CBS News: New Govt. Rules On Reverse Mortgages

Reverse mortgages now come with some “new rules” in an effort to better protect seniors, says CBS News in a Friday segment. 

“Some people see it as a good idea as an opportunity to take some money out,” toward paying for expenses such as medical costs says reporter Rebecca Jarvis in the segment. 

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Co-host Gayle King questions whether new rules will aid in protecting seniors. 

“The new rules are part of the solution, but but he customer at the end of the day has to protect themself,” Jarvis says, noting the government’s stake in insuring the loans. 

Ultimately the segment advises consumers to choose a lender wisely if they are seeking a reverse mortgage as a solution to help in retirement living. 

View the segment. 

Written by Elizabeth Ecker

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  • It is interesting that HECMs are viewed by the media with such jaundiced eyes. One would think that FHA had designed a product to intentionally harm seniors. Ms. Jarvis did OK but her panel was anything but unprejudiced.

  • I think my friend Jim Veale was gentle in his evaluation. I am a veteran in our industry, like Jim, however, after hearing the panel and Ms. Jarvis, I don’t think I would want to take out a reverse mortgage.

    I came away from watching and listening to the news cast thinking, this is a scam! I saw very few benefits being mentioned like no mortgage payments for the rest of one’s life, the ability to receive life time incomes or all the other advantages of why seniors take out a reverse mortgage.

    I saw and heard mainly negativity comming from that news broadcast. Like Jim said, “HECM’s are viewed by the media with such jaundiced eyes”!

    John A. Smaldone

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