Massachusetts Consumer Advocate Calls for Additional Reverse Mortgage Protections

The state of Massachusetts has always taken a very aggressive approach to regulating reverse mortgage products and one of the states top consumer advocates is calling for new ways to protect people from unsolicited loans, high fees for bounced checks, and possible problems with reverse mortgages.   According to an article from Mass Live, Barbara Anthony, […]

MBA Releases Reverse Mortgage Model Legislation

The Mortgage Bankers Association (MBA) released a copy of its model legislation for reverse mortgages earlier this month at its conference in San Diego, CA.  According to the MBA, it’s meant to define a national standard of consumer protections for reverse mortgage products. The MBA believes that if reverse mortgages uniformly incorporate the principles in […]

Model Reverse Mortgage Legislation: Are States Listening?

As industry representatives develop and circulate model legislation intended to guide state lawmakers in creating rules for reverse mortgage lending, there is some question about how much they are taking heed. “States are not paying too much attention to model legislation proposals right now,” concedes Joe Demarkey, regional sales director for MetLife Home Loans.

California Reverse Mortgage Bill Passes Assembly, Heads to Senate

The California Assembly passed a bill earlier this week, which is meant to provide an additional level of protection to senior citizens considering reverse mortgages.  Passed by a vote of 49-29, SB 660 requires that a checklist be provided to the consumer prior to the mandatory counseling session and states that any person who recommends […]

Appropriations Bill Set to Change FHA Reverse Mortgage Program

As politicians head back to Washington to vote on healthcare and a range of other issues, the reverse mortgage industry waits to see what the Home Equity Conversion Mortgage (HECM) will look like starting in FY 2010. The House passed its appropriation bill in August and requires that HUD operate the HECM program at a […]

Report Shows Progress Being Made to Improve Supervision of Reverse Mortgages

The Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) published the first report on multi-state examination efforts to improve supervision of the mortgage industry.  The Multi-State Mortgage Committee Report to State Regulators identified the following key steps states have taken over the past year: The states formed the […]

Consumer Reports Investigative Report on Reverse Mortgages, Hardly Balanced

Consumer Reports is back and they’ve decided to jump on the Claire McCaskill bandwagon attacking reverse mortgages in their September 2009 edition.  Consumer Reports calls Reversals of fortunes an “investigative” report on reverse mortgages but it’s nothing more than a one sided argument against the product. The article is perfectly crafted to ensure the reader […]

Journalist Calls Out McCaskill on Her Reverse Mortgage Crusade

When it comes to the mainstream media, I’d say our industry has three well established journalists who provide fair and balanced reporting when it comes to reverse mortgages.  One of those is Newsday columnist Saul Friedman, who tells his readers Don’t Worry, Reverse Mortgages are Safe. In his Gray Matters column, he writes that “to […]

Senate and House Appropriation Bills Have Different Reverse Mortgage Solutions

The Senate and House appropriators have two different approaches on how to cover the the Federal Housing Administrations $798 subsidy request for the reverse mortgage program but both involve adjusting the amount seniors receive from he product.    Last week, the House passed its appropriation bill for FY 2010 and requires that HUD operate the HECM […]