While some in the industry have touted that reverse mortgages are no longer a loan of last resort, they should still be approached cautiously, recent news outlets have reported.
In this week’s Reverse Focus podcast, Shannon Hicks talks about a recent Boston Globe article, among other recent coverage on reverse mortgages.
Citing a recent Boston Globe report, Hicks notes that while most people understand traditional 30-year and 15-year mortgages, many homeowners don’t fully understand reverse mortgages and, thus, should proceed with caution.
Also discussed, reverse mortgage endorsements continue to slump behind last year’s volume levels, an eerie trending pattern that suggests the industry may have suffered a time lapse back to 2012, according to the latest Reverse Market Insight data.
Former Goldman Sachs executive Joshua Pollard wrote a letter to the White House indicating that the U.S. may be on the verge of the next big housing crisis — predicting a 15% drop in home values within three years.
Lastly, worried about her mothers reverse mortgage, an heir poses questions about her inheritance to a Dallas News columnist. Tune in to the podcast to learn more.
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- Proceed with caution before taking a reverse mortgage, says Boston Globe
- Will we repeat 2012 again?
- Analyst predicts a 15% drop in home values
- Mom, where’s my inheritance? Dallas News addresses reverse mortgage heirs
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Editor’s Note: These posts are sponsored by Reverse Focus.