Union Home and Alliance Deal; Reverse Mortgage Changes; Fed Speeches This Week

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Posted To: Pipeline Press

“Forward” lenders can’t ignore that 10,000 people a day in the U.S. turn 62. Of course, not every one owns a home, or has appreciation – but many do. And thus, plenty of lenders now have reverse mortgage departments. All FHA HECMs are non-recourse loans. The borrower or the estate will never owe more than the value of the subject property at loan maturity. In many instances, reverse mortgage borrowers “walk away” from a reverse mortgage with equity! (More below on reverse lending development and law changes.) Reverse News The Federal Savings Bank ( TFSB ), one of the largest privately held federally chartered banks in America focused on residential home lending, announced plans to offer its Member Reverse Mortgage Program to credit unions nationwide. “Since…(read more)

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