FOA's share price appeared to fall well within the continued listing standard for the NYSE as its reverse stock split went into effect ..read more

The two bipartisan leaders of the Senate Special Committee on Aging said the bill would allow more seniors to age in place ..read more

Jim Cullen, who recently retired from the reverse mortgage industry, reflects on his career and the way the HECM product has changed ..read more

Carrying mortgage debt into retirement can destabilize the finances of people living on fixed incomes, according to a USA Today article ..read more

Reverse mortgage industry veteran George Morales has been appointed as the new chairperson of the dedicated reverse mortgage development workgroup (DWG) inside the Mortgage Industry Standards Maintenance Organization. MISMO is a subsidiary of the Mortgage Bankers Association (MBA), which signaled its intent for more reverse mortgage involvement late last year. The reverse mortgage workgroup, which was announced last year, aims to help make the reverse mortgage product category more of a “mainstream” financial instrument by initially identifying a need for holistic support for reverse programs ..read more

Texas Capital Bank, after being granted an extension to respond to the federal government’s request to change the venue of the trial between the bank and Ginnie Mae, has filed an objection to the request saying that a “forum selection clause” cited by government attorneys is not enforceable. “Having lost its attempt to dismiss [TCB]’s claims, the government asks this court to transfer this case to another courthouse,” attorneys for TCB said in a court filing obtained by HousingWire’s Reverse Mortgage Daily (RMD). “The government’s motion which is based solely on a forum selection clause in the ..read more

AARP, the interest group advocating for the wellbeing of older Americans, revealed in a policy paper this month its priorities for a national plan on aging that sufficiently recognizes the changing demographics of the U.S. population, and the trend that will see 20% of all Americans become at least the age of 65 by 2030. “While other countries are responding to these changes by developing and implementing national strategic plans to help them meet the challenges and maximize opportunities to increase longevity, the U.S. has yet to develop a comprehensive national plan on aging,” the announceme ..read more

Last April, Erik Morin made a return to the reverse mortgage valuation space by joining appraisal and valuation company Atlas VMS. Morin founded Landmark Network in 2007, a company that quickly became a key player on the valuation side of the reverse mortgage space before being acquired by Class Valuation in 2018. After leaving that company, he returned to the space in 2023. Now, after more than a year back partnering with the industry, Morin sat down with HousingWire’s Reverse Mortgage Daily (RMD) to discuss what the business is dealing with now, and how valuation in the reverse mortgage spac ..read more

The consumer purchasing power of U.S. Social Security program benefits in 2024 is roughly 80 cents on the dollar when compared to the power of these benefits in 2010, illustrating the continued bite that inflation is having on American households as well as the diminished buying power of those living on a fixed income. This is according to a measurement of Social Security benefits conducted by The Senior Citizens League (TCSL) in a study released last week. “The study confirms that prices older consumers are paying have outstripped cost-of-living adjustments (COLAs), leaving many on the edge o ..read more

Late last month, Ginnie Mae released a term sheet for one of the most anticipated new developments for the reverse mortgage industry — a new Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) product referred to as “HMBS 2.0.” The new term sheet details several differences from the current HMBS program, including a reduction in the HMBS pool size to 95% of the loan’s total unpaid principal balance (UPB). This move is designed to “create an additional economic incentive to protect Ginnie Mae and taxpayers against a decline in collateral value,” Ginnie Mae explained when announcing ..read more