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Reverse Mortgage Daily

Social Security, Medicare solvency could be examined by bipartisan commission

Baby Boomer, Congress, Gen X, HWmember, Legislation, Mortgage, Retirement, Reverse, Reverse Mortgage Daily, Social Security, Social Security Administration /

Legislation under consideration in Congress would create a bipartisan commission of experts tasked with developing long-term reform options for Social Security and Medicare. Rather than advancing immediate policy changes, the panel would study the financial outlook for the programs and submit recommendations for lawmakers to consider. The proposed Commission on Sustaining Medicare and Social Security […]

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Onity approved to sell reverse MSRs to Finance of America

Finance of America, Ginnie Mae, HWmember, Mergers and Acquisitions, Mortgage, Mortgage Servicing, MSRs, Onity Group, Reverse, Reverse Mortgage Daily /

Onity Group Inc. won regulatory approval for a revised sale of most of its reverse mortgage servicing rights to Finance of America (FOA), the company said Tuesday. Under the new agreement, Onity will sell MSRs on about 20,000 Home Equity Conversion Mortgages (HECMs) with an unpaid principal balance of $5.1 billion as of March 31.

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As retirement costs surge, more homeowners turn to their equity

Affordability, Gen X, Home Equity, HWmember, Inflation, Mortgage, Retirement, Reverse, Reverse Mortgage Daily /

Americans may need roughly $2.57 million to retire comfortably by 2043, up sharply from the $1.75 million projected for 2033, according to a 2025 Goldman Sachs retirement survey. The increase reflects years of inflation that have driven up the costs of housing, health care and daily expenses. Households headed by someone 65 or older now

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Supreme Lending’s John Luddy on the ‘3 deadly sins’ of reverse mortgages

HECM, HWmember, Loan Officer, Mortgage, Reverse, Reverse Mortgage Daily, Sales Techniques /

When it comes to the process of selling a reverse mortgage, John Luddy exemplifies the clichéd phrase, “been there, done that.” After 40 years in the mortgage industry, including more than 20 in the reverse channel, there’s not much that surprises the Connecticut-based senior vice president of Supreme Lending. At last week’s Reverse Mastermind Summit

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HUD audit warns 1,237 reverse mortgage accounts may run out

Flood insurance, HECM, Homeowners insurance, HUD, HWmember, Mortgage, Property Tax, Reverse, Reverse Mortgage Daily /

An audit from the U.S. Department of Housing and Urban Development (HUD)’s Office of Inspector General (OIG) found that more than 1,200 reverse mortgage borrowers could exhaust funds set aside to pay property taxes and insurance years earlier than expected, potentially exposing HUD to hundreds of millions of dollars in losses. The audit, released May

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Reverse mortgage originator shares sales mindset tips

American Liberty Mortgage, HECM, HWmember, Loan Officer, Mortgage, Reverse, Reverse Mortgage Daily, Sales Techniques /

At last week’s Reverse Mastermind Summit in Tennessee, Bruce Simmons of American Liberty Mortgage shared some of the secrets behind his successful career as a reverse mortgage originator. His motivational message to the audience centered around helping them answer a key question: What is my why? Simmons, who’s based in Denver, outlined three key steps

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Retirees counting on home equity may face financial shortfalls

Aging in Place, Baby Boomer, Gen X, Home Equity, HWmember, Mortgage, New York Times, Retirement, Reverse, Reverse Mortgage Daily /

For generations, homeownership has been one of the primary ways Americans built wealth and passed it on to loved ones. Now, financial advisers and housing experts warn that many older homeowners may be counting too heavily on their homes as retirement safety nets as they discover their properties sell for less than expected, according to

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Women take the leadership reins at Reverse Mastermind Summit

Fairway Home Mortgage, HECM, HWmember, Loan Officer, loanDepot, Mortgage, Reverse, Reverse Mortgage Daily /

Three women with prominent roles in the reverse mortgage industry took the stage Tuesday at the Reverse Mastermind Summit in Knoxville, Tennessee, sharing personal stories while converging on sales advice around the power of narrative, the importance of relationships with financial planners and the need for higher professional standards. Christine Jensen of Fairway Home Mortgage

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Reverse Mastermind Summit kicks off with practical advice, choice words

HECM, HighTechLending, Home Equity, HWmember, Marketing, Mortgage, NEXA Lending, Retirement, Reverse, Reverse Mortgage Daily /

Reverse mortgage professionals converged in Knoxville, Tennessee, this week for the inaugural Reverse Mastermind Summit — a three-day event designed to bolster the sales skills of industry newcomers by surrounding them with knowledge from industry veterans. The event opened Tuesday with remarks from three leaders behind the event — Loren Riddick of NEXA Lending, Shannon

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How two LOs helped champion proprietary reverse mortgage legislation in Tennessee

HWmember, Legislation, Mortgage, Nashville, Reverse, Reverse Mortgage Daily, Tennessee /

Proprietary reverse mortgages have gained a lot of traction over the past year and now account for more industry volume than federally insured Home Equity Conversion Mortgages (HECMs). With the help of loan officers Nathan Guerrero and Jackson Matheson, Tennessee will soon join the list of states to allow private-label reverse mortgages. Guerrero, a reverse

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