In case you missed it…here’s what happened in reverse mortgage news this week:
The time is “now” to get a reverse mortgage. At today’s interest rates, borrowers are likely to receive more from their reverse mortgage proceeds than if they hold off taking out the loan, writes the Mortgage Professor Jack Guttentag.
CFPB to study compliance costs. After hearing ongoing concerns from reverse mortgage lenders, the Consumer Financial Protection Bureau says it will dig deeper into how compliance costs affect certain businesses.
NBC puts reverse mortgages under fire. Commentators from MSNBC’s Morning Joe show talked reverse mortgages, debating whether they are “scams,” since TV ads do not disclose all the specifics surrounding them.
Think tank outlines reforms for FHA. As home prices rebound, pressure mounts on the Federal Housing Administration to make reverse mortgage reforms.
Current policies are hindering seniors’ savings. Senior advocacy groups identify challenges faced by older Americans in saving enough for retirement.
RMD will be observing the holiday on Friday. Wishing readers a happy holiday weekend and we will see you back here on Monday, April 1.
Written by Jason Oliva