Here are our current articles with links to their source, on the subject of Reverse Mortgages. No doubt about it...Reverse Mortgages are a hot topic and very much in the news....

Reverse Mortgage Originator Pleads Guilty to Wire Fraud and Data Theft
Jul 16, 2009 11:54 am | admin

Crains Business Detroit is reporting that Bruce Jarrard, a former reverse mortgage loan officer at World Alliance Financial Corp. could face up to a maximum 20 years in prison and $250,000 in fines after pleading guilty to wire fraud in alleged data theft from the company. According to Crains, Jarrard allegedly collected prospective reverse mortgage...

Reverse Mortgages: The Only Option for Some People
Jul 15, 2009 11:17 am | Neil

Predicting a “massive boom coming” for the reverse mortgage business, Vishaal Bhuyana, founder, V.B. Bhuyan & Co., says it will be none too soon for seniors who will need the increased home equity “to pay off debts incurred during the current economic crisis.” And, such financial obligations may extend out for quite some time, according to...

Time Magazine Reverse Mortgage Feature
Jul 15, 2009 11:04 am | admin

Time Magazine published an article about how the recession has been brutal for older Americans who were counting on their depleted net eggs are turning to reverse mortgages to help supplement their stash.  In the three months after February–when a provision in the economic-stimulus package raised the eligible home-value limit from $417,000 to $625,500–the...

Ginnie Mae Reverse Mortgage Issuance Sets Record in June
Jul 14, 2009 12:54 pm | admin

The Government National Mortgage Association (Ginnie Mae) announced that it issued more than $43 billion in mortgage-backed securities (MBS) in June. For the first six months of calendar year 2009, Ginnie Mae provided nearly $207 billion of liquidity to the secondary market, compared to nearly $107 billion for the first six months of 2008. "The...

Reverse Mortgage Rates – July 14, 2009
Jul 14, 2009 12:50 pm | admin

The average HECM borrower will see their initial benefits increase by $ 2,500 today.  Over the last four weeks, benefits have risen by $10,000! Four weeks ago the 10-year LIBOR swap rate was 4.22%, today it’s 3.60%. Reverse Mortgage Rate Updates are brought to you by Jerry Wagner & Ibis Reverse Mortgage Software - The Industry...

GAO Finds Potentially Misleading Claims in Reverse Mortgage Marketing
Jul 13, 2009 09:30 am | admin

The Government Accountability Office’s reverse mortgage report found that among the materials reviewed, it discovered 26 different entities that made potentially misleading claims in their HECM marketing materials. The group includes entities regulated by each of the federal banking regulators as well as FTC and state regulators.  It also included both members and nonmembers of...

Purchasing Multi Unit Property With HECM For Purchase?
Jul 10, 2009 12:51 pm | admin

Realty Times journalist Kenneth Harney discusses how one couple decided to purchase an owner occupied multi-unit property using the new HECM for purchase program. Harney describes a married couple in their early seventies who is planning to downsize from their long-time home in Reno, which they sold late last year for about $850,000. Now, they’re looking...

Reverse Mortgage Companies Looking to Hire
Jul 09, 2009 12:08 pm | admin

Below are a few of the new jobs posted to Reverse Mortgage Jobs Online: Reverse Morgage Originator (Nationwide) Sun Valley Financial of Utah Inc Reverse Mortgage Originator (Nationwide) iReverse Home Loans Reverse Mortgage Originators (California) The Senior Equity Group, Inc. Team Leaders Wanted (Irvine) American Advisors Group Reverse Mortgage Originator - Virtual Banker (Nationwide) Allied Mortgage...

Top Reverse Mortgage Lenders Through June 2009
Jul 08, 2009 12:36 pm | admin

Below is a list of the top HECM lenders through June 2009. Be sure to check out the commentary and link below which goes into more detail. Total endorsement volume for June came in at 8,633 units, up slightly from May, but still well below the average of the last 12 months. The relatively low volume...

Senior Lending Network Halts Applications, Looks For Buyer or Additional Capital
Jul 07, 2009 01:01 pm | admin

World Alliance Financial Corp., a reverse-mortgage lender that operates the Senior Lending Network announced today that it will no longer accept new loan applications, and will begin scaling back its operations effective immediately. "World Alliance Financial is proud of its history of providing, through its reverse mortgage products, financial resources to seniors to help...

Reverse Mortgage For Purchase Challenged By Falling Home Values
Jul 06, 2009 06:03 pm | Neil

The HECM for Purchase program, which allows seniors (age 62 or older) to purchase a new principal residence using loan proceeds from a reverse mortgage, may be impeded by declining property values and insufficient “comps” or comparable price comparisons. “We can’t do HECM for purchase right now,” says Robert Griffin of Griffin Financial Mortgage, LLC...

HUD Provides Guidance For Reverse Mortgage Refinances
Jul 06, 2009 10:44 am | admin

Late last week the U.S. Department of Housing and Urban Development published Mortgagee Letter 2009-21 to clarify guidelines for borrowers who decide to refinancing existing HECM mortgages. The ML officially implements a rule which was published last year that allows borrowers whose loans were assigned to HUD to refinance and qualify for a reduced mortgage...

Texas Law Blocks Reverse Mortgage For Purchase
Jul 06, 2009 10:41 am | admin

Reverse mortgage lenders who are looking to close HECM for purchase deals in Texas may have to wait for a few issues to get worked out. According to an alert from the National Reverse Mortgage Lenders Association, there are technicalities in the Texas Constitution and related homestead laws that must be met in order...

NY Times: Reverse Mortgage Enables Seniors to Purchase Home
Jul 02, 2009 09:54 am | admin

New York Times writer Bob Tedeschi wrote about the HECM for purchase program which enables older borrowers to use a reverse mortgage to buy a principal residence. While the guidelines for the program were released early in 2009, the program is just starting to catch on. “The problem had been that lenders needed more information...

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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/

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