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Friday Round-Up: Reverse Mortgages, Righteous Bros and Retirees’ Jumbo Loans

You’ve made it to yet another Friday, the weekend is in sight, but in case you missed it, here’s what happened in Reverse Mortgage news this week.

Why High Net Worth Retirees Are Using Jumbo Reverse Mortgages —In the last few years both American Advisors Group and Finance of America Reverse have launched jumbo reverse mortgage loan products, but there’s a unique way nigher net worth retirees are using them.

Righteous Brothers Co-Founder Named Newest Reverse Mortgage Spokesman —A new reverse mortgage company based in Orange County, Calif. came right out of the gates with the announcement of Righteous Brothers co-founder Bill Medley as their spokesman. Ameriverse Mortgage is launching a full-blown campaign that will include Medley.

Riding the Dip: Reverse Mortgage Volume Slides Further Below 2015 Levels —Home Equity Conversion Mortgage (HECM) endorsements continue to remain at a lower level than they did a year ago. So far this year, the reverse mortgage volume has had consecutive declining months of endorsements, aside from a brief climb from January to February of this year.

How One Former Loan Officer Handles Reverse Mortgage Eligibility Obstacles —Former reverse mortgage loan officer and owner of Fidelity Homestead Associates, David Michael, discusses how he handles tough situations when dealing with clients who are in need of renovations to their homes to make them eligible for a reverse mortgage. The issue here is that most often, these homeowners don’t have the funds to pay or the upgrade, but that’s where Michael steps in.

Deadline Nears to Submit Comments on FHA Reverse Mortgage Proposals —The deadline for comments on the recent Federal Housing Administration (FHA) proposals for the Home Equity Conversion Mortgage (HECM) is quickly approaching. The comment due date is July 18, 2016.

Written by Alana Stramowski