In case you missed it…here’s what happened in reverse mortgage news this week.
FHA announced more reverse mortgage changes are on the way. Officials from the Federal Housing Administration announced additional changes will come to its reverse mortgage program by August, regardless of Congressional authority.
CBS News covered new reverse mortgage rules. Reporters from CBS News outline the finer details surrounding reverse mortgages, specifically how new program rules “protect” borrowers.
Reverse mortgage changes not likely to impact loan volumes. Rather than carrying any “meaningful” impact on loan volumes, lenders expect program changes will force a product shift to occur.
HUD speaks out against Washington budget cuts. Spending cuts to housing counseling programs will have a damaging effect on families, according to Department of Housing and Urban Development Secretary Shaun Donovan.
Program changes threaten reverse mortgage appeal. AARP wrote in its blog that while program changes aim to help borrowers, they could make the loans less desirable to borrowers.
Written by Jason Oliva