In case you missed it… here’s what happened in reverse mortgage news this week.
Here’s How One Finance Professor Came Around to Reverse Mortgages—Some financial professionals are coming around to reverse mortgages in light of new attention to tapping home equity, as well as new rules that are making reverse mortgages safer for consumers. Finance professor Wade Pfau sat down with RMD to share his take on reverse mortgages and how his view came into focus.
Awareness Grows for Reverse Mortgage Retirement Benefits—The Boston College Center for Retirement Research has long advocated the use of home equity in retirement via reverse mortgage loans. The Economist zoomed in on BC’s take in a recent article spelling the need behind a loan that allows people to use home equity as a major retirement resource.
Open Mortgage Picks Up Reverse Originations Arm From 360 Mortgage—Just months after announcing its entry into reverse mortgage originations, 360 Mortgage Group informed employees it would be winding down its operation. The majority of its origination arm will find a new home at Open Mortgage, a growing lender based in Austin, Texas.
WSJ: Six Common Aging Myths Busted—From depression to cognitive decline, the Wall Street Journal identifies six myths of aging, and the truths behind them.
FHA Keeps Reverse Mortgage Loan Limits Unchanged for 2015—The Federal Housing Administration announced it will not change reverse mortgage loan limits in 2015—it will keep them at their elevated rate of $625,500.
Written by Elizabeth Ecker