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Reverse Mortgage Daily

Proprietary reverse loans give younger homeowners more options

FHA, Finance of America, HECM, Housing Market, HWmember, Mutual of Omaha Mortgage, Reverse, Reverse Mortgage Daily /

In an effort to nudge older homeowners to tap into their home equity, the reverse mortgage space is expanding beyond federally backed offerings as lenders develop proprietary products with fewer restrictions. The push reflects a confluence of factors: rising home values, inflation, relatively high mortgage rates and a swelling population of Americans nearing or entering […]

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Government shutdown halts new reverse mortgage endorsements

FHA, Government Lending, Government Shutdown, HECM, Housing Market, HWmember, Reverse, Reverse Mortgage Daily /

The Federal Housing Administration (FHA) said Wednesday it will continue processing claims during the government shutdown but cannot endorse new Home Equity Conversion Mortgages (HECMs) until funding is restored. That information was confirmed by the National Reverse Mortgage Lenders Association (NRMLA). Because most reverse mortgages fall under the FHA’s HECM program, FHA loan endorsements stop

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Scrivnr launches program to tackle tangled titles in Philadelphia

HWmember, Philadelphia, Reverse, Reverse Mortgage Daily, Title, Title insurance /

Scrivnr, a legal technology and financial services company, has launched an initiative aimed at helping Philadelphia residents in underserved communities resolve “tangled titles,” or unclear property ownership caused by missing legal documentation. Tangled titles prevent property heirs from refinancing mortgages, making essential repairs or selling inherited homes. Scrivnr’s program — which deals with both forward

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Smartfi Home Loans shutters retail division

HWmember, Retail Lending, Reverse, Reverse Mortgage Daily, San Diego, Smartfi Home Loans, Wholesale Lending /

San Diego-based Smartfi Home Loans, a top 15 U.S. reverse mortgage lender, recently made the decision to close its retail division and place an “exclusive focus” on its wholesale channel, the company confirmed Tuesday with HousingWire’s Reverse Mortgage Daily. The move was officially announced Sept. 15 and ends a short stint for the company’s retail

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Reverse mortgage AI tools set to transform senior borrower experience

Artificial Intelligence, Finance of America, Longbridge Financial, Mortgage, Reverse, Reverse Mortgage Daily, Technology /

Top U.S. reverse mortgage lenders are entering a new phase in their artificial intelligence (AI) strategy: deploying customer-facing tools to engage more directly with seniors. After achieving operational efficiencies by using AI internally, lenders now plan to roll out chatbots, voice agents and digital prequalification tools to a broader base of borrowers starting in the

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GoodLife’s Chase Kinder on growing his company’s reverse mortgage presence

Goodlife Home Loans, HECM, HWmember, Reverse, Reverse Mortgage Daily, Team Leaders, Wholesale Lending /

Last week, Traditional Mortgage Acceptance Corp. (TMAC), dba GoodLife Home Loans, announced a leadership change when it promoted Chase Kinder to lead its wholesale division. GoodLife is the country’s fourth-largest originator of Home Equity Conversion Mortgages (HECMs), according to the most recent industry data from Reverse Market Insight. The company endorsed 1,344 HECM loans during

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American Senior Lending launches EquitySelect solution for retirees

American Senior Lending, HighTechLending, Home Equity, HWmember, Retirement, Reverse, Reverse Mortgage Daily /

American Senior Lending, a national home equity solutions company, on Wednesday launched EquitySelect, a first-lien home equity loan designed to give retirees more financial flexibility. The nonrecourse loan — meaning that borrowers and their heirs will never owe more than the home is worth — lets borrowers choose their monthly payments, with options as low

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Is there a better way to avoid reverse mortgage foreclosures?

FHA, Foreclosure, HECM, HUD, HWmember, Mortgage Servicing, NRMLA, Reverse, Reverse Mortgage Daily /

Even with options in place to prevent them, reverse mortgages can end in foreclosure. But Byron Batres thinks his company can offer a solution to reduce these outcomes. While more recent numbers aren’t available, a 2019 analysis by the Government Accountability Office (GAO) of Federal Housing Administration (FHA) data found that the share of Home

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Most Gen Xers doubt their retirement readiness

Baby Boomer, Gen X, HWmember, Retirement, Reverse, Reverse Mortgage Daily /

With the oldest members of Generation X set to turn 60 by the end of 2025, many are approaching retirement with financial concerns. Northwestern Mutual’s 2025 Planning & Progress Study, released this week, found that more than half (54%) of Gen Xers born between 1965 and 1980 don’t believe they’ll be financially ready when retirement

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Longbridge’s ‘HELOC for Seniors’ is officially on the market

HELOC, HELOCs, Home Equity, HWmember, LendingLife, Longbridge Financial, Mortgage, Reverse, Reverse Mortgage Daily /

Longbridge Financial has officially launched a home equity line of credit (HELOC) program that’s designed for homeowners ages 62 and older, offering approval and funding in as little as five business days.  The move marks an expansion beyond the company’s core reverse mortgage business while staying focused on older borrowers. This demographic collectively holds nearly

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