In case you missed it…here’s what happened in reverse mortgage news this week.
A 101-year-old Detroit HECM borrower was foreclosed upon and let back in by HUD. After falling behind on property tax payments, the homeowner was evicted. Two days later, the Department of Housing and Urban Development had returned the keys. HUD called the situation “exceptional,” and said it did not set precedent for similar borrowers.
A panel went to Congress in search of housing counseling funding, including HECMs. Representatives from NRMLA, NeighborWorks and HUD urged members of congress to support the return of HECM counseling funds and housing counseling funding in general.
A Reverse Market Insight presentation touted the opportunities presented by new HECM products. The HECM Saver and HECM for Purchase each have a projected target population that could yield the equivalent to the entire current HECM Standard market, RMI’s John Lunde told attendees of the Texas MBA’s reverse mortgage conference in Houston.
An NBC Today Show interview left reverse mortgage professionals seething. It’s really bad to be house rich and cash poor, Today Show guest and financial adviser Carmen Wong Ulrich told viewers, stating that reverse mortgage borrowers can lose up to 20% of their home’s value and can end up outliving the home. View the segment.
Former IndyMac CEO attempted to clear his name through a personal blog post. Perry took to his personal website to defend himself after being hit with lawsuits from the Securities and Exchange Commission (SEC), the Federal Insurance Deposit Corporation, and an unknown but likely large number of private civil cases.
And if you didn’t see the viral YouTube video, “Webcam 101 for Seniors,” check it out, below.
View the video on YouTube.
Written by Elizabeth Ecker