The CBS Early show ran a feature on reverse mortgage this morning during its Money Watch segment. CBS correspondent Rebecca Jarvis discusses the product and recent changes like the elimination of servicing and origination fees.
It’s a positive segment but of course the Consumer Reports “investigation” was briefly mentioned by saying that the volume of reverse mortgages which have “failed” totaled:
2004 – $81 million
2008 – $381 million
“Failed” isn’t the right choice of words, since the numbers represent the total amount of loans which have been assigned to HUD. Anyways, some good primetime coverage, check out the video below.