In case you missed it, here’s what happened in reverse mortgage news this week:
Reverse Mortgage Lenders Roll Out New TV, Media Campaign—As part of the “Extreme Summit” initiative, a new reverse mortgage television campaign rolled out this week in Denver, Philadelphia and Seattle.
CFPB Issues Rule For Heirs of Mortgage Holders—Surviving family members who acquire the title to a property can now take over the deceased borrower’s mortgage and be eligible for a loan workout without triggering the CFPB’s Ability-to-Repay rule.
California Reverse Mortgage Bill Awaits Senate Vote—A bill introduced in California’s state legislature calls for lenders to wait seven days post-counseling before they can collect a reverse mortgage application or assess any fees. The vote garnered approval in the California State Assembly and currently awaits a vote from the state Senate.
Best Vacation Home Spots for HECM for Purchase—Vacation homes mean second homes, but they might also mean prime destinations to consider Home Equity Conversion Mortgages (HECMs) for Purchase.
Reverse Mortgage Volume Hits 18-Month Low in June—HECM endorsements have hit their lowest monthly tally in 18 months, and future volume dips may be in the works as well, suggests a recent report from Reverse Market Insight.
Written by Jason Oliva