Archive for June, 2008
Local Focus: Brooklyn, New York Reverse Mortgage
Brooklyn Reverse Mortgage
According to recent studies conducted in the Brooklyn area, an ever growing population of people is looking into reverse mortgage. Reverse mortgage, as we know, is a very unique type of home equity loan where lending companies actually pay the home owners a certain amount for subsistence, with the [...]
Reverse Mortgage Data: New York 2008 (Jan-June)
The reverse mortgage market is on fire, and no where is that more apparent than in New York state. Below you will find a list of the top originating lenders for the first half of the year. (Source: HUDUSER.org)
Top New York HECM Lenders
HECM
Loans
2008
WELLS FARGO BANK NA
239
M AND T BANK
191
WORLD ALLIANCE FINANCIAL CORP
140
FINANCIAL FREEDOM SENIOR [...]
Local Focus: Queens, New York Reverse Mortgage
Queens, New York Reverse Mortgage
The reverse mortgage has always been a particularly attractive lending option with which many home owners in their twilight years have found favorable. All over the US, there is an increase of reverse mortgage applications. According to the National Reverse Mortgage Lenders Association or NRMLA, the [...]
Lender Lead Solutions Adapts HECM Code of Ethics
MELVILLE, N.Y., June 3 /PRNewswire/ — Lender Lead Solutions, the wholesale division of World Alliance Financial Corp., an industry leader in reverse mortgages, announced today that it has begun adopting the National Reverse Mortgage Lender Association’s (NRMLA) formal Code of Ethics and Ethics Advisory Opinion 2008-1 and 2008-2 for its members. Together these policies [...]
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 [...]
