Bankrate: Paying Back a Reverse Mortgage

When a reverse mortgage borrower dies, the loan becomes due and payable. For the borrower’s adult children, that means resolving questions about how to pay off the loan — and doing so relatively quickly, Bankrate writes in a recent article.  A reverse mortgage servicer uses a number of resources to find out when borrower dies, […]

California Pilots Program to Cure Reverse Mortgage Defaults

Perhaps one of the biggest draws for reverse mortgages over other home equity loans is its lack of a monthly loan payment. However, reverse mortgage borrowers must still remain current on their property charges, including taxes and insurance — often a source of stress for some low- to moderate-income seniors who are struggling to cover […]

Number of Americans With No Emergency Savings Reaches 5-Year High

Sixty-five percent of Americans do not have sufficient emergency savings, and more than one in four have no emergency savings whatsoever, according to a new report by Bankrate.com.  The latest survey — which polled 1,000 adults in the U.S. via telephone — echoes findings in previous reports, which indicate that 26% of 50- to 64-year-olds […]

Hollywood’s Take on Reverse Mortgages: Help Mom, Dad Maintain Independence

“Celebrities” and “reverse mortgages” don’t often appear in the same sentence — unless of course it’s in reference to American Advisors Group’s spokesman former Senator Fred Thompson.  In Hollywood, however, it’s hard to imagine the well-to-do stars taking out a loan to help boost their retirement nest egg. But one entertainment insider tells RMD that […]

USA Today: Reverse Mortgages Make Moving Tricky

One of the downsides of a reverse mortgage is that it limits a borrower’s ability to move — given that permanently moving out of a home which has a reverse mortgage generally triggers repayment of the loan. For borrowers considering such a move, they should start the process by contacting their reverse mortgage servicer, suggests […]

WaPo: Home Renovations Turn Toward Aging

A reverse mortgage is often touted as a helpful financial tool that older Americans can use to make aging-friendly upgrades to their homes.  Some of these home renovations include widening doorways, kitchen and bathroom updates and even installing elevators, according to a recent Washington Post column by Julia Caswell Daitch, the principal architect of Caswell Daitch […]

HUD Asks Court to Drop Reverse Mortgage Non-Borrowing Spouse Case

Following recent updates to its reverse mortgage non-borrowing spouse guidance, the Department of Housing and Urban Development (HUD) has asked the U.S. District Court for Washington D.C. to dismiss ongoing litigation around the issue on the grounds of mootness. On June 12, the same day the housing agency issued its latest Mortgagee Letter 2015-15, HUD filed a […]

Consumer Advocates ‘Thrilled’ With HUD Reverse Mortgage Update

After years of ongoing litigation involving reverse mortgage cases, AARP and the Department of Housing and Urban Development (HUD), the housing agency has finally put to rest long-held concerns over the protections — or lack thereof — for reverse mortgage non-borrowing spouses. And today, consumer advocates, along with attorneys who represented non-borrowing spouse plaintiffs in various reverse […]

HUD Secretary Takes Hot Seat on Agency Issues

Though Congress members did not point to reverse mortgage issues specifically, they cited a litany of issues at the Department of Housing and Urban Development (HUD), via questions posed to still-new Secretary Julian Castro on Thursday. “How do you define success at HUD?” “Where can greater efficiencies be realized at the agency?” “Are there abuses […]

Hiring Efforts Heat Up in Reverse Mortgage Industry — Jobs Available Now

As the summer weather starts heating up, so too does reverse mortgage lenders’ search for top talent.   Among those who are turning up the heat on their hiring efforts are Reverse Mortgage Funding (RMF), Live Well Financial and Urban Financial of America. From wholesale account executives to loan processors and underwriters, job opportunities abound. Click […]