In case you missed it, here’s what happened in reverse mortgage news this week:
Reverse Mortgage Line of Credit is ‘Best Bet’ for Retirement Planning—As the reverse mortgage industry continues to grapple with the “loan of last resort” reputation, the line of credit feature may be the product’s best bet in becoming a serious retirement planning tool in the eyes of retirees and the financial professionals working with them.
FINRA Proposes New Rule on Disbursement Funds Paid to Seniors—The Financial Industry Regulatory Authority (FINRA) recently proposed a new rule permitting firms to place temporary holds on disbursements of funds or securities from the accounts of investors aged 65 or older where there is a “reasonable belief” of financial exploitation.
CNBC: Look at Reverse Mortgages in Retirement—Reverse mortgages made the cut in a recent article from CNBC that explores several ways to tap one’s home for money in retirement. The article lists four methods that can allow retirees to leverage their homes during retirement, including using a reverse mortgage.
July’s Biggest Wholesale Reverse Mortgage Winners—Growth in the wholesale reverse mortgage channel continued for the second consecutive month in July, contributing to sizeable gains for some of the industry’s top lenders.
$4 Trillion of Senior Home Equity Powers Reverse Mortgage Index to Record-High—Seniors’ home equity has eclipsed $4.08 trillion in the second quarter of 2015, in turn lifting a reverse mortgage market index to an all-time high, according to the latest National Reverse Mortgage Lenders Association/RiskSpan Reverse Mortgage Market Index.
Written by Jason Oliva