Friday Round-Up: Calif. Reverse Mortgage Counseling Bill, Borrowers Weigh In

In case you missed it… here’s what happened in reverse mortgage news this week.

NRMLA surveyed 500 borrowers, providing input to the CFPB. By way of informing comments submitted by the National Reverse Mortgage Lenders Association to the CFPB in response to the bureau’s request for comments regarding reverse mortgage use, NRMLA commissioned a survey of more than 500 reverse mortgage borrowers. The finding: borrowers know what they are doing. 

Inman News “Mortgage Professor” talked HELOC versus reverse mortgage. Outlining the differences between the two, the M.P. found reverse mortgage advantages outweigh the HELOC option. 

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The House passed an “Emergency Fiscal Solvency” Act to protect FHA. A bill voted “yes” by the House of Representatives this week, if passed into law, would protect the position of the Federal Housing Administration’s mutual mortgage insurance (MMI) fund by implementing new rules regarding the fund. 

The housing market showed signs of life. The list of improving housing markets continues to rise and now includes 99 markets across the U.S., according to the National Association of Home Builders/First American Improving Markets Index.  

A reverse mortgage counseling bill passed in California. The bill passed through the California state Senate last week will require all reverse mortgage counseling within the state to be conducted in person, unless a borrower opts out of the face-to-face counseling option in favor of a telephone session. 

Written by Elizabeth Ecker

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