COVID-19 Produces Two Big Changes In The Reverse Mortgage Industry
Here is the update on the evolving reverse mortgage industry in the age of COVID-19: Two big changes. The first is how the appraisals are conducted. HUD has approved drive-by appraisals or in some cases desktop reviews for HECM loans. This means the appraiser does not have to enter the home. The other change is around Portfolio (proprietary) reverse mortgages. Two lenders have stopped offering these loans because of the uncertainty in the secondary markets. Listen to the podcast of Reverse Mortgage Radio for all the details.