In case you missed it… here’s what happened in reverse mortgage news this week.
HUD said reverse mortgage change will be here in 2013. “We are in the process of drafting policies against both of those alternatives,” HUD Deputy Assistant Secretary Charles Coulter told RMD in a phone interview. “We are going to take a wait and see attitude to [determine] whether we get the flexibility to take the more refined approach.” Read the article.
Consumers Union responded to the proposed change, seeking more. Applauding the agency for proposing steps to strengthen the program, the Consumers Union and California Advocates for Nursing Home Reform urged HUD to consider a “more comprehensive package of protections” to ensure the loans are safe for senior borrowers.
“Mortgage Professor” made a foray into reverse mortgages. The “Mortgage Professor,” otherwise known Jack Guttentag, finance professor emeritus at Wharton School of Business, has made entry into reverse mortgages via an online shopping resource for senior borrowers seeking reverse mortgage product information.
Reverse mortgages—along with Mick Jagger—made a Letterman appearance. This week, Mick Jagger delivered David Letterman’s famed “Top-10″ list on . Making an appearance in the No. 5 spot of the ”Top Ten Things I, Mick Jagger, Have Learned After 50 Years in Rock ‘n’ Roll”: Reverse mortgages. View the segment.
Written by Elizabeth Ecker