Reverse Market News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Interest rate increases and economic concerns led the government entity to lower the required amount from $1 million to $250,000.

This move comes at a time when the largest HECM producer sold its operations to a rival and another filed for bankruptcy.

After volumes peaked at their highest in over a decade in March, the reverse mortgage market ended the year with a bankruptcy and merger involving its largest companies.

The Lansing, Michigan-based firm was awarded the contract this spring and takes over from Novad Management Consulting, which had previously serviced government-held HECMs since 2014.

The deal will close for $10 million in cash, plus the right to purchase nearly 33.9 million shares of common stock.