Here we are at yet another Friday. The weekend is only a few hours away, but before you take off, check out what happened in reverse mortgage news this past week:
New Research Links Reverse Mortgages to Financial Well-Being—Senior homeowners can tap into their home equity in a variety of ways, whether that means taking a reverse mortgage, a home equity line of credit (HELOC) or cash-out refinance. But when it comes to deciding between these different extraction methods, reverse mortgages can have a positive impact on financial well-being of borrowers, according to the results of a recent study from Ohio State University.
Ain’t No Rest for Reverse Mortgages: Industry Gasps for Breathing Room—When the Financial Assessment took effect April 2015, the consensus was that much of the criticism and negative press that have historically plagued reverse mortgages would be laid to rest. And while press coverage since then—for the most part—has viewed reverse mortgages through an arguably more positive lens than it did in the past, the image makeover hasn’t translated into an uptick in loan originations.
As Reverse Mortgage Volume Tightens, These Markets Are Letting Loose—As far as reverse mortgage volume is concerned in 2016, the industry is on track to see one of the lowest years for endorsements in recent history. Although constrained volumes have plagued many of the nation’s top-producing markets nationwide, other areas continue to demonstrate their resiliency to the widespread declines.
Calif. Reverse Mortgage Lender Sets Sights on National Expansion—One California-based mortgage lender is embarking on a national expansion of its reverse mortgage operations and plans to use technology to help broaden its footprint. That company is New American Funding, a full-service mortgage lender headquartered in Tustin, Calif., which recently expanded its reverse mortgage division to serve all 47 states in which the company is licensed to operate.
Why Financial Advisors May Want to Revisit Reverse Mortgages—Financial advisors have been long skeptical of reverse mortgages due to perceived high risks involved for their clients, but with recent changes to the program and application process, it may be something to revisit, according to a recent article from WealthManagement.com.
Written by Jason Oliva