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Labor Day Round-Up: N.Y. Intros Reverse Mortgage Bills, Lenders Strategize TV Ads

Congrats on making it to yet another Friday. Only a few hours stand between you and the extended holiday weekend. On that note, RMD would like to wish all of its readers a safe and enjoyable Labor Day!

Our office will be closed in observance of the holiday on Monday, September 5, but we will resume our regular posting schedule Tuesday, September 6.

But before you take off for whichever weekend festivities are in store, check out the top headlines in reverse mortgage news this past week:

This Lender Sees Growing Financial Planner Interest in Reverse Mortgages—Educating financial advisers about the merits of reverse mortgages in retirement income planning has been a hot topic among industry members looking to boost their referral channels. But while there are various ways to educate planners and advisers, one reverse lender has seen a growing interest in hosting webinars specifically tailored for these professionals.

New York Pushes for Stronger Reverse Mortgage Foreclosure Protections—Following a series of damning articles spotlighting New York reverse mortgage borrowers in foreclosure, lawmakers this week introduced new legislation that seeks to create additional consumer protections for these afflicted seniors.

How The Biggest Reverse Mortgage Lenders Strategize TV Marketing—When it comes to breaking the stereotype on the tried-and-true reverse mortgage commercial, two of the industry’s largest lenders are pushing boundaries and finding new ways to educate the public on reverse mortgages.

Morningstar: Retirees Mistake Options for Unlocking Home Equity—There are many real estate mistakes that retirees make, but there are some that can hurt retirement more than others, according to an article from Morningstar published this week. One of those common mistakes involves retirees not understanding their options for unlocking home equity, including reverse mortgages.

Baby Boomers Have Wobbly Expectations for Home Equity in Retirement—For many American Baby Boomers, home equity isn’t their top source for funding retirement, at least compared to other strategies at their disposal. This lack of intended use, however, doesn’t necessarily mean these older adults are averse to tapping into their home equity to meet retirement spending needs.

Written by Jason Oliva