Press Releases

The National Reverse Mortgage Lenders Association (NRMLA) today welcomed Live Well Financial, Inc., of Richmond,VA, and Generation Mortgage Company, of Atlanta, GA, as charter members of the association’s new Wholesale Lenders Program.

The National Reverse Mortgage Lenders Association (NRMLA) introduced its new Wholesale Lenders Program today to give new and existing entrants in the reverse mortgage business information to help guide them on delivering loans to the organization's wholesale lenders.

Today, the National Reverse Mortgage Lenders Association (NRMLA) announced two new Ethics Advisories outlining the expected standards and practices in selling other financial products with reverse mortgages and standards for mortgage lead generation activities.

The new issue of Reverse Mortgage Magazine, available today, includes an unprecedented transcription of a live counseling session with a reverse mortgage borrower.

In its ongoing effort to provide safeguards for seniors interested in reverse mortgages, the National Reverse Mortgage Lenders Association announced today that it soon will be offering a Certified Reverse Mortgage Professional-Loan Originator designation.

As part of its ongoing effort to reassure America’s seniors applying for reverse mortgages that members of the National Reverse Mortgage Lenders Association can be trusted and depended upon, NRMLA held the first in a series of interactive workshops to teach lenders how to implement the association’s Code of Ethics & Professional Responsibility into their everyday business routines.

HUD formally adopted a new single national loan limit of $417,000 for federally insured reverse mortgages and lowered the fees that lenders can charge.

NRMLA announced today that the industry closed 112,154 Home Equity Conversion Mortgages in Fiscal Year (FY) 2008, which ended September 30, 2008, surpassing the record loan volume for FY 2007.

The National Reverse Mortgage Lenders Association announced today that the Department of Housing and Urban Development (HUD) approved a single national loan limit of $417,000 for federally insured Home Equity Conversion Mortgage (HECM) reverse mortgages.

Landmark housing legislation (H.R. 3221) passed by Congress this weekend will make substantial improvements to the federally-insured reverse mortgage program and greatly benefit senior homeowners who may want to utilize home equity to help finance their retirement years.

Consistent with current market conditions, senior home equity declined by $27 billion in Q4 2007 as measured by the NRMLA/Hollister Reverse Mortgage Market Index (NRMLA/RMMI) Report.

Consistent with current housing market conditions, the quarterly Reverse Mortgage Market Index™ (RMMI) showed a decline in senior home values and home equity held for the 3rd quarter of 2007.

Washington, D.C.—The value of homes owned by Americans 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™.

Washington, D.C.—NRMLA, in conjunction with The Hollister Group, today launched the first market indicator to collect critical market, housing and demographic data that can be used to track and project the market for reverse mortgages.

Washington, D.C.— Fueled by rising home values, larger sales forces, and increased consumer acceptance, the number of federally insured reverse mortgages made in the U.S. in 2006 grew by 77 percent, according to the National Reverse Mortgage Lenders Association.

Washington, DC – To help commemorate National Aging In Place Week, the National Reverse Mortgage Lenders Association is releasing a new series of consumer booklets that explain how reverse mortgages can help seniors live at home longer by providing financial support to better cope with existing or future healthcare needs.

Washington, D.C.-For a fifth consecutive year, lenders originated a record number of federally insured reverse mortgages, and the volume of borrower applications being processed is even higher, according to the National Reverse Mortgage Lenders Association.

Washington, D.C.— As record numbers of senior homeowners use reverse mortgages as part of their retirement financial management, the National Reverse Mortgage Lenders Association is pleased to explain the numerous safeguards built into today’s reverse mortgage programs.

Washington, D.C.—The National Council on the Aging (NCOA), with the support of the National Reverse Mortgage Lenders Association, has published a report showing that reverse mortgages can help an estimated 13.2 million elderly homeowners pay for long-term care, allowing many to remain independent in their homes longer.

WASHINGTON, D.C. – 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.