In case you missed it… here’s what happened in reverse mortgage news this week.
Kiplinger ran an article about the new features—and hurdles—of reverse mortgages. Kiplinger explains the distinction between the old reverse mortgage product and the new one, as of October 1, that offers less of an upfront draw and two different mortgage insurance premiums
The CFPB filed suit against a law firm, alleging mortgage kickbacks. The Bureau filed suit against a Kentucky law firm that it believes paid illegal kickbacks for mortgage referrals. The lawsuit seeks disgorgement of all “ill-gotten” proceeds from the arrangement, as well as an injunction to stop the defendants from further violating RESPA.
FHA chief Galante went before Congress to talk FHA “bailout.” Despite losses, the agency is on the road to recovery, Galante noted, though reverse mortgages are accounting for the majority of those losses.
CFPB released a new guide to working with seniors on financial matters. A series of guides, “Managing Other People’s Money,” speaks to caregivers and fiduciaries who manage money for their older parents, friends or relatives.
… and lenders are heading to New Orleans for the Annual NRMLA convention next week. RMD will be there, keeping readers up to date on reverse mortgage matters. Don’t miss the Wish of a Lifetime Foundation benefit on Monday evening for those who are in town.
Written by Elizabeth Ecker