In case you missed it, here’s what happened in reverse mortgage news this week:
AAG Launches New Jumbo Reverse Mortgage Product—This past week, American Advisors Group (AAG) rolled out its first proprietary jumbo reverse mortgage loan. The product, dubbed AAG Advantage, will allow qualified borrowers the opportunity to borrow up to $3 million in loan proceeds.
Walter Pays $29 Million to Settle Reverse Mortgage False Claims Allegations—Late last week just before the Labor Day holiday weekend, Walter Investment Management Corp. (NYSE: WAC) announced it had agreed to pay $29.63 million to resolve allegations related to its reverse mortgage subsidiary, Reverse Mortgage Solutions.
New Reverse Mortgage Rules Require ‘Kitchen Table’ Approach for Lenders—As reverse mortgage originators must now gather extra documentation in assessing a prospective borrower’s ability to sustain a reverse mortgage under the Financial Assessment, they must also build rapport and trust with their clients. For these reasons, some originators say this requires a “kitchen table” approach to reverse mortgage lending.
Reverse Mortgage Lenders Crack into Mainstream Media to Educate Consumers—In efforts to set the record straight on reverse mortgages, some lenders have tapped into the mainstream media to get their messages across to a wider pool of potential borrowers and the general public.
Liberty Adds to Retail Reverse Mortgage Division With New Hire, Promotion—Top-10 reverse mortgage lender Liberty Home Equity Solutions, Inc., this week announced several new personnel developments to the company’s retail division.
Written by Jason Oliva