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Friday Round-Up: Senators Support Reverse Mortgage Improvements

 In case you missed it… here’s what happened in reverse mortgage news this week. 

Reverse mortgages were a hot topic among senators. In a hearing before the Senate Banking Committee, National Reverse Mortgage Lenders Association President and CEO spoke of needed reverse mortgage change and the congressional authority FHA is seeking to make it happen. Two senators expressed their willingness toward that effort

Former MetLife execs will launch a new reverse mortgage business. Led by former MetLife reverse mortgage execs, the new company, Reverse Mortgage Funding is in the startup phase and is gearing up to do business

The sequester loomed. With the sequester touching down Friday resulting in across the board cuts to government agencies, the impact is expected to hit FHA in the form of staff furloughs and delays for lenders as a result. Housing counseling funding also is expected to suffer a hit for the calendar year ahead. 

Minnesota’s attorney general spoke to the press about “putting brakes” on reverse mortgages. The state’s AG Lori Swanson spoke to a local news outlet expressing her concerns over reverse mortgages. View the segment

Written by Elizabeth Ecker