It is clear to all reverse mortgage participants that something has to be done to improve our image. It was the reoccurring theme at the recent NRMLA conference. But talk can be cheap and without a coordinated, concerted effort to take control of our public perception, we may struggle to convince lawmakers, regulators, seniors and [...]

Late last month Mr. Bob Greene stated:  “I have often wondered why there is such an uproar … against using a portion of reverse mortgage proceeds to fund LTCi or an ILIT. These … can be valuable tools to assist in protecting ones estate and legacy.…. I was always under the impression that the goal [...]

With the enactment of any new law, the first questions that arise surround the date that the act goes into effect and the problems that the new law creates. Unlike federal legislation, there is no HUD like agency to provide guidance or direct the implementation of California Assembly Bill (AB) 329.
In other words, do [...]

I’ve been hearing from several HECM counselors and reverse mortgage lenders about the problems associated with some of the new counseling procedures and FHA Connection.  Below is an article written by Enrique M. Juarez, HECM Manager, CCCS of Orange County to help explain some of the issues.
Technology

All originators experienced it. No one seemed to like it. Several in the industry tried to warn us it was coming. No one knew when it arrived what would happen. When it arrived, the majority of those who spoke out blamed HUD; however, the real culprit was and still remains — Congress and perhaps even [...]

As the reverse mortgage industry faces a $798 million subsidy request, there is plenty of discussion from industry leaders and politicians about how to change the program to ensure its success and viability.   
The knee jerk reaction from most is to cut the principal limit to ensure that no subsidy is needed for the government [...]

The September 2009 issue of Consumer Reports (CR) contains what CR labels an investigative report on reverse mortgages, titled “Reversal of Fortunes.” Its subtitle is: “The next financial fiasco? It could be reverse mortgages.” It is a lengthy article which makes many accusations while covering an array of subjects all without any of the earmarks [...]