Reverse mortgage volume continued to drop in November, although some of the top markets were up month over month
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
Consumer protections and counseling are critical to protecting older Americans entering into HECM loans, it has been claimed
Seniors looking for a big cash payout from a reverse mortgage will have to look elsewhere for needed funds.
(NAR) -- Major news outlets have been talking about the Obama Administration possibly requesting $943 million from the U.S. Treasury this year to shore up the finances of the Federal Housing Administration. But whether the 80-year-old agency will actually need the cash infusion is far from clear.
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today announced the indefinite debarment of three South Florida mortgage loan officers and a Pittsburgh title agent following their criminal convictions on charges they defrauded elderly borrowers, mortgage lenders and the Federal Housing Administration (FHA). Marcos Echevarria, Louis Gendason, John Incandela and Kimberly Mackey pled guilty to charges of conspiracy to commit wire fraud for their part in a $2.5 million nation-wide reverse mortgage scam. All four individuals are currently serving prison terms.