Industry leaders say reverse lenders need to collect data on borrowers who are falling through the cracks in order to help broaden the HECM credit box
Despite 2016 being one of the slowest fiscal years for reverse mortgages in a decade, HECM loans hit a major milestone last month
Today the CFPB released the results of a study that found many consumers were left with the wrong impression after seeing reverse mortgage ads
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Findings also included those who sell reverse reported that the best thing about offering the product was the considerable growth potential with the aging baby boomer population.
The new guidance for reverse mortgages, which requires that lenders consider both a borrower’s willingness and capacity to pay his or her loan obligations, was delayed.
While reverse mortgages are only available to a select group of consumers, the product still makes up a large portion of complaints received by the Consumer Financial Protection Bureau.
The FHA’s new budget reveals that the Obama administration is starting to see reverse mortgages as viable again.