Government requests more time in Ginnie Mae/TCB lawsuit
HousingWire » Reverse Mortgage
by Chris Clow
14h ago
Lawyers for the U.S. government have requested an extension of deadlines related to discovery in the case brought by Texas Capital Bank (TCB) against Ginnie Mae over the extinguishment of a priority lien tied to the loan portfolio collateral of Reverse Mortgage Funding (RMF), according to court documents reviewed by HousingWire’s Reverse Mortgage Daily (RMD). The original deadline of June 13 to provide discovery information related to the case cannot be met due to several factors cited by the government. These include concerns over trade secrets, an ongoing inquiry into Ginnie Mae’s handling o ..read more
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New Zealand mayor slammed for recommending reverse mortgages
HousingWire » Reverse Mortgage
by Chris Clow
14h ago
A mayor in a region of New Zealand, who recently suggested using reverse mortgages to fund various cost-of-living increases faced by the nation’s retirees, is pushing back against the backlash his comments created. Tim Cadogan, who serves as mayor of the Central Otago district in south central New Zealand, recently fielded a question from a constituent about rising rates that are akin to U.S. property taxes. After suggesting that reverse mortgages could be employed by qualifying borrowers to help pay for the rate increases, local media reported that he has received a raft of backlash that accu ..read more
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Despite financial insecurities, retirement may be easier than you think: Forbes
HousingWire » Reverse Mortgage
by Neil Pierson
2d ago
An article written by an Atlanta-based certified financial planner and published Tuesday by Forbes indicates that retirement may not be as difficult as many Americans think. Wes Moss, who hosts the “Retire Sooner” podcast and has 20-plus years of experience as an investment adviser, offered advice that reverse mortgage professionals and their business partners might take into account when working with clients on strategies for a financially secure retirement. Moss cited a February 2024 report from the National Institute on Retirement Security that backed up other recent research about a p ..read more
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Reverse mortgage consumer complaints decline on a yearly basis: CFPB
HousingWire » Reverse Mortgage
by Chris Clow
2d ago
There were a total of 131 consumer complaints submitted to the Consumer Financial Protection Bureau (CFPB) between Jan. 1 and June 10 of this year that were related to the reverse mortgage industry, according to a database maintained by the bureau. This was 52 fewer complaints compared to the same period in 2023. Of these complaints, 42% were related to “trouble during the payment process,” which primarily had to do with customers seeking to contact their lender or servicer to fix an issue with the management or servicing of a loan. About one in three complaints had to do with borrowers “strug ..read more
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Boomers, millennials locked in ‘showdown’ over housing: Fortune
HousingWire » Reverse Mortgage
by Chris Clow
3d ago
As baby boomers increasingly seek to age in place in their own homes — a scenario supported by both the preferences of older homeowners and the realities brought on by elevated mortgage rates — this is clashing with the desires of millennials who wish to enter the housing market, as the combination of limited inventory and high costs are keeping these buyers on the sidelines of the mortgage market. This is according to a recent column published by Fortune, which examined the dynamics that could contribute to boomers staying in their homes longer while many millennials are challenged to enter t ..read more
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The month in reverse mortgage rates: June 2024
HousingWire » Reverse Mortgage
by Dan Hultquist
6d ago
Almost all Home Equity Conversion Mortgages (HECMs) originated today utilize the adjustable-rate mortgage (ARM) option. In stark contrast to traditional mortgage lending, the reverse mortgage business is dominated by ARMs, representing over 99% of Federal Housing Administration (FHA)-insured reverse mortgages originated today. This is due, in part, because borrowers want to control how much they borrow and when they borrow from an open line-of-credit that is growing in their favor. Fixed-rate HECMs are closed-end loans that only allow a single disbursement to the borrower at the time of loan f ..read more
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Nearly one quarter of retirement age adults are still working
HousingWire » Reverse Mortgage
by Chris Clow
6d ago
A myriad of positive and negative developments in the lives of older adults — including higher living costs, inflation, longer life expectancies and higher education levels — have led to a rise in the number of retirement-aged adults remaining in the U.S. workforce according to new government data analyzed by LendingTree. The analysis was based on U.S. Census Bureau Household Pulse Survey data, according to LendingTree. Twenty-two percent of adults aged 65 and older are continuing to work, with nearly a quarter of the cohort choosing self-employment as their means of staving off retirement. Wh ..read more
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Guaranteed Rate wants to build a bridge between reverse and forward mortgage channels
HousingWire » Reverse Mortgage
by Chris Clow
1w ago
Just over a year after its further expansion into the reverse mortgage business, multichannel mortgage lender Guaranteed Rate has focused on bringing a wider swath of mortgage industry professionals up to speed with the dynamics of reverse, a trend that has unfolded in other parts of the industry as more forward lenders have expressed interest in the space. But Ryan Ogata, executive vice president of reverse mortgage lending at the Chicago-based lender, added that his vast experience on the forward side has helped to facilitate the transition of other company professionals in getting up to spe ..read more
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Finance of America hit with layoffs; chief retail sales officer steps down
HousingWire » Reverse Mortgage
by Chris Clow
1w ago
Leading reverse mortgage lender Finance of America (FOA) has undergone a round of layoffs that are impacting multiple levels of the organization, including retail and corporate leadership positions. The news was first reported by National Mortgage News. While FOA catapulted to the top spot in the reverse mortgage industry virtually overnight last year after closing on its acquisition of former industry leader American Advisors Group (AAG), the company has also wrestled with fiscal challenges, according to recent earnings reports and a looming threat from the New York Stock Exchange (NYSE) that ..read more
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Gallup survey shows deep discomfort among Americans about retirement
HousingWire » Reverse Mortgage
by Chris Clow
1w ago
Only 15 percent of U.S. adults believe the nation will be able to adequately care for its aging population, and nearly three-quarters (73%) of adults under the age of 65 are concerned that the Medicare program may not exist by the time they are able to qualify for it. This is according to survey results released this week by Gallup. In conjunction with health care nonprofit West Health, the organizations released their 2024 Survey on Aging in America report based on data compiled from both traditional mail and web-based surveys from Nov. 13, 2023 to Jan. 8, 2024. Concerns about the solvency of ..read more
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