With echoes of earlier calls for “net tangible benefits” from the forward world resonating, suggestions now are being floated for “financial assessments” of seniors in the mood for a reverse mortgage. Washington, D.C. attorney Jim Milano says “one policy [question] floating around is whether seniors need some kind of financial assessment and, if so, who [...]

Over the weekend I was reading some of the comments on RMD and many of them were geared towards the Wall Street Journal describing a reverse mortgage as a product which sold your home to a bank.  Each of us has put lots of work into teaching people that a bank doesn’t own your home [...]

State Employees’ Credit Union’s (SECU’s) consumer-friendly Reverse Mortgage was introduced in August 2008 and has since closed 50 reverse mortgages totaling over $5 million according to the company’s statement. SECU’s loan is a fixed rate product that uses simple interest accrual and has an origination fee of 1%.  Unlike the HECM, its “consumer friendly” reverse [...]

Today a friend from California sent me an email with questions about his mother getting a reverse mortgage and attached was a printout from Sun West showing a comparison of the different products.  Looked normal, a LIBOR and CMT based HECM along with the HECM fixed. I was about to respond to the email saying [...]

A new report from Accenture found that Baby Boomers are embracing consumer technology applications nearly 20 times faster than younger generations.  The report surveyed 3000 consumers across the US, representing all geographic regions. Accenture’s Consumer Electronics Products and Services report shows that Boomers

The Wall Street Journal published Older Borrowers, Out in the Cold which describes how older homeowners are being left out of the governments efforts to press lenders to modify mortgages and are now facing foreclosure.  Ellen Schultz writes that these homeowners were tempting targets during the subprime boom and were often persuaded to refinance their [...]