By melissa | Published: February 2, 2011
Fidelis Mortgage announced that Eric Rittmeyer, president of the company received the designation of Certified Reverse Mortgage Professional (CRMP) created by the National Reverse Mortgage Lenders Association (NRMLA). “Qualifications for the exam are vigorous,” says Rittmeyer
Posted in Reverse Mortgage | Also tagged a-full-year, and-specializes, challenge, crmp, designation, housing, living-expenses, nrmla, qualifications, reverse mortgage, rittmeyer-, show-the-person, throughout-the, urban
By | Published: January 31, 2011
Home prices are still falling, which means that you may not be able to borrow as much money as you’d like with a reverse mortgage .
By melissa | Published: January 27, 2011
CredAbility is offering free HECM counseling for borrowers in default from failure to pay their taxes and insurance said the agency on Thursday. Between late January and early April, lenders will be sending this group of borrowers a letter explaining that they are in default, advising them to call a nonprofit reverse mortgage counseling agency. CredAbility is one of only five national nonprofit housing counseling organizations approved by the Department of Housing and Urban Development to provide free counseling to any homeowner struggling with these tax and default issues.
Posted in Reverse Mortgage | Also tagged buying-low-cost, counseling, each-homeowner, essential, help-homeowners, housing, individual, initiative, michelle-jones, news, reverse mortgage, said-the-agency, taxes, understand-all
By melissa | Published: January 24, 2011
Mark Miller writes about how the industry and government are addressing reverse mortgage defaults in his latest Reuters column . Barbara Stucki, vice president of home equity initiatives at the National Council on Aging, told Reuters that about five percent of the 550,000 loans outstanding are non-performing for failure to pay taxes and insurance. Miller writes that the situation has been a political “hot potato” for the federal agencies involved, which include the Department of Housing and Urban Development, the Federal Housing Administration and Fannie Mae, which previously purchased the majority of HECM loans.
Posted in Reverse Mortgage | Also tagged address-reverse, borrower, federal-housing, fha, housing, loan, national, president, reuters, reverse mortgage, situation, take-the-lead
By | Published: January 23, 2011
The latest edition of Kiplinger hit newsstands and includes a new article on the HECM Saver. Released earlier this year, the product allows borrowers to withdraw smaller amounts at a lower cost compared to the traditional HECM product. Eric Declercq, vice-president of reverse-mortgage operations at MetLife Bank told the magazine, “the new Saver has virtually eliminated the upfront insurance premium.” The most interesting piece of news comes from Declercq, who said that the HECM Saver accounts for one out of five reverse-mortgage originations at MetLife Bank.
Posted in Reverse Mortgage | Also tagged a-share-the, additional-room, data, declercq, hecm, hits-the-market, loans-increased, metlife, reverse mortgage, saver, since-the-roll
By | Published: January 20, 2011
When the HECM Saver was rolled out last October, many in the industry were quick to call it the next big thing and in time, it’s a real possibility.
By melissa | Published: January 18, 2011
NeighborWorks America was awarded more than $7 million from the Department of Housing and Urban Development as part of the agency’s grants to support housing counseling and training. Specifically, the NeighborWorks Center for Homeownership Education and Counseling (NCHEC) was awarded $3.05 million to continue its work in promoting counseling standards and building the skill capacity of nonprofit housing organizations as well as administering the HECM program
Posted in Reverse Mortgage | Also tagged counseling-and, exam-oversight, hecm, homeownership, housing, nchec, neighborworks, provide-reverse, reverse mortgage, skill-capacity, support-housing, urban, works-america-
By | Published: January 12, 2011
Several mortgage industry trade groups are urging the Department of Housing and Urban Development to exempt warehouse lenders from provisions of the Real Estate Settlement Procedures Act. “It is important for HUD to recognize that warehouse lenders make commercial loans to mortgage lenders to facilitate secondary market transactions and they are not engaged in table funding when they do so,” said the groups. “The relationship of a warehouse lender to a mortgage lender is in no way the same as the relationship of a wholesale lender to a mortgage broker, which is the context that gave rise to the table funding provisions contained in the RESPA rules
By | Published: January 11, 2011
Congratulations to GeriPal co-founder Eric Widera for winning an e arly career
Posted in Geriatric Care | Also tagged a-check-for, a-for-winning, children, colliflower, director, duke, foundation, kansas, local, palliative, palliative-care
By | Published: January 6, 2011
The National Council on Aging (NCOA) made the pilot program we reported on earlier this week official with an announcement on Thursday. Working with the Department of Housing and Urban Development and the National Reverse Mortgage Lenders Association, NCOA is partnering with senior service agencies in Miami, Houston, Detroit, and Los Angeles to assist seniors with reverse mortgages who are most at-risk for foreclosure from not keeping up with their borrower obligations.
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