In case you missed it… here’s what happened in reverse mortgage news this week.
The Today Show took questions on reverse mortgages. In answering a viewer question from the daughter of a reverse mortgage borrower, Today’s take was that the reverse mortgage is for the borrower, and borrower only. The idea that a child is entitled to the home is a “real problem,” Today experts said.
Genworth said it will implement a reverse mortgage financial assessment in Q1. With the end of the quarter quickly approaching, Genworth Financial Home Equity Access said it plans to roll out a three-phase implementation of the financial assessment by the end of the quarter.
More mainstream media covered reverse mortgages following a MetLife study. The MetLife Mature Market Institute study sparked conversation in outlets spanning Time and Forbes, some putting a positive spin on the use of reverse mortgages and some raising concerns. Check out our editorial on why it helps to have a brand like MetLife in the business.
Wholesale next for One Reverse? The company launched a new mortgage services division this week that will work directly with customers of parent company Quicken’s forward wholesale and correspondent channels. Not yet making a foray into wholesale for revere mortgages, ORM president Gregg Smith tells RMD it is in the plans for the future.
Counseling grants led to more free counseling. Several agencies told RMD they will now be able to offer reverse mortgage counseling to all customers free of charge in light of the new funding, announced last week.
Some regions fared better than others for volume. A Reverse Market Insight report showed Miami, New York and Southern California have showed the most volume growth, indicating that in addition to the hardest-hit areas, others are enjoying new volume, too.
We’ll be traveling to the National Reverse Mortgage Lenders Association eastern regional conference this week in New York for up-to-date coverage. Look forward to seeing you there.
Written by Elizabeth Ecker