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

Reverse Mortgage Refinances Up In 2009, Will It Continue?

Mar 13, 2009 12:05 pm | admin

Reverse Market Insight published some interesting information about the HECM to HECM refinance boom we saw in January. The industry experienced the largest ever volume of refinance transactions with 1,078 in the first month of 2009, shattering the former record of 873 in July of 2007. In Volume vs. Values In New Loan Limit Era,...

Senior Lending Network Moves To LIBOR, Eliminates CMT Based Reverse Mortgages

Mar 13, 2009 11:59 am | admin

The Senior Lending Network announced earlier this week that it was moving all of its products to LIBOR starting on Monday, March 16, 2009. According to the notice sent to brokers, SLN believes the pricing on CMT products will further diminish, therefore making the need for this product insignificant in today’s marketplace. In the...

Obama Signs Omnibus Spending Bill, Extends HECM Cap

Mar 12, 2009 02:10 pm | admin

On Wednesday President Obama signed into law the $410 billion omnibus spending bill which includes language that gives FHA the authority to continue insuring HECMs for the balance of the current federal fiscal year ending September 30. By law, FHA cannot insure more than 275,000 HECMs. The cap was reached several years ago, but the...

How Can Reverse Mortgage Proceeds Be Income?

Mar 11, 2009 04:19 pm | Jim

On February 27, 2009, RMD published Are Reverse Mortgage Proceeds Really Income? In that article the point was made that reverse mortgage payouts result in the increase of the amount due a creditor (a liability) and is not income which increases the borrower’s equity. In accounting literature, income is a temporary category of equity. On both...

Reverse Mortgage Companies Looking For Originators
Mar 11, 2009 12:40 pm | 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 – FL (Florida) FutureSafe Financial Reverse Mortgage Sales Advisor (Dallas) Genworth Financial Reverse Mortgage Specialist (Florida Cities) AAXA Mortgage Reverse Mortgage Loan Officer (Dayton) Bank of America Corporation It only costs you $1...

Reverse Mortgage Fraud: How Bad?
Mar 10, 2009 12:41 pm | Neil

Assessments vary on the extent of fraud in the reverse mortgage business, although there seems to be a consensus that it is small by comparison to the forward world, although a deep recession in the overall economy seems to be fanning the flames of fraud in reverse mortgages. Carol Norton, first vice-president, reverse mortgage servicing manager,...

Reverse Mortgage Rates – March 10, 2009
Mar 10, 2009 12:37 pm | admin

This week, only Treasury-based HECM’s with a margin of +266 or less can pay the HECM maximum Principal Limit. Ditto for LIBOR-based HECM’s with margins of +235 or less. Current margins are higher than these figures. This week fixed-rate HECM’s range from 5.81% to 7.125% so we got curious on the range of benefits. Using this...

Does The Home Valuation Code of Conduct Apply To Reverse Mortgages?

Mar 09, 2009 10:00 am | admin

Fannie Mae recently announced that all single family mortgage loans (except government-insured loans) that are originated after May 1, 2009, and delivered to Fannie Mae must comply with the new Home Valuation Code of Conduct (HVCC). Currently, this doesn’t apply to HECMs but people I’ve spoken with wouldn’t be surprised if it changes in ...

MSNBC’s “Expert” Needs More Education About Reverse Mortgages

Mar 06, 2009 01:25 pm | admin

Earlier this week, MSNBC sat down with TODAY financial editor Jean Chatzky and CNBC’s Carmen Wong Ulrich to discuss investment ideas for retirees.  During the segment, a viewer asks about a reverse mortgage for her mother.  Below is a copy of the transcript which covers reverse mortgages. Q: Hi, we’ve been partly funding my...

Reverse Mortgage Limits Rise, Values Fall

Mar 06, 2009 01:07 pm | admin

Seemingly headed in opposite directions, the HECM loan limit has risen just as home values are falling. The new HECM limit is $625,500 (only for this calendar year) – representing 150 percent of the GSE (Fannie Mae/Freddie Mac) forward mortgage conforming ceiling. The new limit is good for HECM loans closed on or after Feb....

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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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