports suggest that Dodd may drop the proposed Consumer Financial Protection Agency from the emerging Senate Financial Services Bill, in order to gain the support of some Republicans and centrist Democrats. One administration official said the President’s position in favor of the inclusion of [...]
With the FHA predicting a surge in Home Equity Conversion Mortgages (HECM) for Purchases next year to 3,420, up from 423 in 2009’s fiscal year, it seems a little surprising that the industry isn’t more optimistic about the program.
“Everyone in the industry was really excited about it when we realized we were going to get [...]
Canada saw fourth quarter origination of reverse mortgage jump to $43 million, according to the HOMEQ Corporation.
HomEquityBank, a subsidiary of HOMEQ Corporation, saw an increase of 77% over the same period last year and an increase of 11% over the previous record set in the second quarter of 2008.
“Our ability to access cost-effective and [...]
Every time the HUD makes a change or looks at its financial stability, the question arises: Should the government really be involved in homes and loans? Some members of Congress would like to see the FHA taken out of the HUD and put into the private sector.
For years, the HUD’s “government housing” options, specifically FHA loans, were [...]
Credit Counseling of Arkansas (CCOA) announced that it will be providing free reverse mortgage counseling to customers as of today.
An $18,000 federal government grant from the U.S. Department of Housing and Urban Development (HUD) will allow CCOA to provide free reverse mortgage / Home Equiy Conversion Mortgage (HECM) counseling (normally $125 per session) until the [...]
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Fannie Mae (FNMA) has updated its reverse mortgage loan application (1009).
The GSE updated the 1009 to comply with the Federal Housing Finance Agency (FHFA), and the Federal Housing Administration (FHA) requests to capture additional data during the loan origination/application process and loan delivery.
According to FNMA, the document has been updated to support loan originator [...]
A study by the National Alliance for Caregiving and the AARP showed that nearly one third of the US population are caregivers, defined as providing unpaid care to an adult or a child with special needs. These caregivers spend an average of 20 hours a week providing unpaid care.
While the study included several different types [...]
In this near-frozen credit environment potential borrowers still find most home mortgages tough to get; a major exception is reverse mortgages. Available for homeowners over 62 years of age, reverse mortgages have been representing a growing market for the past decade. Even in this recessionary year, the number of reverse mortgages has grown 4 percent.
Banks, [...]