Looking for Good News About Reverse Mortgages?

Phil Hall, the editor of Mortgage Orb does a good job covering the reverse mortgage industry. In his latest, Hall writes about how the negative coverage we often see in Wanted: Good News About Reverse Mortgages.

Yes, more positive news would be a great thing, but we did get some from the Wall Street Journal over the weekend.  That was short lived when a Gawker writer saw one too many Fred Thompson reverse mortgage commercials.  Before anyone gets tpo excited, Gawker slams everybody, so don’t take it personally.  Did you see Cat Woman is going on a robbery spree too?

Anyways, Hall brings up some good points, just look at what he found after a quick Google Search for reverse mortgage news:

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Even a casual hunt through the latest news headlines via Google turns up stories that add to the doom and gloom: “New Scam Targets Elderly Homeowners With Reverse Mortgages,” “Reverse Mortgage Home Loan For Senior Citizens – Is Refinancing A Better Option?” and “Dangers Of Reverse Mortgages” were among the headlines that popped up in the early stages of a search-engine spin.

As someone who scours these headlines everyday, it does get old but I can honestly say that it’s getting better. We are starting to see some results from the industry PR Campaign and I’m being told more is on its way.  Definitely worth the read.

Wanted: Good News About Reverse Mortgages

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  • It was a positive read. It was also good to read that the corner is being turned on the increase in positive press and decrease in negative press. It seems the new initiative is working.

    Without clarification it is always disappointing to read: “Back on June 18, the Washington Post reported that the FHA's HECM program ran into a $798 million estimated budget shortfall during the last fiscal year.” That “shortfall” is simply the discounted value of the net losses that are projected to be incurred by one cohort of endorsed HECMs over the next ten fiscal years or so; the vast majority of the losses will most likely be incurred in the latter half of that period, based on some pretty questionable assumptions, like well in excess of 1100,000 units being endorsed and the home appreciation rate on the security of those loans rising at the predicted rate of general inflation plus 0.5%. While the quote is reasonably accurate in its factual information, it certainly gives a distorted picture of the current condition of the HECM program as a whole.

  • I write a political column in a Miami newspaper and can tell you that no one writes about the “good news” as no one wants to read about it. So, what we always read is the “bad news” which is all you are going to see.

  • I write a political column in a Miami newspaper and can tell you that no one writes about the “good news” as no one wants to read about it. So, what we always read is the “bad news” which is all you are going to see.

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