In case you missed it… here’s what happened in reverse mortgage news this week.
Ocwen Woes Continue as CEO Pens Apology to Borrowers—Ocwen’s servicing troubles made headlines again this week stemming from findings among New York’s banking regulator that the company had back-dated letters to borrowers who were facing foreclosure, leading to the borrowers being unable to act in time. Ocwen’s CEO penned a letter of apology to those borrowers this week. The company also stated that it has set aside $100 million toward a potential settlement with the regulator.
Investopedia: 6 Steps To Retiring With A Reverse Mortgage—Among its recent coverage of reverse mortgages, online resource Investopedia this week delved into some of the steps that retirees should take before signing for a reverse mortgage. Meeting with a financial planner or attorney and shopping around are a few of the reverse mortgage starting points Investopedia recommends.