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Extra info for AARP Reverse Mortgages and Linked Securities. The Complete Guide to Risk, Pricing, and Regulation
This was timed to coincide with the Congressional decision to extend the HECM “pilot” program due to expire at the end of 1995. FANNIE MAE STAKES A CLAIM TO THE MARKETPLACE The 1996 extension of the HUD/HECM program ushered in the large-scale opportunity for mortgage brokers to begin promoting and offering these government-guaranteed reverse mortgages. The brokers offered these loans through a program backed by Fannie Mae with a HUD guarantee. At the same time, county and state programs started offering reverse mortgage counseling to prospective borrowers.
The company was founded by Bill Texido, a pioneer from the rail car leasing business. Modeled in much the same way as a rail car lease, the product design was all about leverage and fees. However, before the end of the “lockup period,” when insiders could start to sell stock, the Company cratered because of a combination of an interest rate mismatch in sourcing and lending of funds, and speculative product design. The combination led to the SEC invoking accounting treatment, which was very unfavorable to the Company and their speculative product design.
First, under the “tenure” option, disbursements can be made to a borrower in equal monthly installments for life. The tenure option is sometimes referred to as a reverse annuity mortgage because it resembles an annuity product. Second, under the “term” option, a borrower can choose to receive loan disbursements in equal monthly payments for a set term, which the borrower specifies. The end of this term does not trigger “maturity” of the loans, but disbursements will not be made after that time.