Congrats on making it to 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:
NBC Nightly News Spotlights Reverse Mortgages on National Stage—In a recent segment, NBC Nightly News with Lester Holt spotlighted how reverse mortgages could be a “smart way to bring in more money” during retirement. The two-minute segment featured a Georgia couple who used a reverse mortgage to remain in their family home of 30 years.
Reverse Mortgage Volume Sinks Deeper in April—Endorsements for Home Equity Conversion Mortgages continued their downward trend in April, falling 6.5% to 4,243 loans, according to the most recent industry data tracked by Reverse Market Insight.
Walter Investment Posts $10.4 Million Loss in Reverse Mortgage Business—Walter Investment Management Corp. (NYSE: WAC) reported a rough start to 2016, for both its overall business as well as its reverse mortgage portfolio. For the first quarter ended March 31, 2016, Walter reported a net loss of $172.7 million, and a loss of $10.4 million in its reverse business.
Reverse Mortgage Pros Tout HECM Benefits to Non-Industry Partners—A group of reverse mortgage industry professionals gathered for a recent educational webinar to teach non-industry personnel how a HECM can benefit their clients. Recent HECM program changes, the practicality of financial planning, and the versatility of how reverse mortgages can meet the diverse needs of the dynamic aging population were just a few topics discussed during the session.
How Financial Planning is Changing the Reverse Mortgage Training Process—Since the implementation of new rules over the last year, reverse mortgages have been increasingly touted as being more viable retirement tools than they once were, requiring lenders to adapt their training processes to best serve borrowers in this new era of financial planning.
Written by Jason Oliva