In case you missed it… here’s what happened in reverse mortgage news this week.
Reverse mortgages guest star on Modern Family. A Season 5 episode of ABC’s Modern Family features reverse mortgages for an episode plot line. Two of the show’s main characters go out for lunch to a restaurant where a reverse mortgage commercial is being filmed. They end up as extras in the commercial, which name drops Henry Winkler. Watch the episode here.
Court rules against HUD in non-borrowing spouse suit. An appeals court ruled against HUD in a lawsuit involving surviving, non-borrowing spouses of reverse mortgage borrowers.
Reverse mortgage volume drops with new changes taking effect. Lenders are already feeling the impact of the elimination of the HECM standard, as Reverse Market Insight data tracked a double-digit decline in origination volume.
Two major reverse mortgage counseling agencies announce plans to merge. CredAbility and ClearPoint Credit Counseling Solutions have agreed to merge into one organization, effective the last of the year.
HUD releases a back-up plan for the government shutdown. HUD released a contingency plan informing lenders of the potential impact to its lending and operations during the government shutdown.
Written by Alyssa Gerace