California HECM Activity Down,
For years, California has dominated the reverse mortgage scene accounting for nearly one-third of the total HECMs endorsed as recently as CY2006. Figures through September 2007, however, show that HECM endorsements in the Golden State have fallen sharply when viewed as a percentage of the total HECM activity.
Florida HECM production, meanwhile, continues to be strong and growing in 2007. Indeed, Florida appears poised to surpass California as the top state for HECM endorsements. (more…)
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Written by News & Feeds on October 7th, 2007 with no comments.
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Reverse Mortgages Will Help Fuel Home Remodeling Growth,
We came across a recent forecast from Harvard University’s Joint Center for Housing Studies that projects the long-term outlook for the home remodeling industry. Here’s a summary of the key findings that are relevant to the reverse mortgage arena:
the number of households will increase by about 15 million by 2015, of which approximately 12.1 million will be owner households. This means that the number of homeowners will rise from 74.2 million to 86.3 million between 2005 and 2015.
(more…)
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Written by News & Feeds on October 7th, 2007 with no comments.
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Reverse Mortgage Growth Sputters in September,
The number of HECM reverse mortgage endorsements moved lower for the second consecutive month in September. The 7,695 HECM loans endorsed in September was the lowest monthly total since November 2006 and represented a steep 14% drop below the 12-month moving average trend line for HECM loan growth. (more…)
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Written by News & Feeds on October 7th, 2007 with no comments.
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September Senior Surveys,
A couple of interesting surveys of senior citizen attitudes have crossed our desk in recent weeks. Both were sponsored (or co-sponsored) by reverse mortgage lenders.
Liberty Reverse Mortgage: Grandparent’s Cost Index
Liberty Reverse Mortgage (soon to be part of Genworth Financial) and Sacramento State University released their second annual Grandparent’s Cost Index earlier this month to coincide with Grandparent’s Day (September 9th). The upshot: Because of financial constraints, almost three-quarters of grandparents in the U.S. aren’t able to spend as much as they’d like to on their grandchildren.
(more…)
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Written by News & Feeds on October 7th, 2007 with no comments.
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Ginnie Mae HECM MBS Now Official,
One of the big culprits pointed to in the current mortgage fiasco is the rapid growth of mortgage “securitization”. This term refers to the practice of bundling lots of individual mortgages into investment securities for sale to investors throughout the world. The big benefit of securitization is that a larger pool of investors is attracted meaning more money can be raised for additional loans while, at the same time, investor competition (and GNMA guarantees) help keep interest costs down.
But when traditional mortgages are securitized, it seems that banks and other lenders tend to pay less attention to the underlying credit worthiness of the frontline borrowers than they do when mortgage loans are held in their own loan portfolio. In the rush to generate fees and maintain loan production, too many lenders lost sight of the simple fact the system ultimately depends on the ability of the borrower to make their monthly loan payments.
It seems ironic, then, that just as securitization of traditional mortgages undergoes close scrutiny, the Government National Mortgage Association (Ginnie Mae) unveils a new program aimed at expanding the securitization of HECM reverse mortgages. (more…)
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Written by News & Feeds on October 7th, 2007 with no comments.
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I came across an advice column in which a widow looks to avoid buying an annuity but may qualify for a reverse mortgage. Sound advice or junk information, you make the call.
DEAR BRUCE: I need help. I am a 75-year-old widow with little income. My modest (more…)
Written by charles dennis on October 7th, 2007 with no comments.
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