The Federal Housing Administration released guidance to issuers of FHA-insured reverse mortgages today stating that the agency may require a second appraisal when a risk assessment does not support the figure reached by the first appraisal.
The Federal Housing Administration’s reverse mortgage program continues to cause significant drag on the FHA’s mortgage insurance fund, the agency said today.
The Consumer Financial Protection Bureau today issued an update to its guidance on risk management for third-party service providers.
How banks can help older adults use the equity in their homes to provide another source of retirement funding.
The Federal Housing Administration on Friday announced relief for spouses of reverse mortgage borrowers who wish to remain in their homes after the spouse who took out the reverse mortgage dies.
The Consumer Financial Protection Bureau yesterday issued a report describing several lenders’ reverse mortgage advertisements as confusing to seniors. Based on focus groups of seniors, the CFPB said several reverse mortgage ads inadequately disclosed that reverse mortgages are loans, offered incomplete or inaccurate information about loan terms and included illegible fine print.
Through its Corporation for American Banking subsidiary, ABA today endorsed the reverse mortgage program from Reverse Mortgage Funding LLC.