Minnesota Reverse Mortgage Legislation Update

One of the things RMD readers asked for more of in our last survey, was an increase in updates regarding reverse mortgage legislation, so I’m doing my best to stay up to date.  In Minnesota, Beth Paterson from Reverse Mortgages SIDAC has been playing an important role and was nice enough to send me an […]

Senator McCaskill Concerned About Reverse Mortgage Fraud

Senator Claire McCaskill voiced her concerns over issues related to reverse mortgages at a Senate Proceeding last week.  She estimates that there will be 200,000 new reverse mortgages this year and believes it has the potential to become a huge liability to the American taxpayer if more guidelines aren’t put in place.  One area she […]

Governor Signs Reverse Mortgage Bill

We’ve got some good news on the reverse mortgage legislation front.  Earlier this week Washington state Governor Chris Gregoire signed into law a bill which will allow non bank lenders to originate reverse mortgages. HB 1311 was introduced earlier this year to lift the restrictions from SB 6471 which effectively banned non-bank lenders who are […]