Congrats at making it to another Friday. The weekend is only a few hours away! But before you take off for whatever plans lay in store, check out the top reverse mortgage stories catching the attention of RMD readers this past week:
New Research Reveals Missing Market Potential for Reverse Mortgages—With a low penetration rate of eligible retirees who could potentially benefit from using a Home Equity Conversion Mortgage (HECM), today’s reverse mortgage market presents a vast runway to grow product utilization among this widely underserved population, according to a recent study from the Massachusetts Institute of Technology.
Here’s Where Seniors Have the Best Chances for Aging in Place—It’s no secret that the U.S. faces a swelling aging population today and will continue to do so in the future. But as the nation’s elderly population ages at a rapid clip, many seniors across the country will be at risk of not having the economic wherewithal to independently age in place, accord to a recent report.
U.S. Appeals Court Rules CFPB Structure is Unconstitutional—A federal appeals court on Tuesday ruled that the structure of the Consumer Financial Protection Bureau (CFPB) is unconstitutional because the agency vests too much power in the hands of its sole director. While the ruling is considered a win by some mortgage industry groups, other advocacy organizations beg to differ.
Federal Reserve to Stop Publishing Reverse Mortgage Interest Rate Swaps—The Federal Reserve recently revealed that it plans to drop several interest rates from its regular reporting in the coming weeks, including one index used for calculating the expected interest rate for reverse mortgages. Industry members, however, don’t anticipate the impact to be severe.
Big Retail, Wholesale Gains Fuel Reverse Mortgage Volume for These Lenders—Reverse mortgage volume saw its biggest monthly increase in August when endorsements jumped 24%, a growth driven by similarly big gains in both the industry’s retail and wholesale origination channels, according to the latest data from Reverse Market Insight released this week.
Written by Jason Oliva