Friday Round-Up: Why Most Advisers Don’t Recommend Reverse Mortgages

Here we are at yet another Friday. The weekend is in sight, but before you take off…in case you missed it, here’s what happened in reverse mortgage news this past week:

What Realtors Should Know When Selling Homes with Reverse Mortgages—Real estate agents face a swelling Baby Boomer population that is looking toward home sales as a means to unlock their housing wealth. But as this demographic ages and becomes eligible for reverse mortgages, Realtors will also face the unique set of requirements that apply when the homeowner, their adult children or estate, puts up a home with a reverse mortgage for sale.

FOIA Request Sheds New Light on Financial Freedom Reverse Mortgage Foreclosures—Following a partially granted Freedom of Information Act (FOIA) request issued Wednesday by the Department of Housing and Urban Development, a Calif.-based non-profit group is now calling for a moratorium on any additional reverse mortgage foreclosures by CIT Group, Inc. (NYSE: CIT) and its subsidiary, Financial Freedom.

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Why Financial Advisors and Reverse Mortgages Don’t Get Along—While financial advisers are the likely source of retirement planning information for millions of Americans, not all advisers are entirely convinced that reverse mortgages are effective planning tools, according to an article recently published by the Retirement Income Journal.

New Research Shows Retirees Earn Poor Marks for Reverse Mortgage Literacy—In the reverse mortgage industry, it isn’t too far of a stretch to attribute a lack of awareness and understanding to the minuscule penetration rate of eligible American homeowners who could benefit from a HECM, but don’t because they either know little about the product or they are guided by misinformed perceptions. The truth is the vast majority of older adults just don’t know a lot about home equity use in retirement income planning, let alone HECMs, according to new survey results revealed this week.

GSF Mortgage Corp. Eyes Growth with New Reverse Mortgage Division—Brookfield, Wis.-based GSF Mortgage Corp. recently welcomed the addition of a new branch that will focus solely on reverse mortgages. Operating out of York, Pa., the GSF Reverse Mortgage Team is led by Branch Manager Brad Bennett.

Written by Jason Oliva

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