In case you missed it, here’s what happened in reverse mortgage news this week:
Lenders Brace for Impact of Reverse Mortgage Financial Assessment – With the financial assessment going into effect March 2, the reverse mortgage industry is preparing for the upcoming change. While some lenders view the financial assessment as a “non-event,” there are those who say they expect a reduction by at least 15% as they adapt to the change.
HUD Chief: Reverse Mortgages a Good Option ‘If Done Right’ – Department of Housing and Urban Development Secretary Julian Castro recently expressed his support for reverse mortgages in a “fireside chat” with Zillow, saying a reverse mortgage may provide the help some Americans need.
LA Times: Why Reverse Mortgages Are a Wealth Management Tool – In a recent Los Angeles Times Q&A, personal finance columnist Liz Weston advises readers to consider a reverse mortgage. What were once deemed “expensive loans of last resort” are now “a potential wealth management tool,” she says.
How Aging Impacts the Financial Decisions of Older Adults — While declining cognition, and as a result a decline in financial literacy, is a common occurrence among individuals in their 80s, a new study reveals some surprising information about how aging impacts financial decision-making.
HuffPost: Reverse Mortgage Pros and Cons – The Huffington Post weighs the advantages and disadvantages of taking out a reverse mortgage in a recent column, ultimately urging those considering the loan to do their homework first.
Written by Cassandra Dowell