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Yes...Reverse Mortgages are very much in the news...

March Was Great Month For Reverse Mortgages, Will It Last?

Apr 09, 2009 05:50 pm | admin

Origination News writer Brad Finkelstein describes how even with the higher loan limits for the rest of 2009, it hasn’t exactly translated into more HECMs being originated. In March, things seemed to have turned around for the industry as it endorsed 11,261 HECMs, up from 24% from February and easily breaking the previous record…

New FLEX Jumbo Reverse Mortgage Details

Apr 08, 2009 04:10 pm | admin

When 1st Reverse announced it was releasing a new jumbo reverse mortgage product, there was plenty of questions from RMD readers. Below is some additional information about the new FLEX jumbo reverse mortgage product : Index = 1-Month LIBOR Margin - 5.500 Available for refinances and purchases. Eligible Property Types - SFD, Condos, PUD’s, and...

Generation Closes First HECM For Purchase, Wholesale Rollout Next
Apr 08, 2009 11:57 am | admin

Generation Mortgage recently announced that is closed its first HECM for purchase for one of its retail customers. As part of the Housing and Economic Recovery Act of 2008, borrowers can use reverse mortgage proceeds combined with a cash down payment to purchase a new principal residence. "John and Dorothy are very excited about owning...

Originators In Demand, Reverse Mortgage Companies Looking To Expand

Apr 08, 2009 11:05 am | admin

Reverse mortgage originators with experience continue to be high in demand. Here are a few of the new job listings that have been added to our job board: Reverse Mortgage Professional (Arizona) FutureSafe Financial Reverse Mortgage Specialist (Florida) AAXA Mortgage Loan Officer/Team Manager (Texas) Senior Freedom Reverse Mortgage Specialist (Philadelphia) Guardian First Funding Group Reverse Mortgage...

HUD’s New Reverse Mortgage Counseling Protocol Includes Test For Borrowers

Apr 07, 2009 05:01 pm | admin

Along with the recent changes to HECM counseling, the Department of Housing and Urban Development is expected to unveil a new counseling protocol next month to help borrowers asses whether a reverse mortgage is the right choice for their financial situation. The new protocol will include stronger assessment tools as well as the creation...

Marketing Reverse Mortgages As A Government Offer? The FTC Is Watching

Apr 07, 2009 04:04 pm | admin

Federal and state officials are cracking down on foreclosure-rescue scams, the Obama administration said yesterday as it pledged to take on scams that target borrowers who are trying to save their homes. The Justice Department, the FTC, HUD, and state and local law enforcement will align their responses to these scams to protect homeowners,...

Crossing The Line With Reverse Mortgages

Apr 06, 2009 03:23 pm | Neil

Caught like proverbial deer in the headlights, reverse mortgage originators engaged in what is collectively called “cross-selling” are treading ever so carefully – if at all – into such extended marketing activity. According to the national Housing and Economic Recovery Act (HERA) passed last year, “neither mortgagees nor any other party may require mortgagors to...

Top HECM Lenders Through March 2009

Apr 03, 2009 12:16 pm | admin

Below is a list of the top HECM lenders through March 2009.  Be sure to check out the link below which goes into more detail. Endorsement volume set a new record in March at 11,261 - up 24% from February and easily besting the old record of 10,913 set in February 2008. Top 10 lenders continued to...

AARP Watching Reverse Mortgages Closely

Apr 03, 2009 12:13 pm | admin

Over the weekend, the Orlando Sentinel published Reverse mortgages a lifesaver for some, but beware of shady lenders, and despite the negative sounding title it’s pretty positive. Journalist Richard Burnett writes that while reverse mortgages were shunned by many as too risky, the loans have made a comeback as many seniors tap their home equity...

The Reverse Mortgage “Family Secret”, Defaults

Apr 01, 2009 03:58 pm | Neil

Like the family secret no one wants to divulge for fear of embarrassment or worse, participants in the reverse mortgage sector reportedly are playing down the growing problem of seniors who forget, don’t know, or are unable to pay taxes and insurance on their properties. Unlike a forward mortgage, where “T&I” routinely is escrowed–...

New Requirements For Reverse Mortgage Counseling

Apr 01, 2009 11:53 am | admin

The U.S. Department of Housing and Urban Development (HUD) published Mortgagee Letter 2009-10 to clarify several issues regarding HECM counseling for prospective borrowers. According to ML 09-10, FHA wants to ensure that prospective borrowers initiate the request for HECM counseling. Lenders may not contact a counselor or counseling agency to refer a client, discuss ...

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Tom Domin is the author of "101 Ways to Originate Mortgages" and publisher of "Tom's Mortgage Tips" a twice monthly Mortgage Newsletter geared for Mortgage Professionals. Put your mortgage career on the fast track and sign-up for FREE at http://www.MortgageMarketingToolKit.com/