Reverse Mortgage Daily

Count Carol Galante among the growing chorus of housing experts who believe the federally backed reverse mortgage program should be separate from the Federal Housing Administration’s other loans.
An ongoing analysis of Americans’ retirement readiness showed a slight improvement in 2016, but the results still reveal that half will find themselves short of their golden-year goals.
Homes associated with Home Equity Conversion Mortgages tend to appreciate slower than their counterparts without reverse mortgages, though a variety of factors can either enhance or lessen the effects.
American taxpayers and accountants are still sorting out the effects of the wide-reaching Republican-led tax overhaul, and the ramifications could be severe for reverse mortgage borrowers — or nonexistent, depending on who you ask.
For the last two and a half years, John and Deena Baird have been trying to secure a reverse mortgage on their home in Sun City, Ariz., a 55-and-over retirement community northwest of Phoenix. But due to an obscure Federal Housing Administration rule, they’ve been unable to close the deal — and they aren’t alone.
The Federal Housing Administration has updated and clarified its formula by which the initial mortgage insurance premium is calculated for refinanced Home Equity Conversion Mortgages (HECMs).
With new reverse mortgage principal limits potentially bringing a significant drop in demand among prospective borrowers, the marketplace is set to become more competitive in 2018.
Just under 20% of seniors who responded to a recent survey were unaware of reverse mortgages — despite showing an overwhelming desire to stay in their homes and potentially make renovations into old age.
The Government Accountability Office took a deep dive into benefits and drawbacks of including federally backed reverse mortgages in the Mutual Mortgage Insurance Fund, laying out a variety of alternatives that Congress could explore.
Though the fight over the director’s chair at the Consumer Financial Protection Bureau could drag on indefinitely, reverse mortgage lenders shouldn’t necessarily breathe a sigh of relief if President Trump’s anti-regulation pick wins in the end.