Reverse mortgage industry conferences provide an opportunity to gather and discuss the realities of a unique business. This year, the events hosted by the National Reverse Mortgage Lenders Association (NRMLA) are taking a different approach compared to the past. To learn more about the new approach, RMD spoke with NRMLA President Steve Irwin about the programming and what’s in store for the remainder of this year’s in-person gatherings. Revising the format “Traditionally, we’ve developed an agenda that moves across a couple of days, which oftentimes necessitated for our attendees to get a room ..read more

With American seniors finding it more difficult to maintain their quality of life after retirement, many may be overlooking their most valuable financial asset in late life: their home. This is according to Julie Virta, a certified financial planner (CFP) in a new commentary published by Kiplinger. “According to recent Vanguard research, about 80% of Americans over the age of 60 are homeowners, and housing wealth accounts for nearly half of their median net worth,” Virta wrote. “This could mean that many homeowners nearing retirement are, in fact, sitting on (or, rather, sleeping in) a signifi ..read more

Christina Harmes Hika has been busy since starting a business last summer that focuses on coaching professionals to take on reverse mortgage business. Not only has she hired more staff to help meet demand, but she’s also worked to create software to assist loan originators with filling out key information and organized a hybrid virtual and in-person event. We sat down with Harmes Hika to get an update on how business is progressing, what the software will achieve and more. Demand for reverse mortgage coaching Harmes Hika says it has served more than 200 clients since it was established last ye ..read more

Larry Brooks, a Florida-area reverse mortgage originator, has been recognized by his community for his volunteer and senior advocacy efforts. Brooks, who works with A & A Mortgage Funding in the Tampa area, was honored by the city’s Senior Connection Center with the “Salt & Pepper Outstanding Senior Award” for time and money contributions to a variety of causes, including senior-focused organizations, cancer survivors, disabled veterans, high school students, the food insecure and homeless animals. Brooks, 76, worked at Delta Airlines for 26 years before retiring from that business in ..read more

One common observation about the reverse mortgage industry is that it is behind the times when it comes to the incorporation of technology, especially compared to the tech strides taken on the forward side. But some industry professionals are working to change that by taking a closer look at how tech shortcomings might be addressed. That includes Tom Evans, EVP of marketing and technology in the reverse mortgage division at Fairway Independent Mortgage Corporation. Evans, who has worked in the industry long enough to have taken Robert Wagner coffee on the set of industry commercials, offers a ..read more

Older Americans are susceptible to inaccurate medical bills and reporting that could result in attempts to collect money that is not actually owed, according to a new issue spotlight report published this week by the Consumer Financial Protection Bureau (CFPB). The Bureau found that nearly 4 million adults at or over the age of 65 report having unpaid medical bills, despite the fact that 98% of those surveyed had maintained health insurance coverage. Nearly 70% of those impacted also reported having medical insurance “from two or more sources,” likely from Medicare and supplemental coverage po ..read more

How far behind is the reverse mortgage industry when it comes to incorporating new technological processes into the space? To find out, this episode of The RMD Podcast sits down with Fairway Independent Mortgage Corp.‘s VP of Reverse Marketing and Technology Tom Evans! A longtime industry veteran, Evans has been working diligently to identify ways that the industry and his company can improve the incorporation of technology into the reverse space, but it could also be a daunting challenge. Listen as we explore all the dynamics this issue brings to the table in an engaging discussion. The RMD P ..read more

Ellington Financial (EFC), parent company of reverse mortgage lender Longbridge Financial, announced on Tuesday that it is acquiring real estate investment trust Arlington Asset Investment Corp. (AAIC) in a deal that will boost the company’s liquidity and expand its scale, according to a joint statement from the companies. Once the deal is complete, Ellington is expected to have an estimated equity capital base of $1.5 billion. The company is also acquiring roughly $13 billion in mortgage servicing rights (MSRs) with the acquisition. The deal, valued at over $150 million, will be facilitated w ..read more

An increasing number of U.S. homeowners are putting more than 30% of their monthly income toward housing costs, meaning that these homeowners are in the category of “house poor,” according to new research from real estate product research company Chamber of Commerce. “The ‘30% rule’ is a popular standard for budgeting, which advises homeowners to avoid spending more than 30% of their income on housing expenses,” the report states. “But for many homeowners, it’s not an easy rule to follow. These cost-burdened homeowners have found themselves facing budget-busting housing expenses such as monthl ..read more

Back in 2014, U.S. Department of Housing and Urban Development (HUD) issued a financial assessment for reverse mortgage borrowers that took effect in 2015. The response from the reverse mortgage industry was mixed at the time, but continual reviews of the policy have showed that it has made a material reduction in both tax and insurance (T&I) defaults and serious defaults. This is according to a recent review of the policy published by New View Advisors. While the potential challenges it would bring to reverse mortgage origination were dreaded by members of the industry at the time the pol ..read more