Easter Round-Up: Closing 1,000 HECMs, Harrison Ford Jokes Reverse Mortgages

In observance of the coming Easter holiday, RMD will not be posting Friday, March 25. We will, however, return to our normal posting schedule Monday, March 28.

RMD would like to wish all readers a safe, enjoyable and relaxing weekend. We’ll see you back here on Monday.

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

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CFPB Mortgage Rules Strangle Banks’ Profits by 60%—Independent mortgage banks are starting to feel the sting from the Consumer Financial Protection Bureau’s (CFPB) new mortgage rules enacted last fall, particularly on their bottom lines, according to a recent report from the Mortgage Bankers Association.

Q&A: One Originator’s Road to 1,000 Reverse Mortgage Closings—RMD recently caught up with Len Ricci, a reverse mortgage loan originator with N.J.-based Homebridge Financial Services, who reached a personal milestone: closing over 1,000 Home Equity Conversion Mortgages (HECMs). Check out the Q&A interview to learn more about Len’s journey and his tips for reverse mortgage originators.

New Study Sheds Light on Seniors’ Reverse Mortgage Participation—Not only do seniors’ ages and net worth determine their eligibility for a reverse mortgage, but these factors also play a significant role in the likeliness of older households obtaining HECMs, according to the findings from a University of Georgia study published in the International Journal of FInancial Studies.

Advisers Get Crash Course on Reverse Mortgage Financial Planning Strategies—A recent webinar hosted by the Financial Experts Network taught financial advisers how they can fit home equity into their clients’ retirement income strategies. During the session, advisers learned about the HECM program, reverse mortgage eligibility requirements and the different possible uses for these financial products.

Harrison Ford Cracks Reverse Mortgage Joke on Jimmy Kimmel Live!—Appearing on ABC’s Jimmy Kimmel Live! this week, actor Harrison Ford chatted all things Star Wars, as well as his upcoming role in the latest Indiana Jones movie—even making a small reverse mortgage joke during his visit. (Warning: This post includes spoilers related to Star Wars: The Force Awakens).

Written by Jason Oliva

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