The American mortgage market is surgically attached to the Federal government. What would bring private capital back into the reverse mortgage marketplace?
Continue readingGovernment Sponsored Reverse Ads?
Government programs like Medicare & Medicaid are going broke. Some compelling reasons for our government to promote reverse mortgages for their benefit and seniors.
Continue readingRoad block: Lack of funds for HUD Counseling: Industry Leader Update
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Lack of funding for HUD counseling creating a road block for those who need it the most
As we enjoyed our weekend October 1st came and went marking the beginning of the fiscal year 2012 and more importantly the date when funding from the government for mandated HUD counseling stops. This is creating delays in scheduling counseling and even worse may prevent lower income homeowners without the money for upfront counseling fees from moving forward. Either way you slice it, this is hurting the potential borrower the worst.
Ironically when the government created the HECM (Home Equity Conversion Mortgage) program, counseling was a built in requirement. Why does congress fail to fund a requirement for a federal program they created in the first place? Politics aside it appears we may have some hope of seeing funds restored at some level in the future.
What are your thoughts? How would you propose HUD counseling be funded outside of the government. Leave your comments below.
Many jeopardized by poor credit for NMLS renewals: Industry Leader Update
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NMLS license renewals may get dicey for reverse originators with challenged credit history
If the last few years have taught us anything it’s that mortgage and financial professionals suffered financially with other Americans due to the housing and economic crash. This leaves many qualified reverse originators at risk of not being able to renew their NMLS license Continue reading
Will possible government shutdown stop RMs? Deadline is near for agreement.
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Ugly Politics: If debt limit agreement is not reached FHA could be part of government shutdown
Yes. It’s come down to politicians in Washington threatening that seniors social security checks may stop if the debt-limit or ceiling is not raised by congress. Nice. But closer to home comes the possibility that if the limit is not raised by August 2nd, then FHA could cease operationsContinue reading
