Reverse Mortgages

HeraldNet writer Tom Kelly brings up a great point in his column over the weekend when he says that Seniors find a way by asking, ‘What’s possible?’ . While the question might seem simple, Kelly writes that it can spark critical conversations in senior households, especially when times are tough and cash is tight.  Using one couple as an example, they wondered if a lender with a second mortgage on a property would subordinate its position so a senior could could obtain a reverse mortgage and avoid foreclosure.  It turns out they would… Here’s how the reverse mortgage solved the dilemma: The couples’ home ... Read Full Story

First Mariner Bank entered into a profit sharing agreement with a private company related to its reverse mortgage division Next Generation Financial Services (NGFS) and may result in the acquisition of NGFS if certain requirements are satisfied within the next 18 months.  According to a filing with the Securities and Exchange Commission: The closing of the transaction is subject to numerous conditions, including, without limitation, that the parties obtain consents and approvals from certain lenders and governmental agencies that license and supervise the Bank.  Accordingly, there can be no assurance that the closing will occur when expected, if at all.  The Bank does not ... Read Full Story

Choice Home Mortgage Services has added Frank Miller to its exclusive Long Island Reverse Mortgage team said a company statement .  Miller has published articles on reverse mortgages and has presented various seminars on the subject for both senior groups and government agencies. "The Reverse Mortgage is far more that just a mortgage. It is a serious Financial Planning tool that can aid in many aspects of financial planning, and make significant, positive changes in the senior homeowner’s lifestyle," said Miller. Miller has three years of reverse mortgage experience and over 35 years of experience in accounting, securities, and financial planning. As a military ... Read Full Story

The US Department of Housing and Urban Development will publish an advance notice of rule making concerning reverse mortgages and will “ask some serious questions that a lot of people may find disconcerting,” said Meg Burns, Director, Single-Family Program Development at HUD. Burns spoke at the National Reverse Mortgage Lenders Association’s annual conference earlier this week and said the notice will ask the following questions: Whether or not FHA should prohibit the proceeds to purchase an annuity altogether? Whether or not FHA should limit how the proceeds are used in general? Whether or not FHA should limit the full draw to certain types of ... Read Full Story

Mortgage Cadence announced significant enhancements to its compliance support services, specifically adding one-of-a-kind “Compliance Modeling” to the Mortgage Cadence Orchestrator platform. This compliance approach provides reverse mortgage lenders with the expertise and compliance automation tools needed to address constantly changing state and federal rules and regulations. “The past year has seen significant changes within the Mortgage Industry. The majority of these changes have pushed to the forefront the need for lenders to meet essential compliance requirements. The burden on lenders is dramatic as they seek to meet the demands of regulatory agencies, both federal and state,” stated Michael Detwiler, Chief Executive Officer of Mortgage ... Read Full Story