Congrats on making it to another Friday—the weekend is in sight! A lot has occurred in the past seven days, but in case you missed it, here’s what happened in reverse mortgage news this week:
New Rule Offers Opportunities for Reverse Mortgage, Financial Planner Relationships—On Wednesday, the Department of Labor released its final rule amending the definition of “fiduciary” under the Employee Retirement Income Security Act. Although the rule does not address reverse mortgages directly, its impact on financial services providers, namely advisers, has implications for the use of home equity in retirement income planning.
HUD Teases Upcoming Plans for Reverse Mortgage Program—Speaking during the National Reverse Mortgage Lenders Association’s eastern regional conference in New York City, key staff from the Department of Housing and Urban Development discussed the agency’s most recent series of HECM program changes, the impact of the new rules on the industry, and what’s in store for the HECM world in the coming months.
Ginnie Mae Plans to Enhance HMBS Program for Reverse Mortgage Lenders—Also during the NRMLA eastern regional conference this past week, chief officials with Ginnie Mae announced there are several initiatives in the works that it believes will help open the door to more reverse mortgage lenders participating in the issuance of HECM mortgage-backed securities (HMBS).
Finance of America Reverse Launches New Reverse Mortgage Ad Campaign—Following its name change and rebranding late last year, Finance of America Reverse (formerly, Urban Financial of America) has launched a new reverse mortgage advertising campaign featuring its updated branding and messaging. The campaign, titled “It Just Makes Sense,” includes six new national commercials that aim to “cut through the noise” of the reverse mortgage ad landscape.
Reverse Mortgage Education Week Schedule of Events Released—Early last week, NRMLA released the schedule of events for its first-ever Reverse Mortgage Education Week. During the week of April 18-22, NRMLA will host a series of webinars in efforts to teach non-industry professionals such as Realtors, financial advisers and health care workers about how a reverse mortgage could help serve their clients.
Written by Jason Oliva