Friday Round-Up: What’s Stopping Reverse Mortgage Use?

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

Q&A: What’s Stopping Seniors from Using Reverse Mortgages?—Knowledge of reverse mortgages is strongly related to demand of the Home Equity Conversion Mortgage (HECM) product, and that knowledge is “fairly low,” according to a report titled “Reverse Mortgages: What Homeowners (Don’t) Know and How it Matters.” This past week, RMD caught up with report co-author Thomas Davidoff to gain a better perspective into his research and how it can help the reverse mortgage industry in its efforts to raise awareness of the HECM product.

HUD Addresses Reverse Mortgage Financial Assessment Complexities—The Department of Housing and Urban Development (HUD) hosted a training webinar last week to help reverse mortgage lenders overcome confusion and intricacies of doing business under the Financial Assessment. Clocking in at just under two hours, the webcast provided an in-depth discussion on originating and underwriting HECMs in compliance with the new program guidelines.

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Why Seniors Choose Reverse Mortgages to Tap Home Equity—Senior homeowners looking to tap into their home equity have a variety of options, but whether someone chooses a reverse mortgage or another method depends of several factors, according to a recent report published by the Federal Reserve Board.

How the Reverse Mortgage Industry is Attracting Banks to the Market—Changes to the HECM program over the last couple of years are making reverse mortgages more attractive to outside banks and credit unions interested in growing their umbrella of products and services. And some industry members are taking on certain strategies to bring these institutions into the reverse space.

AAG Spotlights Using a Reverse Mortgage Line of Credit in New TV Ad—The line of credit feature on a reverse mortgage can be a valuable retirement asset to help retirees fund longevity, and that’s the angle American Advisors Group (AAG) has taken in its newest TV spot featuring company spokesman Fred Thompson. 

Written by Jason Oliva

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