The number of active reverse mortgage lenders has declined and is predicted to shrink another 35% this year according to Reverse Mortgage Daily with, most notably, Bank of America exiting the market, and Wells Fargo exiting wholesale. Even with these significant changes, the outlook for consumers is encouraging. There will still be enough Reverse Mortgage lenders in the market to keep costs to...
Reverse Mortgage Solutions Grow In Popularity And Improve Image
In the late 80’s, mortgage brokers steered clear of the reverse mortgage solutions due to the perception that it was confusing, expensive, and risky. The consumer advocate and radio personality Clark Howard still remains somewhat skeptical of reverse mortgages but actually refers to this site in order to differentiate the pros and cons of reverse mortgages. Part of a rise in popularity after the...
HECM Saver Reverse Mortgage
Late last year the FHA rolled out the HECM Saver Reverse Mortgage loan for consumers seeking lower loan closing costs and an alternative to a Home Equity Line of Credit (HELOC). The program is designed for those who would like to borrow a smaller amount than what is currently available with the HECM Standard. The HECM Saver provides two opportunities to save up-front and after obtaining a Reverse...