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Reverse

Senior Equity Hits Seven-Year High

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The National Reverse Mortgage Lenders Association (NRMLA)/RiskSpan Reverse Mortgage Market Index (RMMI), a quarterly measure which analyzes trends in the home values, home equity, and mortgage debt of homeowners 62 and older, has reached 178.91, its highest level since Q4 2007. The RMMI is updated quarterly and tracks back to the start of 2000.Click to continue

HECM for Purchase: New Networking Tool to Increase Your Originations

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Today’s senior homebuyers now have access to a powerful traditional mortgage alternative when considering the purchase of a new primary residence. Imagine purchasing a new home and no monthly payment is required!Click to continue

David vs. Goliath in the World of Reverse Mortgages

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Few people have made a more vibrant impact on the reverse mortgage sector than Atare E. Agbamu. In his work as a broker, originator, columnist, book author, activist and consultant, Agbamu has been a champion of the reverse mortgage product and a tireless advocate for older consumers  the product was designed to support.Click to continue

Country Not Prepared to Meet Housing Needs of Older Population

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America’s older population is in the midst of unprecedented growth, but the country is not prepared to meet the housing needs of this aging group, concludes a new report released by the Harvard Joint Center for Housing Studies and AARP Foundation. According to Housing America’s Older Adults—Meeting the Needs of An Aging Population, the number of adults in the U.S. aged 50 and over is expected to grow to 133 million by 2030, an increase of more than 70 percent since 2000 (see interactive map).Click to continue

UFA Introduces New Jumbo Reverse Mortgage Product

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Urban Financial of America LLC (UFA) has introduced its HomeSafe proprietary reverse mortgage. Through HomeSafe, loan proceeds of up to $2.25 million are available, compared to traditional reverse mortgages or Home Equity Conversion Loans (HECMs), which currently have legislated maximum available loan proceeds of $469,125.Click to continue

ReverseVision Bolsters RV Exchange With Over 700 New Brokers

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Leading reverse mortgage lending solutions provider ReverseVision added 733 mortgage brokers to its RV Exchange (RVX) loan origination software between July 2013 and June 2014, including 379 brokers added in the first half of 2014. RVX is the leading independent reverse loan origination system and lending system of record for the majority of reverse lenders.Click to continue

UFA Expands Business to Hawaii

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Urban Financial of America LLC (UFA) has announced that it is now licensed to conduct its retail and wholesale reverse mortgage business in the state of Hawaii. Reverse and traditional "forward" mortgage companies licensed in Hawaii can now offer UFA's competitively priced reverse mortgages, which allow those age 62 and older to convert a portion of their home equity into tax-free funds for greater financial flexibility while remaining in their homes.Click to continue

NRMLA Launches Consumer Education Campaign

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Increasing lifespan coupled with earlier retirement poses a challenge for many individuals and couples trying to figure out how to make sure their financial resources will last their lifetime. Longevity is a gift on the one hand, but it also requires forethought and planning to make sure one’s finances will sustain them through the duration of their life.Click to continue

Zillow Reports 0.25 Increase in 30-Year Fixed Rates

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The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 4.03 percent, up five basis points from this time last week. The 30-year fixed mortgage rate steadily increased last week, spiking to 4.26 percent on Friday before declining to the current rate over the weekend.Click to continue