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Most Senior Debt Tied to Housing Expenses
Homeowner-related expenses including mortgages and home equity loans are the largest source of debt for older Americans, according to a new survey released by SeniorHomes.com
Homeowner-related expenses including mortgages and home equity loans are the largest source of debt for older Americans, according to a new survey released by SeniorHomes.com.   More than half of Americans who are 55 or over are in debt, with 40 percent owing $50,000 or more to creditors. Fifty-two... Keep Reading....
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The total amount of tappable equity in the housing market reached a record breaking $5.4 trillion in 2017
 Homeowners who are 62-years-old and higher saw their home equity increase by a combined 2.4 percent to $6.42 trillion in the second quarter from $6.27 trillion in the first quarter, according to new data from the National Reverse Mortgage Lenders Association (NRMLA).   The new NRMLA/RiskSpan... more
A federal judge tripled the penalty enacted against two Texas-based mortgage companies, Allied Home Mortgage Corp. and Allied Home Mortgage Capital Corp., and their CEO Jim Hodge for violating the False Claims Act
 A federal judge tripled the penalty enacted against two Texas-based mortgage companies, Allied Home Mortgage Corp. and Allied Home Mortgage Capital Corp., and their CEO Jim Hodge for violating the False Claims Act.   According to a Reuters report, a jury last November determined that the companies... more
The Federal Housing Administration (FHA) is proposing a new rule that it claims will strengthen its Home Equity Conversion Mortgage (HECM) program
 The Department of Housing and Urban Development (HUD) has announced changed to its Home Equity Conversion Mortgage (HECM) program.   In a statement issued by HUD, the department noted that the initial mortgage insurance premium (MIP) will become two percent of the maximum claim account, effective... more
The reverse mortgage lender American Advisors Group (AAG) is moving its sales and marketing teams to a newly-leased 64,405-square-foot space at Irvine Towers in the Business District of Irvine, Calif.
 American Advisors Group has added Ted Zepfel as Vice President of Operations for Alternative Distribution, where he will oversee all operational facets of the national field sales and wholesale divisions, including loan setup, processing, underwriting and funding, as well as operations optimization... more

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