The Federal Housing Administration (FHA) Office of Single Family Housing has released new consumer resources this month dedicated to offering information for eligible non-borrowing spouses (NBS) in reverse mortgage transactions, RMD has learned. These new resources, made available shortly after the release of new rules expanding NBS protections, offer key information for spouses who have […]
Borrowers of proprietary reverse mortgages are increasingly becoming more closely aligned with the typical profile of a Home Equity Conversion Mortgage (HECM) borrower, through two very identifiable attributes: loan amounts that are in-line with those of a more traditional HECM, and the use of a loan’s proceeds to consolidate and pay off existing debt of […]
As parts of the Bahamas and Southeastern U.S. are bearing the brunt of Hurricane Dorian, the Consumer Financial Protection Bureau (CFPB) has released a new guide for borrowers of Home Equity Conversion Mortgages (HECMs) who have been affected by natural disasters. “Today we released a guide for older homeowners on how to meet their reverse […]
Making connections with different trusted advisors can be essential for reverse mortgage originators to remain competitive in the current industry landscape. While not all originators see the appeal in making connections with professionals like lawyers, financial planners or Certified Public Accountants (CPAs) in facilitating viable reverse mortgage leads, one originator and industry educator swears by […]
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 […]
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of protections in place for non-borrowing spouses (NBS), oftentimes including information that is either incomplete, out-of-date or both.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 […]
A new in-depth investigation on foreclosure actions related to reverse mortgages published late Tuesday by USA Today paints a bleak picture surrounding the activities and practices of the reverse mortgage industry, but also relates some questionable and out-of-date information in key areas highlighted by the investigation, according to industry participants who spoke with RMD. The […]
Personal referrals from financial advisors, friends or family, speaking with more than one lender and knowing what red flags to look out for can all be key elements to help a potential borrower find a quality reverse mortgage lender to help them plan out their financial future in retirement. This is according to Dr. Wade […]
Following up on a previous article detailing some possible reverse mortgage risks, there are four additional risks that a potential borrower should be aware of before entering into a reverse mortgage transaction. This is according to Dr. Wade Pfau, professor of retirement income at the American College of Financial Services, in a piece at Forbes. […]
Characterizing reverse mortgages as “misunderstood,” a new article that aims to answer five key questions for potential borrowers before making a decision about engaging in a reverse mortgage transaction has been published by Yahoo Finance, and authored by personal finance publication MoneyWise. “You keep title to your home. The bank collects on the loan when […]
