In case you missed it, here’s what happened in reverse mortgage news this week:
Reverse Mortgage Program Changes Impact Americans’ Retirement Security—While reverse mortgages have been touted as tools to supplement retirement income, new data shows that more than half of today’s households lack enough income to maintain their pre-retirement standard of living.
Mortgage Professor: The Time is Now for a Reverse Mortgage—The current low interest rate environment is making now the time to act on getting a reverse mortgage, according to a recent column from Jack Guttentag, also known as “The Mortgage Professor.”
Reverse Mortgage Securities Headed for Record Low Issuance in 2014—Issuers of Home Equity Conversion Mortgage-backed securities (HMBS) posted their third-highest issuance tally for the year, but it might not be enough to overcome a record-low, according to New View Advisors’ commentary on Ginnie Mae data released this week.
Government Spending Bill Says ‘Yes’ to Reverse Mortgage Counseling Funds for 2015—The $1.1 trillion spending bill passed by Congress this week allots $47 million in appropriations for housing counseling programs, including reverse mortgages. The funds are a slight uptick from last year’s $45 million.
Ocwen Just Can’t Beat Regulator Heat—The non-bank mortgage servicer—also the parent company of Liberty Home Equity Solutions—continues to fall under the regulatory microscope, this time in a report released this week by the Monitor of the National Mortgage Settlement.
Written by Jason Oliva