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Reverse Mortgage Magazine, November-December 2017


This year’s Annual Meeting issue is devoted to women in retirement. If women talk to each other differently than they talk to men or than we talk to each other, what does that mean for explaining reverse mortgages? Our product is, after all, an intimate one: it can require a discussion of personal finances, expectations, hopes, fears, needs. This is not like buying tonight’s dinner or a new cell phone. We thought it might be of value to our industry to look at borrowing from the point of view of women who, by choice or by events, are forced to make the decisions alone. What are their needs? What do they need to hear? Who will they turn to for advice? And how is this process different from lending to a man alone or a couple?

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Become a Certified Reverse Mortgage Professional


One of our goals as an industry trade association is telling consumers with confidence, you can depend on a NRMLA member. Saying it is one thing; proving it is another. That is why NRMLA created the Certified Reverse Mortgage Professional (CRMP) designation.

In every industry, there are those individuals who strive to excel. They often do so by earning a credential that distinguishes them as being among the most knowledgeable, the most competent and the most ethical and professional.

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Industry & Member News

HMBS November 2017: Don’t Look Down

Last month the HMBS market impersonated the Coyote, holding an anvil of loan payoffs in mid-air but not falling. That will change soon when the full effect of new PLFs inevitably shrinks the outstanding HMBS float, which fell slightly in November despite the largest issuance in 15 months. HMBS prepayments topped $1.2 billion, the highest … more HMBS November 2017: Don’t Look Down

Key HECM Regulations and Resource Materials

The following section lists the primary regulations pertaining to the FHA’s Home Equity Conversion Mortgage Program, used by compliance, underwriting and servicing staff.

FHA Increases HECM Lending Limit to $679,650

Beginning January 1, 2018, the national lending limit for Home Equity Conversion Mortgages will increase to $679,650 from $636,150. Details were announced today in Mortgagee Letter 2017-17. This new loan limit is also applicable to Freddie Mac’s special exception areas: Alaska, Hawaii, Guam, and the Virgin Islands.

PACE Liens Now Considered a Mandatory Obligation

Effective for case numbers assigned on or after January 6, 2018, properties encumbered by a PACE obligation can be paid off using HECM proceeds. “Clarification is provided to identify PACE obligations as Mandatory Obligations that must be paid off at closing, and may be paid off using HECM proceeds,” according to Mortgagee Letter 2017-18. In … more PACE Liens Now Considered a Mandatory Obligation