Labor Day Round-Up: AAG to Launch New Reverse Mortgage Product

RMD will be observing Labor Day on Monday, Sept. 1, and would like to wish all of our readers an enjoyable holiday weekend. We’ll see you back here on Tuesday, Sept. 2. 

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

AAG to Roll Out New Reverse Mortgage Product — Following Urban Financial of America’s rollout, American Advisors Group will offer a jumbo reverse mortgage product that will be available for older borrowers whose homes are worth more than the $625,500 limit for debt backed by the Federal Housing Administration.

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Brookings: Reverse Mortgage Can Play Viable Role in Retirement — Recent legislation has made greater protections for elderly reverse mortgage borrowers, turning the loan into a good retirement planning tool, a Brookings opinion article states. 

Senate Bill Would Shield Companies from Falling Under CFPB Reign — A bill introduced last month would protect certain financial institutions with less than $50 billion of total assets from examination and reporting requirements of the CFPB. 

Denver Post: Road Through Divorce Best Taken With Reverse Mortgage — As the divorce rate rises among older generations, reverse mortgages are finding their place as a strategy divorcees can use to move forward financially, a recent article suggests. 

Reverse Mortgages Offer Home Care Advantage — Reverse mortgages allow “house-rich but cash-poor” elders to use their housing equity to help offset the rising costs of health care. 

Written by Emily Study

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