Montana aims to remind seniors about its ‘reverse annuity mortgage’
HousingWire » Reverse Mortgage
by Chris Clow
19h ago
The Montana Board of Housing is aiming to remind the state’s seniors about a government-administered program that is specifically designed to help older adults access their home’s equity — and it should be very familiar to members of the reverse mortgage industry. Recently, officials with the state’s housing authority have been publishing new material related to the state’s Reverse Annuity Mortgage (RAM) program, which was passed by the Montana Legislature in 1989 and offers a state-subsidized reverse mortgage that is limited to residents ages 68 and older. “As Montanans face more economic cha ..read more
Visit website
Could aging in place be ‘a poor long-term decision?’
HousingWire » Reverse Mortgage
by Chris Clow
19h ago
In survey after survey in which Americans are asked about their preferred living situations in retirement, recent data is clear — they want to age in place in their current homes and remain in the familiar environs of their house and community. But a closer look at aging in place by NextAvenue asserts that there could be unforeseen, long-term consequences to the concept. Citing a Centers for Disease Control and Prevention (CDC) definition of aging in place as “the ability to live in one’s own home and community safely, independently and comfortably, regardless of age, income or ability level ..read more
Visit website
Finance of America takes action in move to raise stock price
HousingWire » Reverse Mortgage
by Chris Clow
2d ago
Finance of America (FOA), the leading U.S. reverse mortgage lender, has received shareholder approval upon recommendation of its board to perform a reverse stock split at a 10-to-1 ratio in a move designed to boost the company’s stock price. This is according to a company filing with the Securities and Exchange Commission (SEC) reviewed by HousingWire’s Reverse Mortgage Daily (RMD). A reverse stock split involves consolidating the available shares in the market into fewer, higher-priced shares. Faced with the prospect of being delisted from the New York Stock Exchange (NYSE) due to noncomplian ..read more
Visit website
VA interested in smart home tech to enable veterans to age in place
HousingWire » Reverse Mortgage
by Chris Clow
2d ago
The U.S. Department of Veterans Affairs (VA) is seeking to provide more support to military veterans who want to age in place in their current homes. This includes exploration of the smart-home technology sector, according to reporting at the Federal News Network. Smart home tech, including wearable devices like smart watches, could help flag instances when an older veteran living independently is having some kind of medical emergency. But Joseph Ronzio, the VA’s deputy chief health technology officer, added that the department wants to ensure that veterans are involved in who has access to th ..read more
Visit website
Gen X has regrets about retirement savings, study suggests
HousingWire » Reverse Mortgage
by Chris Clow
2d ago
Members of Generation X are more concerned about their post-retirement ability to support the lifestyles they’ve grown accustomed to when compared with other generations — including baby boomers and millennials — according to the results of a recent survey conducted by Allianz Life. In the company’s 2024 Annual Retirement Study, respondents indicated that 62% of Gen Xers “feel confident about being able to financially support all the things they want to do in life,” compared with 82% of baby boomers and 77% of millennials. But more than half of Gen X respondents (55%) also said they “wish that ..read more
Visit website
CFPB takes enforcement action against former HECM servicing contractor
HousingWire » Reverse Mortgage
by Chris Clow
4d ago
The Consumer Financial Protection Bureau (CFPB) on Tuesday announced a series of enforcement actions against two companies for what the bureau called “illegal activities that harmed older homeowners and caused them to fear losing their homes.” The actions were taken against Pittsford, New York-based Sutherland Global and Landover, Maryland-based NOVAD Management Consulting, which together formed a Home Equity Conversion Mortgage (HECM) servicing operation on behalf of the U.S. Department of Housing and Urban Development (HUD). NOVAD, which held the HUD HECM servicing contract for assigned loan ..read more
Visit website
After retirement, reverse mortgage pro goes from LO to customer
HousingWire » Reverse Mortgage
by Chris Clow
5d ago
After first entering the housing business to sell real estate, Jim Cullen transitioned into the mortgage industry in 1997. It would be a few more years before he made the jump into the reverse lending space, but once he did, he found a business that he connected with until his retirement this year. After most recently serving at University Bank from his home in Wisconsin, Cullen is on the cusp of a new transition — from reverse mortgage originator to reverse mortgage customer, having secured a Home Equity Conversion Mortgage (HECM) primarily to have a standby line of credit. In an interview wi ..read more
Visit website
Ginnie Mae seeks venue change in Texas Capital Bank reverse mortgage dispute
HousingWire » Reverse Mortgage
by Chris Clow
5d ago
Attorneys representing Ginnie Mae and the U.S. Department of Housing and Urban Development (HUD) submitted a motion to change the court venue where a case with Texas Capital Bank (TCB) is taking place, arguing that a contract clause has been violated by TCB’s choice to file the case in Amarillo, Texas, as opposed to Dallas. This is according to court filings reviewed by HousingWire’s Reverse Mortgage Daily (RMD). The government contends that by filing the case in Amarillo instead of Dallas, TCB has violated a “forum selection clause” in its tail agreement with Reverse Mortgage Funding (RMF), t ..read more
Visit website
New records from Ginnie Mae, HUD filed in TCB case
HousingWire » Reverse Mortgage
by Chris Clow
1w ago
Attorneys for the federal government have issued an extensive new filing in the ongoing litigation between Texas Capital Bank (TCB) and Ginnie Mae, including a raft of correspondence that took place immediately prior to the seizure of the Reverse Mortgage Funding servicing portfolio by Ginnie Mae. Separately, a magistrate judge has approved the government’s request to extend the timeline for discovery into July. New filings The filing, posted to the court docket on Friday morning, shows the immediate bankruptcy concern of leaders at RMF and the lack of willingness from other reverse mortgage i ..read more
Visit website
Consumer, industry groups sound alarm over elder financial abuse
HousingWire » Reverse Mortgage
by Chris Clow
1w ago
Consumer and industry advocacy organizations — including the American Land Title Association (ALTA), National Consumer Law Center (NCLC), National Association of Realtors (NAR) and AARP — are sounding the alarm over a rising trend of elder real estate fraud and financial exploitation in a new jointly created issue brief released on Friday. The brief includes an overview of key actions that could be considered elder financial abuse, including but not limited to signature forging on legal or financial documents; coercing or “unduly influencing” the signing of such documents; failing to disclose ..read more
Visit website

Follow HousingWire » Reverse Mortgage on FeedSpot

Continue with Google
Continue with Apple
OR