Category — Reverse Mortgage News
U.S. News & World: Reverse Mortgage Defaults, Explained
by Alyssa Gerace via Reverse Mortgage Daily The demographic of borrowers who are taking out reverse mortgages has gotten much younger, and these younger borrowers are the ones who make up the bulk of reverse mortgage delinquencies, reports a U.S. News & World Report article. Growing numbers of delinquencies have prompted an industry movement toward implementing a financial assessment for applicants to assess their ability to pay ongoing property charges. “With rising numbers of ...
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December 13, 2011 No Comments
Boomer Dilemma: Delay Retiring Or Take On More Risk?
-CNBC The lack of income-generating investments these days may force aging Baby Boomers to either put off retirement or adopt riskier strategies to generate higher yields. Traditional financial planning calls for older workers to move their money into so-called safer investments like bond funds that throw off annual income that they can live on without capital appreciation. But right now the two-year Treasury[US2YT=XX 0.202 -0.001 (0%) ] yields less than 0.2 percent, while the 10-year Treasu...
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August 17, 2011 No Comments
Onward with Reverse: Private reverse mortgages
-The Herald Where about 98 percent of all reverse mortgages are done through reverse mortgage specialty companies and are insured by the Federal Housing Administration (FHA), a few are done by mortgage companies without the FHA guarantee. These are primarily for homes that need a loan amount over the FHA limit. The interest rate would be higher and the Loan to Value would be lower, but it gets the job done. Another idea for a “private” reverse mortgage is where a well off family member, i...
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August 2, 2011 No Comments
Reverse-mortgage market carries on
-Nems360 No need to panic, financial advisers are saying in the wake of Wells Fargo and Bank of America leaving the reverse mortgage business. Homeowners who have reverse mortgages with those banks have no reason to worry, as the banks will continue to service those loans. What's more, homeowners who might be seeking a reverse mortgage will still have at least one large provider — MetLife Bank — and plenty of small independent firms from which to choose. But though there's no reason ...
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July 26, 2011 2 Comments
Reverse Mortgage Lenders Exiting: Will They Come Back?
-Zillow Blog It is no secret that America’s population isn’t getting any younger. In fact, according to a recent Harvard study, the number of people who will be considered “seniors” will increase 35% within the next ten years. Will these newly-minted seniors be able to take advantage of an FHA reverse mortgage to leverage the equity they have built up in their homes so they can enjoy retirement? Maybe. Maybe not. According to at least one HUD official, the FHA insured reverse mort...
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June 30, 2011 No Comments
Two Big Banks Exit Reverse-Mortgage Business
-The New York Times The nation’s two biggest providers of reverse mortgages are no longer offering the loans, as the economics of the business have come under pressure. Wells Fargo, the largest provider, said on Thursday that it was leaving the business, following the departure in February of Bank of America [BAC 11.1494 0.3294 (+3.04%) ], the second-largest lender. With the two biggest players gone — together, they accounted for 43 percent of the business, according to Reverse Market Ins...
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June 29, 2011 No Comments
Brian Coester Interviewed for Reverse Fortunes Weekly
Author of this blog and CEO of Coester Appraisal Group was chosen to be interviewed regarding topics such as: Financial Freedom exiting the reverse mortgage industry, Reverse Mortgage Applications being up 10% in February and the NPR interviewing the AARP counsel on the HUD lawsuit. Visit http://reversefortunes.podbean.com/2011/03/26/reverse-fortunes-weekly-episode-147/ to listen to Episode #147 now....
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March 28, 2011 No Comments
Baby Boomers Near 65 with Retirement in Jeporady
CHICAGO - Through a combination of procrastination and bad timing, many baby boomers are facing a personal finance disaster just as they're hoping to retire. Starting in January, more than 10,000 baby boomers a day will turn 65, a pattern that will continue for the next 19 years. The boomers, who in their youth revolutionized everything from music to race relations, are set to redefine retirement. But a generation that made its mark in the tumultuous 1960s now faces a crisis as it hits its ow...
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January 3, 2011 No Comments
Generation Breaks Into the Top Five Reverse Mortgage Lenders
Generation Mortgage Company announced it’s now ranked among the top five retail reverse mortgage lenders for the first time according to data from Reverse Market Insight. Named as the only privately owned company among the top-volume lenders, the company said it has reaffirmed its presence in both the retail and wholesale markets as it also ranks fourth in the nation as a provider of reverse mortgages to the wholesale markets. “As the reverse mortgage industry has continued to grow...
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December 27, 2010 1 Comment
What Can the Right Reverse Mortgage Spokesperson Do For Your Company? A Lot
December 14th, 2010 | by admin Published in American Advisors Group, Marketing, News,Reverse Mortgage Whether it’s Nike using Michael Jordan to inspire consumers to “Just Do It” or William Shatner telling you to negotiate a better hotel rate, companies across the globe turn to celebrities to build their brands and the reverse mortgage business is no different. People like Robert Wagner and James Garner helped to build some of the largest lenders in the industry and American A...
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December 15, 2010 No Comments
Coester Reverse – Reverse Mortgage Appraisals
[caption id="attachment_837" align="aligncenter" width="250" caption="Coester Reverse, Reverse Mortgage Appraisals."][/caption]...
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October 29, 2010 No Comments
HUD Provides Additional Guidance for New FHA Reverse Mortgages
After introducing the new Home Equity Conversion Mortgage Saver and principal limit changes, the Department of Housing and Urban Development provided additional guidance to ensure compliance with the agency’s requirements on Monday. According to HUD, lenders closing HECM transactions after October 4, 2010 as HECM Standard loans with the prior mortgage insurance premiums and principal limits are not required to provide information on the new MIP options associated with the HECM Saver and Stand...
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October 21, 2010 1 Comment
Coester Appraisal Group Launches CoesterReverse.com
Coester Appraisal Group a nationwide appraisal management company has launched CoesterReverse.com which will specialize in provding valuation services for the reverse mortgage community. Coester which completes valuations for some of the top reverse mortgage lender currently is very excited about expanding full service into this areana. Brian Coester, CEO of Coester Appraisal Group was quoted as saying "we have always has a big steak into the reverse mortgage community and we felt it was necessa...
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October 7, 2010 No Comments
Reverse Mortgage Guidance Includes Need for Reliable Appraisals
Financial institutions offering proprietary reverse mortgages are being encouraged by the nation’s financial regulators to adopt policy requirements that promote “reliable appraisals” and other consumer safeguards, according to guidance issued Aug. 16 by the Federal Financial Institutions Examination Council. The FFIEC emphasized “the consumer protection concerns raised by reverse mortgages and the importance of financial institutions mitigating the compliance and reputation risks assoc...
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September 15, 2010 No Comments
ReverseIt Reverse Mortgage Appraisals Services
ReverseIt and Urban Financial Wholesale utilizes Coester Appraisal Group for appraisal management services. ReverseIT who is owned by Urban Financial who is one of the leaders in the reverse mortgage wholesale space has taken a stand for appraisal quality and only allows appraisals to be done by appraisal management companies like Coester Appraisal Group. If you need to order an appraisal for ReverseIT or Urban Financial. Please visit Coester's site at www.coesterappraisals.com or call 8...
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April 24, 2010 No Comments
Genworth Reverse Wholesale Appraisal Company
Genworth Financial Reverse Mortgage Wholesale utilizes Coester Appraisal Group for appraisal management services. Genworth who is one of the leaders in the reverse mortgage wholesale space has taken a stand for appraisal quality and only allows appraisals to be done by appraisal management companies like Coester Appraisal Group. If you need to order an appraisal for Genworth Reverse. Please visit Coester's site at www.coesterappraisals.com or call 888-485-1999 ext 2. You can also e-mail info@c...
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April 24, 2010 No Comments
Reverse Mortgage Appraisal's and Compliance
If you’re planning to apply for a reverse mortgage, your home’s value is probably the most important variable used to determine how much money you can get out of your home.
An official appraisal conducted by a licensed appraiser tells your prospective lender how much your home is worth, which helps them calculate how much your payout will be.
Here’s how the home appraisal process works:
Lenders have a list of appraisers they tend to work with, depending on the size, value and location ...
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February 20, 2010 No Comments
