Information on Reverse Mortgage Loans

Reverse Mortgage News for Seniors

Updated Reverse Mortgage Guide Helps Older Homeowners Stay at Home

NCOA updates free booklet on reverse mortgages approved by HUD, required reading for seniors seeking RM

Jan. 22, 2013 – The National Council on Aging (NCOA) today announces the availability of the 2013 version of Use Your Home to Stay at Home, the official reverse mortgage consumer booklet approved by the U.S. Department of Housing & Urban Development (HUD). Read more...

Opinions & Analysis for Seniors

Reverse Mortgages Could Save Government Billions, Suggests Industry Leader

Estimates reverse mortgages could play a role in saving as much as $5 to $30 billion per year in Medicaid

By Michael G. Branson, All Reverse Mortgage

Dec. 26, 2012 - Reverse mortgages were designed to help senior homeowners age in place. While they accomplish that goal for thousands of people today, there’s also a big picture benefit to the reverse mortgage program as a whole - it saves government money on entitlement programs such as Supplemental Security income and Medicaid. Read more...

Reverse Mortgage News for Seniors

State of Reverse Mortgage Program in FHA Audit May Not be Threat for Seniors

Q&A with industry representative about financial hole at FHA by HECM loans

Nov. 29, 2012 – Just before Thanksgiving, the Federal Housing Administration released its annual report to Congress that caused concern among many senior citizens – it shows the Reverse Mortgage Program $2.8 billion in debt. The FHA also requests additional authority to manage the reverse mortgage program so that consumers are better protected and able to sustain their program. Below is a Q&A with representatives of All Reverse Mortgage on the industry view of the situation. Read more...

Reverse Mortgages Can Also Be Used by America’s Seniors to Purchase a Home

Most seniors have thought of these loans as a way to get the equity out of their home and live payment free - see reverse mortgage options below news story

By Mike Branson, All Reverse Mortgage

Aug. 2, 2012 - A reverse mortgage can be used in the purchase of a new home in what is called a Home Equity Conversion Mortgage Purchase. Basically, a new home is bought at the same time a reverse mortgage is taken, and the transaction is rolled into one. Read more...

Reverse Mortgage Group Launches Campaign, Website to Help Seniors

NRMLA announces new 'Borrow with Confidence' campaign

June 27, 2012 - A new national public education campaign called "Borrow with Confidence," that is designed to provide consumers with a set of tools to guide them through the reverse mortgage borrowing process and establish an enhanced level of product transparency, was announced last week by the National Reverse Mortgage Lenders Association (NRMLA). Read more...

Consumers Union Asking Federal Bureau to Make Reverse Mortgage Reforms

Consumer group says lenders mounting PR campaign for CFPB hearing this week

June 25, 2012 - Consumers Union, the policy and advocacy division of Consumer Reports, called on the Consumer Financial Protection Bureau (CFPB) today to protect vulnerable seniors from reverse mortgage abuses. The consumer group is renewing its call for stricter oversight of reverse mortgages just as the industry launches a public relations campaign to repair its image and the CFPB prepares to hold a field hearing on the topic on Wednesday, June 27, in Tampa. Read more...

Reverse Mortgages Gaining New Respect Among Financial Planners

Columnist Scott Burns: ‘Their time has come” – referring to home equity loans for senior citizens

June 1, 2012 - The reverse mortgage has gained new respectability – well-known newspaper columnist Scott Burns, a highly respected guru on financial matters concerning senior citizens, has just released an article with the title, “Reverse Mortgages: Their Time Has Come.” And, he refers to another new article in the Journal of Financial Planning, “Reversing the Conventional Wisdom: Using Home Equity to Supplement Retirement Income.” Read more...

So, What’s Your Problem with Reverse Mortgages? Industry Leader Has Answers

A leader in the reverse mortgage industry debunks myths and criticisms of the government program for older Americans

By Michael Branson, All Reverse Mortgage Company

April 17, 2012 - Reverse mortgages are a financial product that has received a lot of bad press over the years, leaving many people who could potentially benefit from this type of loan with negative associations and a bad taste in their mouth. Read more...

Reverse Mortgage News for Seniors

Wells Fargo Becomes Second Big Bank to Discontinue Reverse Mortgages for Seniors

WF will continue to service existing reverse mortgages held by senior citizens

June 20, 2011 - The reverse mortgage program for senior citizens is in serious trouble. Last week banking giant Wells Fargo announced it will discontinue issuing these special mortgages, joining Bank of America, who did the same earlier this year. These two banks were providing about 43 percent of all reverse mortgages in the U.S. Read more...

Reverse Mortgage Pros and Cons for Senior Citizens in 2011 Examined by Lender

Seniors can finally put the word "affordable" or "low cost" with the phrase reverse mortgage - that's one of the biggest pros for 2011

By Michael Branson, All Reverse Mortgage Company

Feb. 2, 2011 - We have seen some changes over the past year and it's time to update the reverse mortgage pros and cons for 2011. HUD has made changes that many had feared - some have helped, some have made things a bit tougher... Read more

HUD Announces New Reverse Mortgage Product with Lower Upfront Cost

HECM Saver lowers closing costs for senior homeowners who want a smaller amount than available with HECM standard loan

Sept. 24, 2010 – The Federal Housing Administration (FHA) has announced a new modified version of its Home Equity Conversion Mortgage (HECM) product – better known as a reverse mortgage – that is aimed at improving one of the major reasons senior citizens pause when considering these programs – the upfront cost. Read more...

Opinions & Analysis for Senior Citizens

Reverse Mortgages: MSNBC ‘Consumer Man’ Gets It Wrong Says Industry Leader

It's so easy to attack with fears of generalities when you don't have to back up your claims with facts

Michael G. Branson, CEO, All Reverse Mortgage Company

July 28, 2010 - I just read an article on reverse mortgages and how they can lead to big trouble. After I read the entire article, I became enraged. Not just angry, but really, really mad due to the fact that the man who calls himself the "ConsumerMan" obviously has no real understanding of the product and is reporting several items as "fact" that are completely false. I want to take on this method of reporting but not by just slamming the individual, but also by pointing out why he's completely missing the boat. Read more...

Senior Citizen Alerts

New Scam Targets Elderly Homeowners with Reverse Mortgages

Clearly targeting senior citizens with scheme to sell Deed of Reconveyance

By Michael Branson, CEO, All Reverse Mortgage Company

June 20, 2010 - Just in the last two months we have received calls from two former borrowers who had been targeted for a new scam. It seems that there is a new way to try to separate borrowers from their money and at this time we don't know if it is aimed specifically at Reverse Mortgage borrowers or all borrowers, but since the borrowers calling us are all homeowners 62 and over, we know they are targeting senior borrowers for certain. Read more...

Reverse Mortgages Not as Costly as They Were, Says NY Times Article

Things are changing in the reverse mortgage business for seniors and the Times article by Tara Siegel Bernard wraps it all up

May 4, 2010 – The article about these loans that allow homeowners age 62 and older to pull the equity out of their homes in cash without making payments on the loan, points out they “have a reputation for being expensive, and they are.” And adds, “but, if you’ve been thinking about one, it’s worth taking a closer look now because several lenders have cut prices in recent weeks.” Read more...

Senior Citizen Alerts

Senior Citizens Increasingly Scammed in Reverse Mortgage Deals, Even by Neighbors

FBI offers advice to senior citizens on avoiding mortgage scams; latest charges against next door neighbor

April 16, 2010 – The reverse mortgage program, designed by HUD to allow senior citizens to get cash for their home equity and then live payment free in their homes, has been popular with cash-strapped seniors. But, history teaches us that where senior citizens and cash are involved, scammers are not far behind. Two major fraud cases in recent weeks may be a signal that senior should be on guard. Read more...

Reverse Mortgage News for Seniors

Reverse Mortgage Rules for Seniors Living in Condominiums Changed by HUD

Senior condominium owners are affected by this new procedure; author worried that senior borrowers may wait too long

By Michael Branson, CEO, All Reverse Mortgage Company

Jan. 29, 2010 - I still get a call about once a week with borrowers asking when they will be able to do a reverse mortgage on their unit in a cooperative project. After all, co-op's were included in the list of acceptable properties when the Home Economic Recovery Act (HERA) passed in 2008 but the programs to include them just have not been implemented by HUD / FHA as of this date. Read more...

Senior Citizen Facing Home Foreclosure Rescued by Unusual Reverse Mortgage Transaction

Wall Street Journal reports on tactic being used to help some seniors about to lose their homes

Oct. 21, 2009 – An unusual tactic by Bank of America helped a 69-year-old California man save his home of 40 years from foreclosure, according to a story in today’s Wall Street Journal. Pedro Garcia and his family now have a home that is “nearly payment free.” Read more...

Consumer Reports - The Reverse Mortgage Stigma II: Industry Exec Responds to Critics

Editor’s Note: Consumer Reports magazine has consistently urged older Americans to be careful in considering Reverse Mortgages, but they brought their efforts to a new level in July with testimony before the Senate Commerce Committee naming this mortgage option for seniors to be a major scam. This was followed by a media news release. Below is a response by an industry executive to a report by KABC Los Angeles.

By Michael Branson, All Reverse Mortgage Company

Sept. 2, 2009 - I wrote an article titled Reverse Mortgage Stigma after a news item that appeared on KABC (Los Angeles)... When we originally saw the report, we were struck by many things that just didn’t add up so we decided to do the leg work that the reporter, Ric Romero either did not do, or conveniently left out. Read more...

Reverse Mortgage: Guest Opinion

Reverse Mortgage Insider Has Some Advice for Senior Citizens on Using These Loans

‘A reverse mortgage is complex transaction and not an inexpensive loan, but when used correctly, it can greatly enhance the lives of senior borrowers’

by Michael Branson, All Reverse Mortgage Company

July 31, 2009 - I was contacted recently by a freelance writer who wanted to get some dirt on reverse mortgages. He said he could find people all over the place who could sing the praises of the reverse mortgage, but he wanted to find someone who could give him the pitfalls and things to watch out for. This got me thinking…there are a number of times I do not recommend the usage of a reverse mortgage and there are several things to watch for, but I would not necessarily call them “pitfalls.” Read more...

Senior Citizens Offered Free Counseling on Reverse Mortgage by Council on Aging

Seniors age 62+ can schedule a free reverse mortgage counseling session through September 30, 2009 – free brochure online now

July 31, 2009 - In response to increased pressure on the income and savings of older adults, the National Council on Aging (NCOA) is offering free counseling for seniors through its Reverse Mortgage Counseling Services (RMCS) Network. Read more...

Limits for Reverse Mortgage Pushed to $625M by Stimulus Bill Making More Seniors Eligible

Reverse Mortgages may boom with clarification of the new provision allowing new home purchases

Feb. 19, 2009 – Many more senior citizens became eligible to take advantage of the government’s reverse mortgage program this week as the loan limit was raised to $625,500 for the rest of 2009, from the former limit of $417,000. The temporary increase in the HUD Reverse Mortgage program is included in the Stimulus Bill, signed by President Barack Obama, according to the National Reverse Mortgage Lenders Association (NRMLA). Read more...

What Happened to HUD’s Plan to Allow Seniors to Buy New Homes with Reverse Mortgage?

Although it was set to kick-off on January 1, it is mired in confusion, says expert

Feb. 17, 2009 – One of the bright spots about 2009 for senior citizens was to be a new provision in the reverse mortgage regulations at Housing and Urban Development that would allow seniors to use this unique program to actually buy a new home and not have payments. Alas, something seems to have gone wrong, according to a reverse mortgage expert at All Reverse Mortgage Company. Read more...

Reverse Mortgages for Senior Citizens Continue to Grow Despite Mortgage Turmoil; Tampa Leads

New features for 2009: higher loan limit, lower fees, home purchase component, co-op eligibility and stricter consumer protection

Jan. 14, 2009 – The regular mortgage market may be suffering but the reverse mortgages for senior citizens are still growing – and, should benefit from several new features in 2009. New data released by the Department of Housing and Urban Development shows that on a calendar year basis, the number of federally insured reverse mortgages closed in 2008 grew 6.4% to 115,176 loans. Read more...

Reverse Mortgage Rules Change to Allow Senior Citizens to Buy a New Home

Purchase Reverse Mortgage Program allows seniors to purchase a new home, never make a mortgage payment for as long as they live in the home, may require sizable down payment

By Cliff Auerswald, All Reverse Mortgage Company

Nov. 14, 2008 - Starting January 1, 2009, FHA will begin to insure reverse mortgage loans for purchases. What does this mean? Senior borrowers age 62 and over can now purchase a home using a reverse mortgage rather than a traditional forward mortgage. This is great news to seniors who have had a desire to purchase a new home but felt they could not either due to their credit, their income, they did not want to have to start making payments again at this stage in their lives or a myriad of other reasons. Read more...

Reverse Mortgages Continued Annual Growth in FY2008 but Just Barely

Higher loan limit of $417,000 for reverse mortgages may start around November 1

Oct. 15, 2008 – Growth in the number of reverse mortgage loans being made to senior citizens may have slowed, temporarily, according to the National Reverse Mortgage Lenders Association, but the 2008 fiscal year ending September 30 closed the books on another record year of growth for this special loan. Growth, however, was only 4.3 percent over FY2007. Read more...

Real Estate Scammers are Using Reverse Mortgage Program to Flip Depressed Homes

Senior citizen gets a free house, scammers get the money, but senior can’t afford the home

Oct. 9, 2008 - There is a new scam involving reverse mortgages that everyone needs to be aware of because it doesn’t affect just senior citizen borrowers, according to Cliff Auerswald of All Reverse Mortgage Company. It seems that in their effort to find new ways to beat the system, there are some who are looking for ways to use senior borrowers and reverse mortgages to flip properties. Read more...

Can Senior Citizens Still Find a Reverse Mortgage with New Credit Crunch?

The answer is in the basic premise of the reverse mortgage itself says mortgage company

By All Reverse Mortgage Company (Special to SeniorJournal.com)

Sept. 18, 2008 - Everyone has heard so much since Monday about the credit crunch and how it will adversely affect the ability of people to borrow money. One of the new mantras in the financial sector is that loans will only be made to borrowers who can actually afford to repay them (imagine that) and many senior homeowners are concerned about how this will affect them in their efforts to obtain a reverse mortgage. The answer is in the basic premise of the reverse mortgage itself. Read more...

Finances Taboo Topic for Senior Citizens and Their Children, Finds Reverse Mortgage Firm

Seniors considering reverse mortgages lowering their home values, new housing legislation helps older Americans, says reverse mortgage lender in other studies

Aug. 14, 2008 - Half of all senior citizens participating in a recent survey said that they have never had an in-depth conversation about their financial situation with their adult children, according to a survey for Golden Gateway Financial, a marketer of reverse mortgages to senior citizens. The company also recently released analysis showing seniors are lowering their home values and that the new federal housing legislation benefits seniors. Read more...

New Housing Bill Makes Substantial Changes to Reverse Mortgage Program

Larger loans, smaller fees and more protection for seniors in bill signed by President - but many still urge caution

Aug. 11, 2008 – Reverse mortgages were not part of the problem in the current home financing debacle but Congress decided to make some changes, while they were trying to create a bill to stop the slide of the housing market and collapse of mortgage companies. The government has, among other things, raised the allowable limits on these FHA backed reverse mortgages to $417,000, up from about $362,000. Read more...

Top Ten Things Seniors Should Know if Considering a Reverse Mortgage

Department of Housing and Urban Development (HUD) explains program

March 28, 2009 - Reverse Mortgages – the government insured program that allows older Americans to use their home equity - are becoming increasingly popular. The Department of Housing and Urban Development (HUD), which insures these loans through its Federal Housing Administration, has issued a list of ten key things older Americans should know about this program. Read more...

Reverse Mortgages Coming Under Media Fire for Actions by Some Lenders

SeniorJournal.com columnist and New York Times cite examples

By Tucker Sutherland, editor

March 3, 2008 – Reverse Mortgages, designed to help older people use the equity in their homes to finance their retirement, have enjoyed mostly praise in these first few years of the program designed by the government and featuring a government guarantee. Now, however, senior citizens and financial experts are beginning to see serious problems – at least with how some lenders are handling the loans. Read more...

Guarding Your Wealth for Senior Citizens

Should Senior Citizens Use Reverse Mortgages? Columnist Has An Answer

Every month you go further and further into debt and have less wealth

By Jeffrey D. Voudrie, CFP

Feb. 22, 2008 - Some of the most popular products being pitched to seniors today are reverse mortgages. Everywhere you turn there are free seminars, free reports and free DVDs, all touting the amazing benefits these loans offer. Are reverse mortgages the answer to seniors’ prayers, or are they too good to be true? Read more...

Aging Committee hears horror story, Sen. McCaskill to offer legislation to assure senior citizens are protected

Dec. 13, 2007 – Yesterday was the twentieth anniversary of the law establishing the reverse mortgage program, which allows Americans age 62 or older to transfer their home equity into a monthly income. The birthday celebration at the Senate Special Committee on Aging hearing, however, was not a happy one. One witness told how her mother suffered financial losses and mental stress from taking out a reverse mortgage. Read more...

Sen. McCaskill leads investigation of ‘pressing need to strengthen consumer protections for seniors as they consider this type of loan’

Dec. 10, 2007 – The reverse mortgage program, which has boomed in recent years as a way for senior citizens to draw from the equity in their homes but continue to live in them, is in for some unusual scrutiny on Wednesday. A news release from the Senate’ Special Committee on Aging says Sen. Claire McCaskill (D-MO) will hold a hearing to highlight the “pressing need to strengthen consumer protections for seniors as they consider this type of loan.” Read more...

Senior home values hit $5.09 trillion in the second quarter; equity declined to $4.28 trillion

Oct. 16, 2007 - The value of homes owned by Americans who are old enough to qualify for a Reverse Mortgage, age 62 and over, increased slightly during the second quarter of 2007, but senior home equity declined slightly, according to the Reverse Mortgage Market Index. Read more...

Sept. 10, 2007 – If you have your eye on your parent's home and assume you will inherit it someday, you may be counting your chickens before they hatch. Fewer senior citizens today plan to pass their homes on to their children and it appears it is because they plan on using their home as part of their retirement funding, according to the newest Senior Sentiment Survey by Financial Freedom. Read more...

August 9, 2007 – Reverse mortgages continue to grow in popularity and in a recent survey senior citizens said they understood reverse mortgages better than they did any other home-loan product. But, there are still myths and misinformation about these unique loans, according to Financial Freedom Senior Funding Corporation, a major player in the reverse mortgage industry. Read more...

Two million more senior citizens could use program if Congress acts on HUD proposal

July 19, 2007 - Two million older Americans could tap into the equity they have built up in their homes by obtaining reverse mortgages, if Congress passes legislation to raise the cap on obtaining an FHA-backed reverse mortgage, according to a Department of Housing and Urban Development estimate released Tuesday. The current cap is $362.790 and HUD wants it bumped up to $600,000. Read more...

July 17, 2007 – Awareness of the reverse mortgage is extremely high among older Americans in a demographic grouping of people age 62 and older, called the "Matures" by the Harris Poll. The Matures have a greater awareness of the reverse mortgage than they do of any other mortgage product, says Harris. Yet, only two percent say they have taken advantage of the product. Adults of all ages are most aware of the home equity loan. Read more...

New Reverse Mortgage Market Index rises to 205.6, as a result of a Senior Home Equity Increase of $19 billion in first quarter

July 9, 2007 – Americans age 62 or older hold an estimated $4.3 trillion of home equity according to the NRMLA/Hollister Reverse Mortgage Market Index (RMMI). Although the reverse mortgage industry has seen tremendous growth in the last five years, only a little more than 300,000 reverse mortgages have been originated in its short history, representing less than 1% of market penetration. Read more...

July 6, 2007 – As the latest sign of the growing popularity among senior citizens of reverse mortgages, Bank of America announced last week the purchase of Reverse Mortgage of America, which was the name used by Seattle Mortgage Company to market reverse mortgages. Settle Mortgage is an indirect subsidiary of Settle Financial Group. Read more...

June 22, 2007 - More seniors than ever before are reaping the benefits of reverse mortgages to enjoy their golden years, according to the U.S. Housing and Urban Development. New data from HUD reveals that more than 300,000 seniors have used the federally-insured Home Equity Conversion Mortgage (HECM) loan program to convert the equity in their home into cash without having to move. Read more...

May 18, 2007 – A study of the timing of reverse mortgage terminations has been completed that provides the information necessary for Ginnie Mae (Government National Mortgage Association) to issue its first HECM Mortgage-Backed Security (HMBS) this year. The Ginnie Mae HMBS will allow approved issuers to securitize and sell FHA-insured reverse mortgages in the form of a Ginnie Mae security. Read more...

May 16, 2007 – A new reverse mortgage product, Prime Advantage, has been designed to suit the needs of older Americans with higher-value homes who want access to more cash than a traditional reverse mortgage provides and the added financial certainty of a fixed interest rate for the life of the loan, according to BNY Mortgage. Read more...

October 29, 2006 – The number of federally insured reverse mortgages made in the U.S. in the government's 2006 fiscal year has increased by 77 percent. Rising home values, larger sales forces, and increased consumer acceptance of these loans designed for senior citizens has fueled the growth, according to the National Reverse Mortgage Lenders Association. Read more...

October 18, 2006 – In a move that is expected to expand the reverse mortgage business and provide lower rates for senior citizens, Ginnie Mae, the government owned mortgage-funding company, said yesterday it is creating a new security - a Home Equity Conversion Mortgage Mortgage-Backed Security (HECM MBS) - that will allow Federal Housing Administration (FHA) insured home equity conversion mortgage loans in the form of a Ginnie Mae MBS. Read more...

September 8, 2006 - Dorothy, the main character of the movie, The Wizard of Oz, once exclaimed, “There’s no place like home!” Even in a world much different than the one that existed when The Wizard of Oz was filmed, that old adage still holds true. Read more...

April 30, 2006 – The Reverse Mortgage Program, already popular with senior citizens, may get even better. The U.S. House of Representatives is considering legislation that would make substantial improvements to the federal reverse mortgage program, including a plan that would allow older homeowners to access greater amounts of equity from their homes, according to the National Reverse Mortgage Lenders Association. Read more...

March 23, 2006 - Texas senior citizens now have the same options as seniors in the rest of the nation to convert a portion of their equity in their homes into tax-free income with a reverse mortgage. Read more...

Dec. 15, 2005 - Older homeowners will be able to convert a greater portion of the equity in their homes into tax-free income using a reverse mortgage starting next year because of new, higher loan limits, the National Reverse Mortgage Lenders Association announced today. Read more...

Dec. 15, 2005 - The U.S. House of Representatives passed legislation last night that eliminates the cap on the number of reverse mortgages that can be insured by the Department of Housing and Urban Development, the National Reverse Mortgage Lenders Association announced today. Read more...

Sept. 28, 2005 - Reverse mortgages have been around since 1989, but they are rapidly gaining in popularity. The complexity of reverse mortgages makes it difficult for the average senior to separate myth from reality. Let me help you decide if one is right for you. Read more...

Sept. 22, 2005 - On September 28, mortgage lenders, brokers, and title companies will convene in Dallas for the fourth annual Reverse Mortgage Day in Texas, but the real focus will be on the upcoming election that will allow Texas senior homeowners the same opportunities enjoyed in every other state in the nation. On November 8, Texans can vote on Proposition 7 -- a constitutional amendment authorizing line-of-credit advances under a reverse mortgage. Read more...

Aug. 12, 2005 - Under our “system” of paying for long-term care, you may be able to qualify for Medicaid to pay for nursing home care, but in most states there’s little public assistance for home care. Most people want to stay at home as long as possible, but few can afford the high cost of home care for very long. One solution, which is growing in popularity, is to tap into the equity built up in your home. Read more...

Feb. 22, 2005 – The most popular reverse mortgage – a special housing loan designed for senior citizens - is the Home Equity Conversion Mortgage (HECM) administered through the U.S. Department of Housing and Urban Development (HUD). Lenders originated a record 37,829 HECM loans during the most recent federal fiscal year - a 109 percent increase over the 18,079 loans closed the previous year, because seniors are more aware of the safeguards, according to the National Reverse Mortgage Lenders Association. Read more...

Jan. 26, 2005 - A study released today by The National Council on the Aging shows that reverse mortgages can be used by over 13 million Americans to pay for long-term care expenses at home, allowing many to remain as independent and in their homes longer. Read more...

Dec. 1, 2004 - Senior citizens will be able to qualify for larger reverse mortgages beginning January 1, 2005 because of new, higher loan limits, according to the National Reverse Mortgage Lenders Association, a national nonprofit trade association. More... 12/01/04*

Nov. 1, 2004 – A free DVD, “Reverse Mortgages: Making an Educated Decision,” is now available from Financial Freedom, which claims to be the largest firm in reverse mortgage lending. A unique feature of the video is that it has senior citizens telling about these loans – what they are, how they work, etc. More... 11/01/04*

Aug. 24, 2004 - It might be tempting to consider getting cash from your mansion through a reverse mortgage program — particularly since new twists have been making them more attractive. More... 8/24/04*

Aug. 2, 2004 - Reverse Mortgages have become popular with senior citizens, because they allow a homeowner to convert their equity into cash that can be used to supplement social security, meet unexpected medical expenses, make home improvements, and meet other financial needs. More... 8/02/04*

April 15, 2004 - A new study by The National Council on the Aging (NCOA) shows that using reverse mortgages to pay for long-term care at home has real potential in addressing what remains a serious problem for many older Americans and their families. More... 4/15/04*

April 14, 2004 – The volume of federally insured reverse mortgages taken out by older homeowners in recent months has increased by 112% from a year ago, as a blistering record pace of originations continues, according to the National Reverse Mortgage Lenders Association. More... 4/12/04*

HUD Issues New Rule to Reduce Senior's Out-of-Pocket Costs to Refinance Reverse Mortgages

March 29, 2004 – Seniors wishing to take advantage of today's low interest rates by refinancing a reverse mortgage will pay less fees, and receive other consumer protections, according to a new regulation issued by the U.S. Department of Housing and Urban Development, the National Reverse Mortgage Lenders Association announced today. More... 3/29/04*

Nov. 6, 2003 - The National Council on the Aging, with the support of both the Centers for Medicare and Medicaid Services (CMS) and the Robert Wood Johnson Foundation, is laying the groundwork for a powerful public-private partnership to increase the use of reverse mortgages to help pay for long-term care. More... 11/06/03*

Free Booklet, Web Site Offer Seniors and Boomers New Strategies for Aging in Place

Oct. 20, 2003 – The National Reverse Mortgage Lenders Association, in partnership with the National Advisory Council on Aging In Place, has introduced a free consumer booklet and Web site to educate older homeowners on practical steps they can take to modify their living environments to accommodate lifestyle changes and increase comfort. More... 10/20/03*

July 31, 2003 – The National Reverse Mortgage Lenders Association, in partnership with several other interested organizations, today announced the formation of the National Advisory Council on Aging In Place to encourage senior homeowners to be proactive in taking steps to modify their home environments to make them safe and comfortable as they age. More... 7/31/03

Dec. 12, 2001 - Seniors will be able to qualify for larger reverse mortgages beginning in 2002 because of new, higher loan limits, according to a senior lenders' organization, the National Reverse Mortgage Lenders Association (NRMLA). Click 12/12/1*

Reverse Mortgage Lenders, Related Professionals
Create New National Trade Association

March 18, 1998 - Financial services companies that make, service and invest in reverse mortgages have formed a new national trade association based in Washington, DC. More... 3/18/98*