In case you missed it, here’s what happened in reverse mortgage news this week:
15 Don’ts (And 5 Dos) When Advertising to Baby Boomers — In order to attract the growing cohort of Baby Boomers who are age-eligible to take out a reverse mortgage lenders need to consider the dos and don’ts of boomer marketing.
WSJ: Reverse Mortgage Could Help Boost Retirement Income By 30% — Reverse mortgages have the potential to increase retirees’ annual income by 30% when done in conjunction with a few other retirement planning steps, according to a recent Wall Street Journal article.
Consumer Groups Push Back Against HUD on Non-Borrowing Spouse Changes — The Department of Housing and Urban Development (HUD) is receiving pushback from consumer advocate groups regarding the agency’s latest guidance that, under the home equity conversion mortgage (HECM) program, allows lenders the option to delay foreclosure of non-borrowing spouses.
Overtime Pay Rules Apply to Mortgage Loan Officers, Supreme Court Rules — The Supreme Court recently ruled that mortgage loan officers are eligible for overtime pay, including those who work in the reverse mortgage space. The decision settles a long-running issue that pitted some mortgage industry interests against the U.S. Department of Labor.
S1L Task Force Joins Texas Tech on Reverse Mortgage Initiative — The Funding Longevity Task Force recently teamed up with Texas Tech University to bring new home equity conversion mortgage (HECM) program changes to light. The Task Force recently led discussions on industry buzzwords, including non-borrowing spouses and the upcoming financial assessment.
Written by Cassandra Dowell