In case you missed it, here’s what happened in reverse mortgage news this week:
CBS MoneyWatch: Reverse Mortgages May Be Set to Boom—CBS MoneyWatch featured an impartial perspective on reverse mortgages, highlighting both the pros and cons of taking out these types of loans, with one interviewee anticipating their growing popularity in the months and years ahead.
AAG Launches New HECM CAP5 Adjustable Rate Reverse Mortgage Product—American Advisors Group rolled out a new product variation of the Home Equity Conversion Mortgage, joining other adjustable rate reverse mortgages also now offering a monthly adjustable rate and a lifetime cap.
BNY Mellon Launches New Reverse Mortgage Business—After seven years following its departure from the reverse mortgage industry, BNY Mellon is making its return later this year with the launch of a new business that will purchase, securitize and service reverse mortgages.
House Expands QM Mortgage Definition, Industry Praises Change—Mortgage industry members applauded the efforts of the U.S. House of Representatives’ efforts to clarify certain definitions outlined in the Consumer Financial Protection Bureau’s long-debated Qualified Mortgage rule.
NRMLA Seeks Guidance on Non-Borrowing Spouse Rules—In efforts to gain more clarification on certain aspects of the recent rule change regarding non-borrowing spouses, the National Reverse Mortgage Lenders Association sent a number of questions and comments to the Department of Housing and Urban Development.
Written by Jason Oliva