Reverse Fortunes Weekly Podcast Episode #104 Is the HECM budget subsidy unlikely? To listen login or become a free member to listen to past & current episodes Talking Points: Consumer Reports: Is balanced reporting their product? Appropriation for reverse mortgage unlikely? Don’t panic yet. Canadians go big with reverse mortgages. Security One Lending takes the [...]

After weeks of debate, the Senate approved landmark financial reform legislation by a vote of 59 to 39 late Thursday evening. Lead by Sen. Christopher J. Dodd (D-CT.), the bill would create a new consumer protection watchdog housed at the Federal Reserve, establish oversight of the vast derivatives market and give the government power to wind down [...]

The National Reverse Mortgage Lenders Association is hosting their 2010 Washington, D.C. Policy Conference June 7th through 9th at the Liaison Capitol Hill. The conference is only open to NRMLA members, aiming to provide an in-depth look at regulatory, compliance, and legislative issues concerning the reverse mortgage industry. Attendees will have the opportunity to engage [...]

Maryland’s Governor signed into law a reverse mortgage consumer protection bill on Thursday that goes into effect October 1, 2010. HB 799 is applicable to all reverse mortgages in Maryland, meaning there would be no HECM exemptions. Essentially, the Reverse Mortgage Homeowners Protection Act applies current HECM guidelines to all reverse mortgage products offered in [...]

Consumer Reports is back cheering on Senator Clair McCaskill and her “mandated mission” to protect seniors from predatory lending abuses in the reverse mortgage market.  McCaskill proposed an amendment to the Consumer Financial Protection bill being debated in the senate last week with Sen. Herb Kohl, chairman of the U.S. Senate Special Committee. “While reverse mortgages [...]

Minnesota Governor Tim Pawlenty signed into law a bill to implement new reverse mortgage consumer protections on Wednesday. SF 2430 includes a reverse mortgage provision which implements new counseling guidelines, a 7-day “cooling off” period and restricts the cross-sale of annuities and long-term care insurance said the National Reverse Mortgage Lenders Association in an alert to members.