By melissa | Published: February 9, 2011
Reverse mortgages allow seniors to use their home equity while staying in their homes – but have been criticized for their high upfront fees, among other things. A new loan has hit the market, however, offering sharply lower start-up costs in exchange for a tighter limit on the amount that can be borrowed. “It opens up new options for people to think about in terms of how they tap their equity as a retirement resource,” said Barbara Stucki, vice president of home equity initiatives at the National Council on Aging
Posted in Reverse Mortgage | Tagged a-small-amount, a-tighter-limit, a-trade-group, equity, homes, jobs, money, national, recession, reverse mortgage, stucki, traditional
By | Published: February 8, 2011
Days after Bank of America announced it was exiting the reverse mortgage business , there continues to be speculation over why the company made the decision to leave the industry. Despite the bank telling RMD in a statement it’s closing the operation to focus on its core mortgage business and move the operational unit into other critical areas serving customers, some aren’t buying it
Posted in Reverse Mortgage | Tagged america, bank of america, country, decision, finance, homes, loans, metlife, observer, operation, operational, reverse mortgage, the-operational
By melissa | Published: February 8, 2011
Days after Bank of America announced it was exiting the reverse mortgage business , there continues to be speculation over why the company made the decision to leave the industry. Despite the bank telling RMD in a statement it’s closing the operation to focus on its core mortgage business and move the operational unit into other critical areas serving customers, some aren’t buying it. Guy Cecala, publisher of Inside Mortgage Finance told the Charlotte Observer that Bank of America is trying to minimize its exposure to potential lawsuits
By melissa | Published: February 8, 2011
The taxes and insurance guidance issued by the Department of Housing and Urban Development is a good “first giant step” according to Marc Helm, president and chief operating officer of Reverse Mortgage Solutions . Helm told Origination News the mortgagee letter puts some parameters about what HUD wants done in these situations, which until now had been a gray area. An area that concerns Helm is the guidelines for the repayment plan, which puts a 24-month limit on arrears over $5,000
By | Published: February 8, 2011
The taxes and insurance guidance issued by the Department of Housing and Urban Development is a good “first giant step” according to Marc Helm, president and chief operating officer of Reverse Mortgage Solutions . Helm told Origination News the mortgagee letter puts some parameters about what HUD wants done in these situations, which until now had been a gray area. An area that concerns Helm is the guidelines for the repayment plan, which puts a 24-month limit on arrears over $5,000
Posted in Reverse Mortgage | Tagged a-good-starting, a-little-bit, borrowers, fha, guidelines, homes, houses, industry, mortgagee, repayment, reverse mortgage, rms, solid-feedback, whether-or-not
By | Published: February 8, 2011
New HECM counseling fee guidelines announced by Department of Housing and Urban Development (HUD) lift the previous $125 cap on counseling services and allow counseling agencies to determine the appropriate fees charged for their services based on several criteria. In a letter to mortgagees and counseling agencies, HUD explains that counseling agencies may now charge a fee for HECM counseling services as long as the cost is reasonable, is commensurate with services provided, does not create a financial hardship for the client, and meets the other requirements of the regulation. If a client receiving HECM counseling services has an income level that falls below 200 percent of the Federal Poverty level at the time of the HECM counseling session and the counseling agency may defer collection of payment until closing
By | Published: February 8, 2011
Altos Research launched a new technology product to give investors forward looking insight on changes in home prices. Released as part of its AltosEvaluate Mortgage Analytics Suite, the Forward Valuation Modeling (FVM) forecasts prices changes in each local market over the next 3,6, and 12 months based on the strength or weakness of any given local real estate market thus improving loan and pool level analytics for more precise asset pricing. “Altos clients know that real-time housing data is vital to understanding distinct local markets and is rich with leading indicators of future home price changes.
By | Published: February 8, 2011
Altos Research launched a new technology product to give investors forward looking insight on changes in home prices.
By melissa | Published: February 8, 2011
CoreLogic released its December Home Price Index (HPI) , showing that home prices declined for the fifth month in a row in the U.S. According to the HPI, national home prices including distressed sales fell 5.46 percent in December compared with December 2009.
Posted in Reverse Mortgage | Tagged a-for-2010, a-year-ago-, december, december-home, elizabeth-ecker, hawaii, home-prices, hpi, logic-december, news, oregon, over-the-longer, reverse mortgage, shows-the-first
By melissa | Published: February 8, 2011
CoreLogic released its December Home Price Index (HPI) , showing that home prices declined for the fifth month in a row in the U.S. According to the HPI, national home prices including distressed sales fell 5.46 percent in December compared with December 2009. Excluding distressed sales, the December year-over-year change was -2.31 percent
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