New York’s New Reverse Mortgage Bill: What You Need to Know

A new reverse mortgage bill poised to become law in New York stands to change the way reverse mortgage professionals do business in the state. The bill, passed by the State Assembly in May and now awaiting the signature of Governor Andrew Cuomo, takes sweeping aim at what it calls “deceptive practices,” requiring lenders to […]

U.S. House Proposes Bill With $100 Million Aging in Place Provision

A new bill being proposed by Rep. Maxine Waters (D-CA) and discussed in a hearing of the House Financial Services Committee on Tuesday morning includes a proposed allocation of $100 million to address the needs of rural seniors to age in place. The “Housing is Infrastructure Act of 2019” aims to provide funding for the […]

House Committee Aims to Redefine Retirement With Sweeping Bill Passage

The Ways and Means Committee in the United States House of Representatives unanimously passed a bill aimed at increasing the flexibility of 401K savings accounts, and improving access to the accounts for both small businesses and the workers employed by them. Described as potentially the, “most comprehensive changes to private retirement plans in more than […]

55+ Communities Stuck in Reverse Mortgage Limbo as Freeze Continues

Despite almost two years of public support and amended bylaws, residents in one of Arizona’s 55-and-up communities must continue to wait to open reverse mortgages. Residents of the Sun City West active adult community, about 30 miles northwest of Phoenix, got a glimmer of hope in May when their governing body rewrote a bylaw to […]

Despite Language Confusion, Oregon Reverse Mortgage Ad Law Applies Widely

Oregon lawmakers passed new restrictions on what reverse mortgage professionals can and can’t say in marketing materials — and despite what some eagle-eyed readers thought could be a loophole, experts confirm that the law applies to a wide swath of Home Equity Conversion Mortgage players. The new legislation, signed into law by Gov. Kate Brown, […]

Holiday Weekend Roundup: Michigan Merger, Life After the Fonz

Happy July 4 weekend from all of us at Reverse Mortgage Daily! As a reminder, we’re off both Monday, July 3 and Tuesday, July 4, returning to a regular posting schedule bright and early on Wednesday, July 5. We hope you have a happy and safe time! But before you step out the door, let’s […]

NRMLA Asks HUD to Revise Non-Borrowing Spouse, H4P Rules

Responding to President Trump’s call for a complete overhaul of the nation’s financial regulatory structure, the National Reverse Mortgage Lenders Association last week submitted a host of requests to the Department of Housing and Urban Development, asking the agency to update non-borrowing spouse rules and other parts of the reverse mortgage program. Specifically, NRMLA asked […]

House Passes CHOICE Act to Scale Back Dodd-Frank, Reform CFPB

The House of Representatives on Thursday passed legislation that takes strong aim at the Dodd-Frank Wall Street Reform and Consumer Protection Act, essentially netting banks and financial institutions with a perceived win over regulators. Drafted and supported by the House Financial Services Committee, the The Financial CHOICE Act — Creating Hope and Opportunity for Investors, Consumers […]