In this week’s Reverse Focus podcast, Shannon Hicks discusses recent federal crackdowns on pension-advance firms. New York’s Department of Financial Services has already issued 10 subpoenas to such firms as part of its investigation.
Also discussed, real estate experts speculate whether the reverse mortgage market is poised for a comeback. Recent reverse mortgage product changes look to “strengthen” the program, according to one expert, however, the loans have been difficult for consumers to understand.
American Advisors Group (AAG) embarked on a new ad campaign, departing from their original advertising spots in the past. The campaign points to the benefits of the reverse mortgage and the ability to pay off certain debts, as well as improving a senior’s life, according to an AAG spokesman.
Lastly, Hicks discusses the 30-year fixed rate mortgage might have actually saved the U.S. from a worse housing crisis, according to a report from Bloomberg News. Created in 1934, the longer payment periods of 30 years helped to bring more security to homeowners and also for the economy than the “balloon loans” of the 1920s.
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- New York cracks down on pension lenders
- Reverse mortgage market poised for a comeback?
- AAG begins new ad campaign
- How the 30-year mortgage saved the economy
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Editor’s Note: These posts are sponsored by Reverse Focus.