Congrats on making it to another Friday. The weekend is within reach, but before you go, here’s what happened this week in reverse mortgage news.
How Will the ‘Brexit’ Impact Reverse Mortgages? — The recent ‘Brexit’ vote is expected to produce some short-term support for the U.S. housing market as the benchmark 10-year U.S. Treasury rate took a dive immediately following Britain’s vote to leave the European Union. Long-term effects, however, may not be seen for a while and the impact appears dull for reverse mortgages, at least right now.
‘In-Law Suites’ Gain Popularity for Aging in Place Boomers — Another trend is becoming a popular choice for younger Baby Boomers who aren’t necessarily ready for a reverse mortgage. Boomers are gravitating toward in-law suites for their retirement years. In an in-law suite situation, an aging parent lives in his or her own space in a residence that is adjacent to a larger house, typically the existing home of a loved one.
Only Two Weeks Left to Comment on FHA’s Reverse Mortgage Proposals —Commenters have less than two weeks to submit their thoughts on the most recent Federal Housing Administration’s rule that proposed to codify several significant changes to the Home Equity Conversion Mortgage program. The due date is July 18, 2016.
HuffPost: 4 Ways to Use a Reverse Mortgage for Purchase — The Mortgage Professor, Jack Guttentag, shares his knowledge on four ways to use a reverse mortgage for purchase. The reverse mortgage for purchase product is an alternative to a standard mortgage that is ideal if an older American wants to move to a new home.
These Are The 10 Best U.S. Cities for Retirement — Bankrate released its findings on the best cities in the U.S. to retire in. There is much more than the climate that is considered when determining the best cities. The cost of living, health care, state taxes, crime rate and walkability all play a role in which cities were found to be the ideal locations for retirees.
Written by Alana Stramowski