Long after leaving the reverse mortgage business, Bank of America is back on the landscape — now with an objection to Reverse Mortgage Solutions’ sale proceedings. The company, which once originated as many as 9,000 reverse mortgage loans per year, has filed an official objection in the Bankruptcy Court for the Southern District of New […]
The reverse mortgage proprietary market continues to heat up, with Liberty Home Equity Solutions announcing the official launch of a new proprietary offering on Thursday. Aimed at seniors with higher home values, the new product allows access to funds well above the current Home Equity Conversion Mortgage (HECM) program loan limit of $726,525. Called “EquityIQ,” […]
For new retirees who begin their non-working lives without the advantage of having savings, a new article from U.S. News and World Report offers up six potential steps people in that situation can take in order to enhance their financial standing in their retirement years. Among the included recommendations is the employment of the home […]
When it comes to being a reverse mortgage originator, there are many different job-specific duties and attributes that make the profession unique. Far more than those working in the traditional forward mortgage space, reverse mortgage originators often have to take a slower, consultative approach to interacting with clients and walking them through the complexities of […]
The Consumer Financial Protection Bureau (CFPB) has issued an update to a 2016 advisory to financial institutions, which included a series of best practices designed to assist those institutions in protecting seniors who hold certain accounts with them. In this update of the previous advisory, the CFPB encourages banks and credit unions to report to […]
American Advisors Group (AAG), the largest reverse mortgage lender in the United States according to the most recent endorsement data, has enlisted their core spokesperson in the creation of a new television ad with the apparent aim to allay the fears of those who have misgivings about the legitimacy of the reverse mortgage product. The […]
31 percent of employed Americans have no access to retirement savings accounts through their workplace. This is according to a new survey conducted by retirement advocacy organization Funding Our Future, in partnership with private research company Morning Consult. “Having enough money saved for retirement is one of the biggest financial challenges Americans face,” the press […]
Multiple high-profile news articles that have appeared in different media outlets this year have highlighted the continued difficulties faced by the reverse mortgage industry in terms of protections in place for non-borrowing spouses (NBS), oftentimes including information that is either incomplete, out-of-date or both. Two reverse mortgage industry experts offer their perspectives on this issue […]
Finance of America Reverse (FAR), the number two reverse mortgage lender according to June origination data, has added its proprietary HomeSafe Select product to its suite of offerings in the state of Florida, the company announced Monday. This marks the first expansion of the product’s availability beyond just the state of California, and also makes […]
Once one of the top 10 reverse mortgage lenders by volume, the closure of Live Well Financial was as swift as it was unexpected. While the dust has yet to completely settle on this story, numerous legal proceedings extending out of the closure and ongoing investigations by financial regulators and federal law enforcement have further […]
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