Reverse mortgage industry information and news and how it impacts the HECM reverse mortgage, lenders, and borrowers.
Happy New Year! Some changes are in store for the HECM and the reverse mortgage industry as the new year begins. First of all, the HECM is destined to get a shiny new FHA loan limit for 2023. We’re also likely to see more turmoil in the economy and real estate and mortgage markets as … Read More >>
I am very pleased to announce an enhanced MyHECM.com that will offer new features to help connect seniors, their advisors, and their families with the resources they need to help them achieve their financial goals. We may be a little biased :), but we think MyHECM.com is already the best informational resource online about the … Read More >>
Happy New Year! I sincerely hope that 2022 finds you well! In life, things are always changing, are they not? It’s no different in the reverse mortgage world. The new year brings with it a few changes to the HECM reverse mortgage and some big upcoming changes to MyHECM.com that we’re pretty excited about. A … Read More >>
Happy New Year! The year 2020 was one of the more tumultuous years in recent memory, was it not? We sincerely hope that the new year finds you well! In life, things are always changing – and it’s no different in the reverse mortgage world. The new year brings some significant changes to the HECM … Read More >>
It’s a crazy world out there right now. Entire nations locked down, people confined to their homes, the stock market crashing (then rebounding), businesses shut down, and unemployment rising. If there’s one silver lining in all of the craziness, it’s falling mortgage rates. According to the Freddie Mac Primary Mortgage Market Survey, average 30-year fixed … Read More >>
FHA has increased the HECM lending limit to $765,600 for HECMs with case numbers assigned on or after January 1, 2020. This is the fourth annual increase in a row and reflects the continuing trend of rising home values across the nation. The new lending limit applies to the entire U.S., including Alaska, Hawaii, Guam, … Read More >>
Many seniors will soon have significantly more cash available through a HECM reverse mortgage. As of January 1, 2019, the HECM lending limit will be increased by FHA to $726,525 from the current limit of $679,650. FHA periodically updates the lending limit to reflect prevailing home values across the nation. Home values have increased substantially … Read More >>
If there’s one constant in the reverse mortgage industry, it’s change. FHA has once again made some significant tweaks to the HECM program to make it work better and be more stable for seniors. This latest round of changes is a bit of a mixed bag; there’s both positives and negatives for reverse mortgage borrowers, depending … Read More >>
The reverse mortgage industry is a relatively small niche of the broader mortgage industry. Though many mortgage lenders offer HECM reverse mortgages (the dominant product in the industry), relatively few have been able to build large and consistent businesses around the product. About 50% of all reverse mortgages written in 2016 were by the top 5 … Read More >>
