We’ve made it to the end of an abbreviated week, so if you’ve been out of the office this whole time, take a quick second to see what you’ve missed in the world of reverse mortgages in the days following the July 4 holiday.
Confusion Reigns in Appraisals for Reverse, Forward HUD Loans — Faced with signals from the Department of Housing and Urban Development about the importance of appraisal quality, some appraisers and lenders struggle to make sense of it all — and what HUD really wants could be lost in years of innocent misunderstandings and misconceptions.
How to Identify Reverse Mortgage Borrowers’ Top Retirement Risks — Retirement blogger Dirk Cotton runs down seniors’ primary retirement risks, including heavy hitters such as debt, unexpected health problems, and the loss of expected income. There’s also a handy worksheet for retirees to help identify their own personal hierarchy of risk.
Reverse Mortgage Professionals Correct the Record on N.Y. Times Piece — Back for a second week among the most-read stories on RMD, we took a look at the swift industry reaction to a throwaway line in a New York Times profile that raised the ugly specter of banks taking reverse mortgage borrowers’ homes after they die.
HUD Awards $50M in Housing Counseling Grants — New HUD secretary Ben Carson talked up the importance of housing counseling in appearances before Congress, and his department delivered this week with more than $50 million in cash grants for counseling organizations all over the country.
Rocky Mountain High: Reverse Mortgage Endorsements Up 69% in Colorado — The Centennial State has seen substantial reverse mortgage growth over the past year, blowing past other states in the West, while the Denver metropolitan area remains both a Home Equity Conversion Mortgage and home-price hotspot.
In case you missed it
The Consumer Financial Protection Bureau published its semi-annual report to Congress at the end of last month, covering the period from October 1, 2016 to March 31, 2017, and celebrated its recent orders against three reverse mortgage companies: American Advisors Group, Reverse Mortgage Solutions, and Aegean Financial.
“The CFPB took action against three reverse mortgage companies for deceptive advertisements, including claiming that consumers who obtained reverse mortgages could not lose their homes,” the bureau wrote in its report.
Written by Alex Spanko