In case you missed it, here’s what happened in reverse mortgage news this week:
Worlds Collide: Is 2016 the Year for Reverse Mortgages & Financial Advisers?—Although reverse mortgages withstood significant changes over the past year, they’ve also gained a few allies in the financial planning sector—several of whom see increasing opportunities for the reverse mortgage and retirement planning worlds to intersect in 2016.
Five Tips to Growing Your Reverse Mortgage Business in 2016—A lot has changed for reverse mortgages over the last nine months. From marketing the financial assessment as an advantage, to repositioning the loan as a financial planning tool rather than a last-ditch option, loan originators are certainly changing some of their ways in 2016.
Refi Madness: Reverse Mortgage Refinances Gain Greater Volume Share—Endorsements for Home Equity Conversion Mortgages (HECMs) hit a minor snag in the last few months of 2015 as the industry felt the fallout of the Financial Assessment. But as volume compressed in the months following August, the share of reverse mortgage refinances have grown to near-high levels, according to recent industry data.
HUD Wants to Collect Counseling Data on Reverse Mortgage Borrowers—The Department of Housing and Urban Development (HUD) is currently seeking approval to collect information on hundreds of consumers who participate in mandatory HECM counseling, according to a recent proposal published Monday in the Federal Register.
Only 3% of Seniors Plan to Buy Homes Using Reverse Mortgages—The Home Equity Conversion Mortgage for Purchase may be a cost effective way for seniors to both obtain a reverse mortgage and buy a new home in a single transaction, however, very few aging homeowners plan to utilize this product for their next home purchase, according to the results of a recent survey.
Written by Jason Oliva