MLK Day Round-Up: Is the New Reverse Mortgage More Attractive?

In case you missed it… here’s what happened in reverse mortgage news this week. 

Will Program Changes Make Reverse Mortgages More Attractive?—A research brief from the Boston College Center for Retirement Research points to “Yes.” Highlighting program changes that will make reverse mortgages safer, BC’s researchers say ultimately this will make the program more attractive to borrowers. 

Ibis Introduces New Reverse Mortgage Software for Financial Planners, Originators—Reverse mortgage software provider Ibis detailed the new programs, which are geared specifically toward originators and financial planners to incorporate reverse mortgages into a comprehensive retirement plan based on the “6% Rule.” 

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CFPB’s Cordray Talks Mortgages with Jon Stewart on the Daily Show—Consumer protection figurehead Richard Cordray, director of the CFPB, spoke with Jon Stewart about new mortgage rules, and why it took so long to get his full director title. 

NRMLA Begins Reverse Mortgage Borrower Outreach With New Consent Form—NRMLA has developed a consumer consent form that asks for basic contact information at loan closing, should the borrower be open to providing future feedback on the loan. 

Defendants Bilk Lenders, Seniors in Georgia Reverse Mortgage Fraud Scheme—Two Georgia men were indicted this week for charges relating to a reverse mortgage scheme in which they falsified appraisals and bilked money from senior borrowers, lenders and the federal government. 

RMD will be observing Dr. Martin Luther King Jr. day on Monday, January 20. We will resume our normal publishing schedule on Tuesday, January 21. Wishing our readers a great weekend! 

Written by Elizabeth Ecker

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