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Retirees Don’t Take Reverse Mortgages Seriously, CFPB ‘Racket’ on Blast

ReverseFocusReverse Focus Weekly Podcast Episode #411

In this week’s Reverse Focus podcast, Shannon Hicks discusses why U.S. workers are not seriously considering reverse mortgages for retirement. One reason is that a large portion of both retirees and pre-retirees not only lack knowledge of reverse mortgages, but they also don’t consider the use of home equity in retirement, according to a recent survey from The American College this past week.

Also discussed, The Wall Street Journal published an editorial last week blasting the Consumer Financial Protection Bureau, calling into question the oft-controversial agency’s constitutionality. The editorial published amidst the Bureau’s ongoing legal battle with PHH Corporation (NYSE: PHH), a N.J.-based mortgage services provider, who is challenging CFPB’s claims that it broke the law when it referred customers to mortgage insurers that brought reinsurance from PHH.

In another podcast story, when it comes to selling a home secured by a reverse mortgage, open lines of communication between reverse mortgage services and Realtors are key to a successful transaction, agreed several reverse mortgage and real estate industry professionals during a recent webinar hosted by the National Reverse Mortgage Lenders Association and the National Association of Realtors.

Lastly, the CFPB made other headlines this past week when it released its latest monthly consumer complaint report for April 2016. The monthly report for April provides a snapshot of trends in consumer complaints, and for this week highlighted mortgage-related grievances. As of April 1, 2016, reverse mortgages represented just 1% of all mortgage-related complaints filed to the CFPB.

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Talking Points:

  • Retirees not taking reverse mortgages seriously
  • Ouch! Wall Street Journal rails against CFPB “racket”
  • What Realtors need to know about selling a home with a reverse mortgage
  • A drop in the bucket: CFPB reverse mortgage complaints

Listen nowReverse Focus is the ultimate resource for reverse mortgage professionals providing the technology, training and marketing to grow your business. We are your one-stop resource for those committed to taking their business to the next level.” Editor’s Note: These posts are sponsored by Reverse Focus.

Written by Jason Oliva