In case you missed it… here’s what happened in reverse mortgage news this week.
Mortgages are getting a little easier for retirees. Despite difficulties in proving income in order to get new mortgage loans in retirement, those who are no longer working actually may have an easier time than previously under a little-known rule specified by Freddie Mac.
Longtime Liberty Reverse CEO announced he will leave the company. Liberty Home Equity Solutions (formerly Genworth Financial Home Equity Access) CEO Pete Engelken told members within the company he would leave the company this summer to pursue an opportunity with Pathway Strategic Advisors.
House Reps introduced a Reverse Mortgage Stabilization Bill. In support of a Department of Housing and Urban Development effort to receive more authority over reverse mortgages, a bill was introduced by two members of Congress that would work to stabilize the Federal Housing Administration’s Home Equity Conversion Mortgage program.
A policy report found reverse mortgages to be a “rollercoaster.” Delving into the Federal Housing Administration’s participation in the reverse mortgage market, the report, published by the National Center for Policy Analysis concludes reverse mortgages can be a useful tool, but should have limited government participation.
Written by Elizabeth Ecker