4th of July Round-Up: NYC Co-Op Battle, New Reverse Mortgage Study

In observance of Independence Day, RMD will be closed on Monday, July 4, but will return to our normal posting schedule Tuesday, July 5. RMD would like to wish all of its readers a safe and enjoyable holiday weekend. We’ll see you back here on the 5th.

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

Industry Veteran Launches New Reverse Mortgage Services Company—Following his departure from a leadership position at a prominent reverse mortgage service provider, one industry veteran recently embarked on his newest endeavor within the sector and is already experiencing some notable growth.

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Kiplinger: New Reverse Mortgage Changes Could Cost Borrowers More—The overhaul of the reverse mortgage program continues as the Department of Housing and Urban Development recently proposed more changes aimed at making the Home Equity Conversion Mortgage (HECM) program stronger than ever. But these changes have the potential to cost new borrowers a lot more money, said a recent Kiplinger article.

New Study Shows ‘Buffer Asset’ Benefits of Reverse Mortgages—The benefits of using a reverse mortgage as a potential “buffer asset” to stave off sequence of returns risk in retirement will be highlighted in a new paper published in the Retirement Management Journal this month.

CBS News: Utilizing a Reverse Mortgage in Retirement—Many financial roadblocks exist when it comes to saving for retirement in the U.S., however, there are certain actions workers can take to address these obstacles, and this includes using home equity as a retirement resource, according to a recent article published by CBS News.

The Decades Long Battle to Bring Reverse Mortgages to NYC Co-Ops—Many seniors living in housing cooperatives are largely shutout of the ability to tap into their housing wealth using a reverse mortgage. but while there has been little movement from regulators to expand reverse mortgage access to co-ops, there are several organizations who—even after 16 years—are not giving up the fight just yet.

Written by Jason Oliva

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