In case you missed it, here’s what happened in reverse mortgage news this week:
NBC News: Widow’s Reverse Mortgage Tale Reveals Risks — Eighty-two-year-old Arlene Hill claims an “eager” broker provided false information about the terms of the reverse mortgage, and she is now fighting to keep her home in Simi Valley, Calif. since her husband passed away.
Will The Jumbo Market Return for Reverse Mortgages? — While there has been a lot of talk about new jumbo products coming to the reverse mortgage market, there’s been little action to date. Despite the near absent market for these proprietary products, a huge need remains.
HuffPost: Why Reverse Mortgages Make Sense for Affluent Boomers — Long considered a loan of last resort, reverse mortgages now have their place in financial planning for even the mass affluent, a cohort of 10 million to 15 million baby boomers who have between $750,000 and $2 million of net worth at retirement.
Financial Advisors: Reverse Mortgages Provide Alternative to LTC Insurance — Long-term care insurance isn’t always an option for today’s aging Americans; in those instances, advisors should consider recommending a reverse mortgage taken as a line of credit, according to a recent article in Financial Advisor Magazine.
Surging June Snaps Four-Month Reverse Mortgage Volume Decline — Just when Home Equity Conversion Mortgage (HECM) endorsements were spiraling down a four-month volume decline, June bucked the trend with a near 24% increase in production, according to the most recent industry data from Reverse Market Insight (RMI).
Written by Emily Study