The Federal Housing Administration (FHA) has announced that it intends to make modifications to its Home Equity Conversion Mortgage (HECM) product, a reverse mortgage loan insured by the federal government, to make it more attractive and cost-effective for older home owners seeking to tap their home equity to cover living expenses and healthcare costs, according to the National Reverse Mortgage Lenders Association (NRMLA).Read more

Countdown To Buy, an innovative online real estate marketplace that offers fair and effective solutions to buy and sell properties, has announced it has received a silver Connecticut Quality Improvement Award Innovation Prize for the company’s unique online real estate transaction model and marketplace. “We are honored that Countdown To Buy was recognized alongside some of the best companies in the state by the Connecticut Quality Improvement Award committee, not only for vision and innovation but execution as well,” said Jim Hodson, chief executive officer of CountdoRead more

The Federal Reserve Bank of New York has released a new Quarterly Report on Household Debt and Credit and an accompanying Web page. The report shows that households steadily reduced aggregate consumer indebtedness over the past seven quarters. In the second quarter of 2010, they owed 6.4 percent less than they did in 2008, the peak year for indebtedness.Read more

American Advisors Group (AAG) has spent the past year working with reverse mortgage experts, Web application specialists and industry advocates to establish a new consumer Web site that will make it easier for seniors to find reverse mortgage information. ReverseMortgageQA.com is a network of question and answer Web sites that will enable consumers to easily request free, fast, and accurate information specifically related to their individual questions about reverse mortgages.Read more

The U.S. Department of Housing & Urban Development (HUD) has announced that it is now requiring all HUD-approved reverse mortgage counselors to provide their clients with the National Council on Aging's (NCOA) 28-page consumer booklet on reverse mortgages. In addition, counselors must complete an extra level of financial assessment to help prospective borrowers gain a greater understanding of financial risk and other factors that may impact their loan.Read more

For some seniors who take out reverse mortgages, potential financial problems are often rooted in “non-financial” matters. Slowly, financial problems ooze out of everyday issues.Read more

Pennsylvania Secretary of Banking Steve Kaplan and Secretary of Aging John Michael Hall have announced that a new policy for the reverse mortgage industry defines proper conduct of mortgage lenders and helps to protect Pennsylvania’s older homeowners. Under the policy, homeowners age 62 and older who choose to acquire a reverse mortgage will deal with lenders who understand the complexity of reverse mortgages, adhere to a code of conduct and have the ability to support the loan.Read more

Mount Vernon Mortgage Corporation has announced the hiring of Robert Tranchell as reverse mortgage manager. Tranchell will oversee Mount Vernon’s newly-expanded reverse mortgage division. Tranchell comes to Mount Vernon with almost a decade of experience in reverse mortgage lending, working directly with homeowners, as well as developing educational programs for homeowners and those who work with them.Read more

Ken Keranen, a 17-year veteran in the reverse mortgage industry has joined HomeServices Lending, a joint venture between HomeServices of America, a Berkshire Hathaway company and Wells Fargo Home Mortgage. Working primarily with realtors, Keranen will be concentrating his efforts on the HUD/FHA Reverse Mortgage for Home Purchase Program.Read more

Total Mortgage Services LLC has announced that it is expanding its reverse mortgage lending operation, Total Mortgage Reverse Mortgage Program, to help more senior homeowners in need of accessing the equity available in their homes during this challenging economic environment. In conjunction with this expansion, Total Mortgage has hired Donna Marino as reverse mortgage specialist to lead the dedicated reverse mortgage product business.Read more