Congrats on making it to 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 FHA Condo Rules Expand Access to Reverse Mortgages—The FHA proposed new rules this week that would allow individual condo units to become eligible for FHA financing. This includes Home Equity Conversion Mortgages (HECMs). The FHA has opened up public comments on the proposed rule.
Nobel Laureate Calls for Global Improvement of Reverse Mortgages—A distinguished professor of finance at the MIT Sloan School of Management and 1997 Nobel Laureate in Economics, spoke this week at the 2016 Retirement Investing Conference in Oxford, England. The subject of Dr. Robert C. Merton’s session was about better engagement in product innovation for annuities and housing wealth, which included taking a second look at reverse mortgages.
Remembering Monte Rose: Reverse Mortgage Industry Pays Respects to Long-Time Vet—Monte Rose passed away last Wednesday afternoon, cause currently unknown. Rose was an active participant in the reverse mortgage industry since 1991 when he started his career as a reverse mortgage consultant for San Francisco-based Transamerica HomeFirst Inc.
New Partnership Seeks to Expand Reverse Mortgage Retirement Planning Knowledge—A new partnership between The American College of Financial Services and the Funding Longevity Task Force was announced this week. The purpose of the partnership is to expand knowledge on issues related to reverse mortgages and how they relate and play a part in retirement planning.
FHA Plans Extension for Reverse Mortgage Servicing Set-Aside Growth Rate—This week the FHA released a publication of Mortgagee Letter 2016-10 that announced its plans to issue guidance that will extend the October 3, 2016, effective date for revisions to the previously announced Servicing Fee Set-Aside growth rate for the HECM program.
Written by Alana Stramowski