In case you missed it… here’s what happened in reverse mortgage news this week.
Non-Borrowing Spouse Update Brings New Challenges to Reverse Mortgages—The Mortgage Professor, a.k.a. Jack Guttentag, writes about concerns around the new reverse mortgage non-borrowing spouse rules scheduled to take effect in August.
Column: Reverse Mortgage a Good Option if Borrower Isn’t ‘Dead Broke’—Syndicated columnist Scott Burns writes on the reverse mortgage’s difficult past when it comes to consumer acceptance, and why recent program changes are making it a more appealing option than ever for today’s retirees.
Retirement Housing Developer Launches Reverse Mortgage Education Campaign—East Coast-based age-restricted housing developer Traditions of America is targeting sales through the reverse mortgage for purchase. The company has launched a series of educational seminars to teach qualifying seniors about using their home equity to purchase a new home for retirement.
CFPB Proposes Disclosure Changes, Wants More Info on Reverse Mortgages—Through a proposal this week, the CFPB says it wants more information about all mortgage transactions, but specifically, on reverse mortgage transactions. While some lenders will not need to provide HMDA data, any covered financial institutions that originate reverse mortgages will need to collect and submit additional loan information under the new proposed rules.
Pre-Retirees Face Major Retirement Income Gap—Today’s retirees face a much more challenging environment than their younger counterparts, finds analysis from BlackRock published this week. Those in their 60s today face a larger gap in replacing their pre-retirement income through the use of savings and investments than those in their 50s, the analysis shows.
Written by Elizabeth Ecker