Friday Round-Up: A New Era, Reverse Mortgage Servicing Criticized

In case you missed it, here’s what happened in reverse mortgage news this week:

CFPB Official: Reverse Mortgage Industry Needs to ‘Clean Up’ Servicing — While a certain amount of consumer confusion is to be expected with complex products like reverse mortgages, this confusion has been significantly worsened by poor loan servicing, a CFPB official told attendees at a recent conference in Chicago. 

The Best and Worst States for Retirement — It’s easy to associate retirement with traditional hotspots like Florida and Arizona, but retiring comfortably goes beyond enjoying the weather. This year’s ranking of the top states to retire might surprise you. 

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Reverse Mortgage Industry on the Cusp of a New Era — After several years of program changes, the reverse mortgage industry is facing its biggest change yet: the Financial Assessment. And many in the industry are ready for this next chapter in reverse mortgage lending. 

Crowdfunding Steps in for Reverse Mortgage Non-Borrowing Spouse — One of the plaintiffs in an AARP lawsuit against the Department of Housing and Urban Development over reverse mortgage non-borrowing spouse rules is receiving help meeting his property tax payment—as the result of a public campaign.

Motley Fool: Does A Reverse Mortgage Make Sense? — Selena Maranjian, of The Motley Fool, thinks so. When properly understood, a reverse mortgage can be an important fund-generating tool for many retirees, she writes. 

Written by Emily Study

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