With temperatures firmly in the “too hot to wear office clothes” range, summer’s already in full swing, and you could be forgiven for missing some of the top reverse mortgage stories of the past week. That’s where our weekly roundup of RMD headlines comes in handy: This time, catch up on a national magazine’s positive profile of an industry heavyweight, signs of reverse mortgage growth outside of endorsement numbers, and surging demand north of the border.
Forbes: AAG’s Jahangiri Has ‘Answer’ to America’s Retirement Question — In case you can’t wait for the print edition, Forbes posted a profile of American Advisors Group founder Reza Jahangiri a few weeks early — and in the process explains some of the newer thinking around reverse mortgages to a national audience of financial players and amateur investors alike.
Reverse Mortgage Industry Sees Signs for Positive Growth Ahead — Endorsement numbers have been stagnant for some time, but ReverseVision’s Wendy Peel finds a potential sign of growth in her company’s software usage numbers, as well as increased participation from brokers and lenders in the last year.
Retirement Professionals See Rising Reverse Mortgage Potential in Gray Divorce — With divorce rates rising fastest among older Americans, some retirement experts have begun pointing to reverse mortgages as a way to deal with the complicated financial consequences of late-in-life splits — which frequently affect women of that generation more significantly than men.
Reverse Mortgage Demand Surges in Canada, Up 35% from 2016 — Canada’s only reverse mortgage lender reported year-to-date gains of 35% through May, confirming what a Toronto-based broker told RMD that month: With Canadians facing the same retirement and demographic pressures as their neighbors to the south but with an arguably stronger housing market, reverse mortgages could be poised for a major moment in the nation.
Treasury Department Joins Anti-CFPB Chorus with New Report — Republicans in Congress have been calling for major changes to the Consumer Financial Protection Bureau for as long as it has existed, and after the House passed a bill that would substantially roll back the CFPB’s power, the Treasury department issued a report echoing their concerns. It’s the first of multiple reports due to the nation under a February executive order from President Trump, requesting a thorough review of the U.S. financial regulatory system.
Patenaude’s Nomination Moves Through Senate
The Senate this week moved closer to confirming President Trump’s pick for deputy Department of Housing and Urban Development secretary, as the Banking Committee advanced the nomination of Pam Patenaude to a full vote. Patenaude, who previously served as a HUD official in the George W. Bush administration, had been floated as a candidate for the top HUD spot before Trump tapped former GOP presidential rival and retired neurosurgeon Ben Carson.
The Mortgage Bankers Association released an announcement congratulating Patenaude on her nomination moving forward.
“I know from the many years we have worked together that her knowledge of real-estate finance and deep background, experience, and understanding of housing issues will serve her well,” MBA president and CEO David Stevens said in a statement. “I can think of nobody more well-suited for this position, and I encourage the full Senate to move swiftly to confirm her nomination.”
Patenaude received praise from both Democrats and Republicans on the committee, the National Low Income Housing Coalition reported, though she also faced pointed questions about Trump’s proposed budget plan — which would slash billions from HUD’s coffers — from Democratic Sens. Sherrod Brown of Ohio and Elizabeth Warren of Massachusetts.
NRMLA Releases Elder Abuse Resource
The National Reverse Mortgage Lenders Association released an online resource this week to help families and advisors identify the evidence of elder abuse. Developed to mark World Elder Abuse Awareness Day on June 15, the page features information about key warning signs, common scams, and reporting mechanisms.
Written by Alex Spanko