The common objection to reverse mortgages is that they’re too expensive. The question is, expensive compared to what?
Continue readingMajor Changes to HECM Applications?
Is Florida Going Bust?! What HECM pros need to know
Property Tax Relief Available in California
Mexico’s Center for Economic and Budgetary Research analysis reveals the market potential for reverse mortgages and how the loan is presently structured. Learn more…
Continue readingWhat Boomers are looking for in senior housing
[The Mortgage Report ] The American Seniors Housing Association (ASHA) has released a report detailing the senior living priorities of the Baby Boomer generation.
Continue readingOlder Americans see the biggest property tax spikes in these cities
Recent data from Lending Tree reveals which cities are seeing the largest surge in property tax bills between 2019-2021
Continue reading‘More reverse mortgage servicing protections needed’
The NCLC recommends the CFPB & the FHA create these reverse mortgage servicing protections
After several years of servicing issues for both borrowers and their heirs reverse mortgage originators and lenders alike welcomed the news in March 2022 that Celink had been awarded the servicing of HECM loans held in assignment by the Federal Housing Administration. However, a history of previous servicing shortfalls from numerous servicers has led some to call for increased oversight and protections to prevent unnecessary foreclosures of HECM loans.
On February 6th the National Consumer Law Center published an article by Sarah Bolling Mancini entitled, “Unmet Promise: Reverse Mortgage Servicing Challenges and How to Preserve Housing Stability for Older Adults”. Mancini outlines several servicing shortfalls that may have led to avoidable foreclosures.
A Tough Sale?
New York Times: Expose Examined
Ironic. That is on the eve of the National Reverse Mortgage Lender’s Association Annual Meeting in San Antonio the New York Times published a front page expose. After a year and a half of mostly positive press since the introduction of the HECM Saver has the media pendulum swung back to its traditionally negative view? And more importantly, does the article point out some legitimate issues that we as an industry must address?
Continue readingThe life of a reverse after closing
Often out of sight and mind after a reverse mortgage closes, servicing is the backbone of the ongoing relationship with the borrower. From monthly draws, tenure payments and loan questions reverse mortgage servicers are on the front lines of long-term customer support and care. The average loan officer is with the borrower for 3-9 months while the servicer….
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