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(Update) AARP-HUD Reverse Mortgage Lawsuit for Underage Spouse

March 8, 2011     2 comments

Update: HUD Prevails in AARP Lawsuit—But Issues Remain Last Friday, HUD won the dismissal, without prejudice, of the case AARP filed against it on behalf of non-borrower HECM loan widowed spouses facing foreclosure. A description of the Court's decision, and an initial analysis, was prepared by NRMLA's counsel, Weiner Brodsky Sidman Kider PC: This past Friday, July 15, HUD won an important victory in the lawsuit the AARP had filed against it, on behalf of several individual HECM loan borrowers, in the United States District Court for the District... Read Full Article

Wells Fargo Reverse Mortgage Exits Broker Business

March 1, 2011     2 comments

Message to Wells Fargo Reverse Mortgage Brokers: Reverse Program Changes for Wells Fargo Wholesale Lending A Message from Kathleen Vaughan, Executive Vice President, Wells Fargo Wholesale Lending After a detailed review and evaluation, Wells Fargo Wholesale Lending only will discontinue offering Home Equity Conversion Mortgages (HECM), or Reverse mortgages. This move allows us to focus on forward mortgages and our other products and programs while proving you with stellar customer service. To best serve you and your borrowers we need to operate efficiently, and this change will assist that goal.... Read Full Article

Bank of America Reverse Mortgage Shuts Down Operations

February 4, 2011     12 comments

Bank of America Shuts Down Reverse Mortgages Bank of America Reverse Mortgage announced today that they will exit the reverse mortgage business. This comes as a surprise to many, especially since they paid about $220 Million for Seattle Mortgage to get into the business in a huge way in 2007. Bank of America has been known to enter and exit different aspects of the lending business over the years, opening and closing their wholesale and correspondent channels at various times... Read Full Article

About Reverse Mortgages

February 4, 2011     1 comment

What Are Your Dreams for Retirement? Peace of Mind - own your home without making monthly mortgage payments, with extra money set aside for unexpected expenses or health care costs. Freedom - easily pay your monthly bills, with enough extra cash to live comfortably and enjoy the occasional luxury. Recreation & Leisure - enjoy time hosting friends and family, participating in social opportunities and pursuing your favorite hobbies. Travel & Adventure - look forward to taking that long-awaited vacation or family cruise, sooner rather than later. How do you envision... Read Full Article