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Thanksgiving Round-Up: Reverse Mortgages Hit Late Night TV

RMD would like to wish all of its readers and their families a safe and enjoyable Thanksgiving. We’re thankful for all of the support we’ve received from friends, family and our industry partners this year.

But above all, we’re thankful to be able to serve an industry that has the noble cause of helping American seniors earn the comfortable retirement security that they deserve.

In observance of the Thanksgiving holiday, RMD’s office will be closed on Thursday, November 24, as well as Friday, November 25. We will, however, return to our regular daily posting schedule on Monday, November 28.

Until then, take some time to check out the most popular reverse mortgage news stories from the past week:

Jimmy Kimmel Spoofs “Reverse” Reverse Mortgage—Reverse mortgages made an appearance on late night TV over the past week, when Jimmy Kimmel produced a spoof of his future self appearing in a commercial for what he dubbed the “Reverse” Reverse Mortgage. The product touted by Kimmel allows people to borrow money while they are alive, and then bill their children.

Borrowers Clash on Their Reverse Mortgage Experiences—At a reverse mortgage industry conference last week, four reverse mortgage borrowers shared their first-hand experiences with the Home Equity Conversion Mortgage product. Of the four borrowers, three had fairly positive or neutral experiences, while the fourth borrower’s controversial ordeal was enough to make reverse mortgage industry members cringe.

Reverse Mortgage Leaders Call for Industry-Wide Data Collection Effort—While it may seem like excessive regulation in recent years has stifled reverse mortgage growth, there is now an opportunity for the industry to control its own destiny and facilitate some positive change through an all-out data collection effort, according to a group of reverse mortgage industry leaders.

Wealth Manager Takes Another Look At Reverse Mortgages—Though many financial planners have yet to jump on the reverse mortgage bandwagon, there are some out there who finally realize that the product can be a viable tool in retirement planning, that is, when it is used strategically, according to a recent Kiplinger article penned by a reverse mortgage-reformed wealth manager.

Volatility Continues for Reverse Mortgage Volume—Reverse mortgage volume for both the wholesale and retail sectors saw a decline from August to September and endorsements as a whole fell by 14.6%, according to recent industry data tracked by Reverse Market Insight.

Written by Jason Oliva