In case you missed it, here’s what happened in reverse mortgage news this week:
Where Does the Reverse Mortgage Industry Go From Here?—RMD caught up with Peter Bell, president and CEO of the National Reverse Mortgage Lenders Association, to gain a better understanding of where the reverse mortgage industry goes from here in the context of the most recent round of changes that have already come to the Home Equity Conversion Mortgage program.
Chron.com: What Reverse Mortgage Heirs Need to Know—The Houston Chronicle spotlighted several important processes heirs should know following the death of their reverse mortgage borrowing parents. The article discussed what happens when the loan becomes due and payable, as well as options heirs have when it comes to paying off the reverse mortgage.
Reverse Mortgage for Purchase Market Fares Well Under New Rules—While it may be too soon to tell what lies in store for HECM for Purchase volume in the new Financial Assessment landscape, data suggest the new guidelines may not have much of a noticeable impact on H4P purchase activity.
HUD: LGBT Protections ‘Baked Into’ Reverse Mortgage, Housing Programs—Following the landmark Supreme Court ruling last month that gave same-sex couples the right to marry nationwide, various organizations and agencies have had to adjust their policies to accommodate the expanded protections and opportunities for the LGBT community—but one agency won’t have to alter any of its books: the Department of Housing and Urban Development.
Nasdaq: New Reverse Mortgage Rules May Impact Appeal—The Financial Assessment has put borrowers’ finances under the microscope, and some argue this is making reverse mortgages less attractive to some consumers, according to a recent Nasdaq article.
Written by Jason Oliva