In case you missed it… here’s what happened in reverse mortgage news this week.
NY Times: Reverse Mortgage Time is Coming — The New York Times published an article on the recent history of reverse mortgages—and why demographics show the market must recover. The Times’ Ron Lieber notes in his article the recent re-entry of BNY Mellon into reverse mortgages and the changing landscape that is in store.
Bloomberg: Financial Advisors Still Not Sold on Reverse Mortgages — Bloomberg News spoke with two financial advisors who say they are still not recommending reverse mortgages, due to the relative costs versus other options, and the irreversible nature of the loans.
Reverse Mortgage Solutions, S1L Launch New Growth Strategy on East Coast — RMS and Security One announced this week a targeted East Coast expansion that will build out its Charlotte, North Carolina base and give the company more of a presence in the area. RMS says it plans to hire a “significant” number of originators and support staff toward the effort.
NRMLA Updates Guidelines on Reverse Mortgage-to-Reverse Mortgage Refis — Maintaining its most recent ethics guidelines on HECM-to-HECM refinance transactions, the National Reverse Mortgage Lenders Association has also added some updates in light of the most recent product changes.
Reverse Mortgages Rebound in September, AAG Maintains Top Spot — Reverse mortgage volume showed a slight uptick during September, though more notable, perhaps, is the market share maintained by American Advisors Group, which was responsible for more than 1,000 loan endorsements during the month.
Written by Elizabeth Ecker