In case you missed it, here’s what happened in reverse mortgage news this week:
RMF’s HECM Choice Here to Stay, Despite Ginnie Mae Ruling—Reverse Mortgage Funding announced some new updates to its HECM Choice product offering, including minimum draw and set aside requirements.
NY Times: Inheritance Blinds Heirs to Reverse Mortgage Realities—Heirs of reverse mortgage borrowers don’t care so much about how these loans work, but they do care how reverse mortgages affect their inheritances, The New York Times reported.
Lenders Adapt Following Ginnie Mae Ruling on New Products—Now that Ginnie Mae says it will not allow the securitization of many of the new HECM product variants, lenders are shifting their business lines to adapt to the changes.
Huffington Post: Reverse Mortgages Come With New Restrictions—The Huffington Post touched on how reverse mortgage program changes have made the loans more difficult to obtain than in years past.
Academics Say Reverse Mortgages Make Sense in Retirement Planning—First financial planners—now university professors are also beginning to acknowledge how reverse mortgages can be used as “viable” financial assets for retirement planning.
Written by Jason Oliva