RMD wishes all its readers a safe and enjoyable 4th of July. RMD will be observing Independence Day on Friday, July 3. We’ll see you back here on Monday, July 6.
In case you missed it, here’s what happened in reverse mortgage news this week:
Reverse Mortgage Lenders See Volume Dive Post-Financial Assessment — New data on reverse mortgage application volumes shed light on the reverse mortgage landscape post-financial assessment. Application volumes are down 40% from March levels before the financial assessment deadline, when application volume surged, according to data provided by Reverse Market Insight. But the immediate effect may be short-lived.
California Pilots Program to Cure Reverse Mortgage Defaults — The California Reverse Mortgage Assistance Pilot Program (RevMAP) is the latest expansion of Keep Your Home California, a free, federally funded mortgage assistance program managed by the California Housing Finance Agency (CalHFA). The program could benefit an estimated 1,400 homeowners, according to Keep Your Home California.
Bankrate: Paying Back a Reverse Mortgage — In a recent article Bankrate discusses what happens when a reverse mortgage borrower dies, noting that the loan becomes due and payable.
USA Today: The Upsides, Downsides of Reverse Mortgages — Setting up a home equity conversion mortgage (HECM) line of credit offers many benefits, John Salter, an associate professor in the Department of Personal Financial Planning at Texas Tech University, tells USA Today in a recent article. But they can also have downsides, he says.
HuffPo: Couple Uses Reverse Mortgage to Buy Ideal Home — A home equity conversion mortgage (HECM) allowed one St. Louis couple to buy their “dream home” in Florida, according to a recent The Huffington Post article.
Written by Cassandra Dowell