Friday Round-Up: Lenders Bounce Back, Reverse Mortgages Need ‘Fresh Look’

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

Financial Advisors Need ‘Fresh Look’ at Reverse Mortgages—Reverse mortgages have received an “undeserved bad reputation” in the past not only among seniors, but financial professionals as well. But as retirees today face longer life expectancies requiring greater financial longevity from their assets, advisers and retirement planners need to open their minds and reexamine the way they look at reverse mortgages, says one respected financial planner.

For Small Shop Reverse Mortgage Lenders, Marketing Content is King—Small shop reverse mortgage lenders, while they may not have the expansive marketing budget to rollout a national TV campaign, must consider a variety of advertising strategies, including those born in the digital age and even some of the traditional “old school” techniques, according to several loan originators and brokers during a recent industry conference.

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Few Reverse Mortgage Lenders Bounced Back From Rough September—After a roughly 26% nosedive in September, wholesale reverse mortgage, while it continued its downward trajectory, declined at a much smaller rate in October, according to recent industry data. Even as the industry saw a 7% decline in total endorsements for October, some lenders were able to bounce back from a tough September.

FHA Extends Deadline for Non-Borrowing Reverse Mortgage Spouses—Reverse mortgage lenders have been given a deadline extension when assigning Home Equity Conversion Mortgages (HECMs) to the Department of Housing and Urban Development, in turn granting eligible non-borrowing spouses more time to establish the legal right to remain in the home.

Here’s Why This Community Bank Got Into Reverse Mortgages—The biggest unintended benefit of the Financial Assessment and non-borrowing spouse changes is that the new rules would make Home Equity Conversion Mortgages (HECMs) more appetizing products that welcome new entrants to the reverse mortgage market. Well, it’s working so far, at least for one community bank who says now is the right time to take a closer look at reverse mortgages.

Written by Jason Oliva

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