California Updates Reverse Mortgage Elder Protection Act

California’s Senate Committee on Banking, Finance, and Insurance passed a new version of AB 329 by a 9-2 vote on Tuesday and is being referred to the Committee on Judiciary according to the Senate’s website. AB 329 includes provisions which prohibit any person who participates in the origination process from requiring an applicant to purchase […]

Attorney General’s Bill Vetoed, Says Reverse Mortgage Hype Is Coming

The reverse mortgage industry let out a sigh of relief when Minnesota’s Governor vetoed a bill which would’ve hurt the reverse mortgage industry and seniors living in the state.  The person who spear headed the introduction of SF 489 was Minnesota’s Attorney General Lori Swanson.  Ms. Swanson was not happy that the bill was vetoed […]

US Regulator’s Speech About Reverse Mortgages Brings Up Legitimate Concerns

Earlier this week at the American Bankers Association’s Regulatory Compliance Conference in Orlando, Fl, Comptroller of the Currency’s, John Dugan gave a speech about the need for “Consumer Protections for Reverse Mortgages”. When the press got wind of a few parts of the speech, the headlines started hitting national papers like the Wall Street Journal, […]

US Banking Regulator: Reverse Mortgages Could Be The Next Subprime Product

Reverse mortgages could be the next subprime mortgage product to experience rapid growth while taking advantage of a vulnerable segment of the population, top U.S. bank regulator John Dugan said on Monday. Dugan, who heads the Office of the Comptroller of the Currency and supervises some of the nation’s largest banks, said regulators are crafting […]

Vermont Governor Signs Bill, Bans Proprietary Reverse Mortgage Products

Earlier this week, Vermont’s Governor Jim Douglas singed H 222 which limits the availability of reverse mortgages to seniors in the Green Mountain State.  H 222 contains several provisions to protect seniors who purchase certain types of lending and insurance products. H 222 states that only HUD approved financial institutions can issue reverse mortgages and […]

Minnesota Governor Veto’s Reverse Mortgage Bill

Late yesterday, Minnesota Governor Tim Pawlenty vetoed SF 489 which could’ve had negative consequences for both seniors and reverse mortgage lenders.  The bill would’ve increased the rescission period for reverse mortgages to 10 days, added a suitability requirement, as well as increased restrictions on cross selling. “The the intention of this bill is to protect […]

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 […]