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Reverse mortgages

Ex-LO sentenced in Chicago-area reverse mortgage scheme

Law and legal issues, Reverse mortgages /

Another ex-loan originator in a reverse mortgage scheme that cost elderly African-American Chicago-area homeowners millions of dollars is going to prison. Gary Bohn, 59, was sentenced Wednesday to 1-and-a-half years in prison for his role in the wider fraud, according to Law360 which reported the sentencing. The former Illinois-based LO with American Fidelity Financial Services […]

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HUD plans to sell close to 4,000 HECM loans

HUD, Politics and policy, Reverse mortgages /

The Department of Housing and Urban Development is auctioning off hundreds of millions of dollars in reverse mortgages on Wednesday in a bid to reduce risk to its insurance fund. Close to 1,600 home equity conversion mortgages (HECMs) secured by vacant properties are for sale, a notice published by the department on the Federal Register

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FOA posts profit, buys out Blackstone stake

Earnings, LOAN PRODUCTS, Marketing, Originations, Reverse mortgages, Securitization /

Finance of America was profitable for a second consecutive quarter as funded volume at the reverse mortgage lender grew 7% versus the first quarter and 35% year-over-year. The company made net income from continuing operations of $80 million for the period ended June 30, unchanged from the first quarter and up from a $5 million

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New proprietary reverse mortgages hit the market this spring

Home equity loans, LOAN PRODUCTS, Originations, Reverse mortgages /

With tappable home equity near historic highs and a preference among a majority of baby boomers to remain in their homes, several reverse mortgage lenders have recently launched products to capture the greater opportunity in this part of the market.   Demographic trends suggest a market primed for growth and current interest rate levels also make

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