The Consumer Financial Protection Bureau made waves a few weeks back by advising against using reverse mortgages to delay Social Security payments, a relatively new strategy gaining traction in the financial-planning industry.  Multiple sources weighed in on the potential flaws with the CFPB’s reasoning, and last week blogger and Home Equity Conversion Mortgage advocate Jack […]

Major upcoming changes to the reverse mortgage program may have dominated industry headlines over the past week, but financial planners have continued to respond to another Home Equity Conversion Mortgage story: a Consumer Financial Protection Bureau report that warns against using the products to delay Social Security payments. Last week, American College of Financial Services […]

The Consumer Financial Protection Bureau took a major swing at an emerging use for the reverse mortgage last week, releasing a study that showed the costs might outweigh the benefits achieved by using the proceeds to delay Social Security payments. But one prominent retirement researcher disputed those findings with a Tuesday article in Forbes. The […]

As we keep rolling through the dog days of summer, the news hasn’t slowed down in the Home Equity Conversion Mortgage world. Here’s a look at some of the top stories of the past week to get you ready for the last five workdays before the long Labor Day weekend. Wells Fargo Closes Book on […]

The Consumer Financial Protection Bureau on Thursday announced that it would ease certain mandatory reporting requirements for issuers of home equity lines of credit — including Home Equity Conversion Mortgages. Beginning January 1, 2018, financial institutions that have originated 500 home equity lines will be required to submit certain information about borrowers to the CFPB […]

The Consumer Financial Protection Bureau issued a report Thursday with an accompanying warning stating that taking out a reverse mortgage can be an “expensive way to maximize Social Security benefits.” The Bureau also released a video and guide explaining reverse mortgages to consumers. Issued by the agency’s Office of Older Americans, the report explores the […]

The reverse mortgage industry’s top trade group confirmed that a proposed rule regarding the Home Mortgage Disclosure Act would indeed apply to Home Equity Conversion Mortgages — and asked the agency in charge of administering the rule for a delay. The Consumer Financial Protection Bureau proposed an update to HMDA reporting regulations at the end […]