Archive for June 4th, 2008
Who is the average reverse mortgage borrower?
Who is the average revervse mortgage borrower? HUD compiled a study of what a typical borrower looks like. Because women tend to outlive men, this is understandable. Were you surprised?
Average HECM Borrower
Age
75
Home Value
$289,000
Principal Limit
$159,000
Single Female
44%
Couples
39%
Single Male
17%
HECMs Lasting
Under 7 Years
60%
Source: HUD Study
Times are changing for HUD’s HECM program.
From Housing and Urban Development website:
Despite home sales price declines observed in some markets in 2007, single-family residential real estate values have risen significantly on net over the past decade. The repeat sales house price index produced by the Office of Federal Housing Enterprise Oversight (OFHEO) demonstrates that fact clearly (see Table 10 in the [...]
How are reverse mortgage funds distributed
I have received many questions from borrowers that are not clear on the details of a reverse mortgage. In today’s discussion I am going to focus on how approved loans are distributed.
You have five options:
Tenure - equal monthly payments as long as at least one borrower lives and continues to occupy the property as a [...]
Fasttracking Reverse Mortgages for troubled borrowers
Michael Pitner of Trump Financial had a very interesting commentary on ActiveRain from his frontline view of lenders offering to fast track reverse mortgages of borrowers that find themselves headed for foreclosure. Michael states:
“I wish there were better statistics about how many Reverse Mortgages have been used to rescue people from foreclosure, but there aren’t. [...]
Australia’s Reverse Mortgages Find New Regulation
As first reported on Reverse Mortgage Watch, our friends to the South (or North, depending on where you stand) are adding fresh regulation to Australia’s reverse mortgage industry. As reverse mortgages are the only “discriminatory mortgages in the country, beyond military based loans, considering further oversight to protect our seniors from predatory lender practices is [...]
MetLife Buys First Horizon
Metlife Buys Mortgage Business From First Horizon (Update3)
As Reported on Bloomberg
June 4 (Bloomberg) — MetLife Inc., the largest U.S. life insurer, agreed to buy a residential mortgage business from First Horizon National Corp., expanding its bet on the U.S. housing market.
The purchase includes the home loan unit of First Horizon’s Tennessee Bank National Association [...]
