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 […]
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 […]
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, […]
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 […]
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 […]
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 […]
The Connecticut State Senate passed a bill last week requiring reverse mortgage lenders to ensure that prospective borrowers receive counseling — despite the fact that, as some lawmakers pointed out, that’s already a federally mandated part of the Home Equity Conversion Mortgage program. The law would prevent reverse mortgage lenders from accepting an application until they […]
The number of complaints filed with the Consumer Financial Protection Bureau increased by 19% from the first quarter of 2016 to the same span this year, but older consumers reported fewer issues over that period. The CFPB received an average of 2,181 complaints from consumers aged 62 and older each month from January to March […]
Work with financial planners to legitimize the reverse mortgage in the mind of the skeptical consumer. Use planners as key sources of referrals. Reverse mortgages can be the cornerstone of a smart retirement blueprint. It’s a refrain that many lenders and originators have been hearing for years now, and it contains a decent amount of […]
Longtime followers of reverse mortgage fraud likely know the name Mark Diamond. The former originator has been accused of bilking elderly Chicago homeowners out of their reverse mortgage proceeds as far back as 2003, and his origination license has been suspended since 2010. Just last June, an Illinois judge ordered him to pay $2.4 million […]
