In case you missed it, here’s what happened in reverse mortgage news this week:
Harvard, AARP: Senior Housing Situation Dire, But Reverse Mortgages Can Help An increasing number of baby boomers and those age 65 and older are carrying mortgages into retirement, pointing to a looming seniors housing crisis — but reverse mortgages can offer financial security for those who are eligible, a new report shows.
Urban Releases More Detail on HomeSafe Jumbo Reverse Mortgage Urban Financial of America’s new jumbo product is available in four states to those age 62 and older, and while borrowers can use the proceeds however they so choose, UFA notes that the loan may be well-suited to address certain situations.
Reverse Mortgage Volume Hits Low, Declines in All 10 Regions HECM endorsement volume declined -20.4% in August, with the Great Plains region taking the biggest hit — a sharp -44.5% drop in endorsements.
Ocwen Mortgage Servicing Downgraded Amid Regulatory Probes Moody’s has downgraded the servicer quality of Ocwen Loan Servicing, LLC amid the embattled nonbank servicer’s ongoing conflicts with federal regulators and the implications those probes pose for the company.
CFPB Warns Credit Card Companies on Deceptive Marketing Tactics In a bulletin released recently, the Consumer Financial Protection Bureau puts credit card issuers on notices about clearly disclosing the costs and risks of certain promotional offers so that consumers may better understand what they are signing up for.
Written by Emily Study