In case you missed it… here’s what happened in reverse mortgage news this week.
These States Have the Highest Property Taxes in 2015 – The top-five states with the highest property taxes are New Jersey ($3,971), Illinois ($3,939), New Hampshire ($3,649), Wisconsin ($3,398) and Texas ($3,327), according to a new analysis from WalletHub. The analysis also sheds light on the states with the lowest property taxes, and notes that roughly $15 billion worth of homes are foreclosed upon each year as a result of property tax delinquencies.
Few Reverse Mortgage Lenders Buck Volume Decline in March – HECM endorsements totaled 4,640 loans in March, down 2.3% from the previous month’s tally of 4,747, according to the latest Reverse Market Insight data. But some top-10 reverse mortgage lenders were able to buck the declining volume trend for the month.
CNBC: Financial Planners Not Sold on Reverse Mortgages – A recent CNBC article attempts to rationalize the pros and cons of reverse mortgages, noting financial planners say the often misunderstood financial tool leaves “a lot to be desired.”
Maverick Funding Acquisition Finalized, Reverse Lender Gets New Name – Home Point Financial Corporation finalized its acquisition of Maverick Funding Corp., which was recently ranked ninth in the list of home equity conversion mortgage (HECM) lenders, based on data compiled by Reverse Market Insight. The acquisition is all about “growth,” Joshua Shein, senior director of the new mortgage banking and financial services company, told RMD.
Survey of Financial Planners Reveals Need For Reverse Mortgage Dialogue – Running out of money in retirement is a top concern for more than half of Certified Public Accountant (CPA) financial planners’ clients, a new survey by The American Institute of CPAs (AICPA) reveals. But even more telling in the survey’s findings is the need for a better relationship between the financial planning and reverse mortgage industries.
Written by Cassandra Dowell