In case you missed it, here’s what happened in reverse mortgages this week.
MetLife: New, Younger borrowers need reverse mortgages. We’re still seeing the coverage across outlets after MetLife’s Mature Market Institute teamed up with the National Council on Aging to analyze data on borrowers past and present. The study found borrowers are getting younger, and they are facing larger household debt than ever before. Check out RMD’s coverage of the study.
A MacArthur grant was announced to fund a reverse mortgage study at Ohio State. The funding, which totals nearly half a million dollars, will go to researchers at The Ohio State University and counseling agency CredAbility in a three-year study of reverse mortgages. The study aims to seek information that can inform future policy on the program.
One Reverse moved into new San Diego digs, doubling in size. The reverse mortgage arm of Quicken Loans has relocated within the San Diego area expects to hire up to 30 in the coming months, in addition to a growing Detroit-based staff.
Reverse mortgage community REMALO said goodbye. REMALO founder Sam Collins, who launched the site in 2009 as an educational resource and community for reverse mortgage professionals, announced he will close the site at the end of March.
NRMLA established a new borrower pledge. The association will send the pledge for all members to sign, stating their commitment for to comply with all government regulations associated with reverse mortgages, and other best practices.
Nationwide Equities moved into closed loans. The New Jersey-based lender announced it has entered the closed loan hybrid business for reverse mortgages after launching a successful wholesale channel in September 2011.
Written by Elizabeth Ecker