The Senate passed the Dodd-Frank Regulatory Reform Bill and is sending it to the President later this week for his signature but that will be just the beginning of how the new law will affect consumer finance. The new Consumer Financial Protection Bureau has been tasked with authority to regulate and enable safe guards to […]
Category: Reverse Mortgages
How do you trigger a default on a reverse mortgage? One of the ways to trigger a default is failure to pay taxes and insurance on the property that secures the reverse mortgage and the fear of headline risk is giving some lenders and servicers pause before declaring defaults on seniors. According to a recent […]
The Obama administration has been nothing but bold with its determination for healthcare and financial services reform but is that audacity too much for the fight against homelessness? Late last month, the United States Interagency Council on Homelessness released a comprehensive federal plan that will serve as a roadmap to prevent and end homelessness by […]
Mortgage rates hit new lows this week for conventional financing with the national average for a 30 year fixed rate mortgage reaching 4.74% APY according to Bankrate.com. The rate is the lowest in the 25 year history of Bankrate’s weekly survey. According to the National Bureau of Economic Research, rates on FHA-insured mortgages averaged 4.71 […]
Will the consumer protections proposed by the new financial services reform bill make a difference for seniors and Baby Boomers and their housing decisions and personal finances? Or has too much pain been inflicted already? Lawmakers expect to deliver the final version of the Dodd-Frank Wall Street Reform and Consumer Protection Act to President Obama prior […]
Courtesy of Reverse Mortgage Daily While members of the US Senate and House of Representatives meet to negotiate the final version of Wall Street reform legislation, Senators Claire McCaskill (D-MO) and Herb Kohl (D-WI) recently sent a letter to the members of the conference committee urging them to preserve language they feel will improve consumer […]
Is the government’s Home Affordable Modification Program (HAMP) living up to its expectations? According to a recent report from Fitch Ratings Ltd., it appears that most borrowers who get lower mortgage payments under a federal government program will default within 12 months. HAMP provides incentives for servicers that modify mortgage payments to within 31% of […]
Since the credit crunch of 2008-2009, almost all lenders in the reverse mortgage market stopped originating proprietary reverse mortgages on until now. Last week, Generation Mortgage Company announced the release of a new jumbo reverse mortgage loan for homes valued up to $6 million. The new product is eligible for homes valued between $500,000 and […]
Baby Boomer women, like others in the 55+ age group, aren’t looking to leave their current homes anytime soon. Almost 1/3 of the women respondents of a recent survey by VibrantNation.com stated that they are planning to remain in their current home over the next ten years with a similar number planning to move and […]
Canadians want to age in place at home, eh? HOMEQ Corporation, which originates and services Canada’s largest portfolio of reverse mortgages, posted record origination volume during the first quarter of 2010 with volume $47 million. The growth has exceeded Q1 2009 numbers by over 200% and HOMEQ said that its sales cycle has become noticeably […]
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