TGIF! The weekend is in sight, but before you go, take a peek at what reverse mortgage news caught the attention of RMD readers this week:
HUD Proposed Rule Would Bring ‘Catastrophic Losses’ to Reverse Mortgages—The Department of Housing and Urban Development (HUD) shared a proposal this week that, if passed, could adversely impact the HECM program. Industry advocacy organizations are not pleased. The proposal could hike prices for market participants among other losses.
Leading Retirement Researcher Pens New Book on Reverse Mortgages—Released this week, “Reverse Mortgages: How to Use Reverse Mortgages to Secure Your Retirement” by Wade Pfau, Ph.D., CFA, principal and director of retirement research at McLean Asset Management in McLean, Va., is a comprehensive guide on the valuable role home equity plays in a retirement strategy.
Reverse Mortgage Lenders Report Growth, Despite Falling Industry Volume—Even though Home Equity Conversion Mortgage (HECM) endorsements reached new lows in July of this year, there are lenders who did report growth over the past 12 months. Some of those lenders include Synergy One Lending, Inc., ReverseMortgages.com and Finance of America Reverse.
State Banking Regulator Targets Growing Need for Reverse Mortgage Education—Pennsylvania wants to improve financial literacy for seniors and more specifically, wants to teach more homeowners about reverse mortgages. The Department of Banking and Securities in Pennsylvania will host a variety of financial events, including “Understanding Reverse Mortgages.”
Houston Chronicle Breaks Down the Reverse Mortgage Financial Assessment—In an article published by The Houston Chronicle this week, the reverse mortgage financial assessment is explained to consumers. One of the main goals of the financial assessment was to decrease the number of defaults on reverse mortgages, the article said.
Written by Alana Stramowski