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Tag Archives: Reverse Mortgage

The Housing Choices of Older Americans

As senior-held mortgage debt increases, how are the choices made by older American homeowners likely to impact their home equity and their ability to pay off their mortgage before they retire?

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New Bill Addresses Reverse Mortgage Foreclosures

gavel

The Philadelphia City Council recently introduced a bill to help prevent reverse mortgage foreclosures when a homeowner is in a payment agreement for real estate taxes on their homes. As a requirement for a reverse mortgage, borrowers must remain current ...

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Risky Business

The FHA’s Mutual Mortgage Insurance Fund currently covers both forward and reverse mortgages. But is that really the best way to asses risk for the programs?

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Tapping Into Home Equity

A new report breaks down home equity by race and age, finding that Black homeowners 65 years and older are more likely to take out reverse mortgages than any other demo.

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DataQuick Enhances Standard Recorder Layout with Expanded Data

DataQuick, a real estate information solutions firm headquartered in San Diego, announced it has expanded its Standard Recorder layout to provide a more comprehensive view of properties and transactions. The expanded layout allows for the creation of a custom bundle devoted to key loan transaction intelligence, including data on 12 million loan modifications, loan terms on four million mortgages, interest rates on 600,000 loans, and details on 525,000 reverse mortgages.

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Senate Committee Proposes Bill to Put FHA on ‘Stable Footing’

The Senate Banking Committee reached a milestone in its efforts to stabilize the Federal Housing Administration (FHA) with the release of a discussion draft of a new bill Monday. The Federal Housing Administration Solvency Act of 2013, authored by Committee Chairman Sen. Tim Johnson and Ranking Member Sen. Mike Crapo (R-Idaho), has provisions to strengthen underwriting, make lenders more accountable, and strengthen the FHA’s reverse mortgage program.

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Consumer Advocates: HECMs Need Revisions to Prevent Defaults

Home Equity Conversion Mortgages (HECMs) and reverse mortgages, tools to which many seniors turn to help manage expenses in their later years, can be challenging products to navigate, according to testimonies delivered during a Senate committee hearing Tuesday morning. While the Department of Housing and Urban Development (HUD) considers changes to the HECM program, the Senate Committee on Banking, Housing, and Urban Affairs held a hearing to determine the best path forward for the program.

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Stats Show Troubling Trends for Reverse Mortgages

While reverse mortgages can be a boon to seniors as they head into retirement, a new report from the National Center for Policy Analysis (NCPA) says recent trends show trouble in the market that may cost taxpayers billions of dollars. According to a 2012 MetLife survey, two-thirds of borrowers are now using reverse mortgages to pay down debt. Pamela Villarreal, a senior fellow at NCPA, expects the ""troubling trend will increase as more baby boomers enter retirement with mortgage debt than previous generations.""

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