“Reverse mortgages are the next wave of fraud, they’re counter-intuitive and difficult to understand,” said Terry Goddard, Attorney General for the state of Arizona during a speech in front of sixty seniors who attended an Anti-Crime University in Sierra Vista, Arizona. The speech was part of a statewide effort to reach seniors, arming them with [...]

A bill which would amend the Illinois High Risk Home Loan Act (HRHLA) to ensure that reverse mortgage loans would not be considered “high risk home loans” passed the House of Representatives by a vote of 53-1 and now makes it way to the Senate. Sponsored by Senator Terry Link, SB 3287 would exempt Federal [...]

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The Chicago Tribune is reporting that despite a tough real estate market, local active adult communities for those 55 and older are having some success. According to the Tribune, local builders are reporting that sales at active-adult communities never declined as much as they did at family-oriented or move-up developments. And recently, active-adult sales have [...]

The National Reverse Mortgage Lenders Association released additional details regarding its proposed public awareness campaign to help improve the image of reverse mortgages in the eyes of the public. The primary message of the campaign will be that dealing with NRMLA members, “seniors can borrow with confidence”. The initiative’s purpose is to inform the public, [...]

The Arizona House of Representatives passed HB 2242 by a vote of 47-10 and now moves to the Senate. Sponsored by Representative Bill Konopnicki, the bill requires originators follow certain guidelines when originating reverse mortgages in the state. Specifically, the bill requires that adequate financial counseling be provided by an independent third party which is [...]