In case you missed it, here’s what happened in reverse mortgage news this week:
Federal Savings Bank Targets Big Potential For Reverse Mortgage Growth—Federally chartered banks may be uniquely positioned during a time of change in the reverse mortgage industry, says one Chicago-based bank that has already began making considerable strides in the reverse space in 2015 with big growth plans ahead.
Motley Fool: 5 Reasons To Get A Reverse Mortgage Now—The ability to buy a second home and retire early are just a few of the top reasons why consumers might consider getting a reverse mortgage, according to a recent article from The Motley Fool, which goes on to list a few other factors that might make now the time for a reverse.
Open Mortgage Launches Reverse Wholesale Division—The move will expand the Austin, Texas-based lender’s business from 32 states to 42 states, where it will offer both wholesale/broker and principal agent/correspondent services. As part of the wholesale launch, the new division will also increase the Open’s presence on the east coast.
California Launches Reverse Mortgage Assistance Program—Reverse mortgage borrowers in California facing foreclosure due to delinquent property expenses can now turn to the new program, which bears similar resemblance to a comparable program launched in Florida a little more than one year ago.
Retail Gains Drive December’s Reverse Mortgage Volume Growth—Endorsements for Home Equity Conversion Mortgages rose 12% in December from the previous month, an increase driven primarily by retail performance, according to the most recent industry data.
Written by Jason Oliva