Trump’s Reforms Unlikely to Bring Short-Term Reverse Mortgage Change

President Donald Trump’s long-predicted executive actions targeting the financial industry made a major news splash on Friday, but key players in the reverse mortgage space and beyond are still waiting to see how the president’s plans will affect lenders and borrowers. “It’s still too early to know how this could impact our industry,” said Jenny […]

Colorado Bill Seeks Protection for Reverse Mortgage Borrowers Hit by Disasters

New legislation introduced by Colorado state lawmakers last week aims to suspend a borrower’s obligation to repay a reverse mortgage in the event that a natural disaster renders the property uninhabitable as a principal residence. Under current law, the reverse mortgage borrower is relieved of the obligation to occupy the subject property as a principal […]

N.Y. Governor Proposes Stronger Reverse Mortgage Consumer Protections

Concerned that reverse mortgage borrowers are not afforded the same protections as other homeowners, New York Governor Andrew M. Cuomo (D) is proposing legislation that will protect seniors with reverse mortgages, as part of a comprehensive plan to safeguard New York seniors from financial exploitation and foreclosure. The reverse mortgage and senior financial exploitation protections […]

New York Pushes for Stronger Reverse Mortgage Foreclosure Protections

Following a series of damning articles spotlighting New York reverse mortgage borrowers in foreclosure, lawmakers this week introduced new legislation that seeks to create additional consumer protections for these afflicted seniors. On Monday, New York Assemblywoman Helene Weinstein (D-Brooklyn) and Senator Jeff Klein (D-Bronx/Westchester) announced the introduction of legislation (A10745/S8177). The bill will provide reverse […]

Republicans Unveil Plans to Gut Dodd-Frank, Reform CFPB

One of the most vocal critics of the Consumer Financial Protection Bureau (CFPB) plans to overhaul the oft-controversial agency by gutting the Wall Street reforms that created it. This week, House Financial Services Committee Chairman Jeb Hensarling (R-TX) unveiled details of the Financial CHOICE Act. An acronym for “Creating Hope and Opportunity for Investors, Consumers […]

Maryland Lawmakers Punt on Reverse Mortgage Escrow Bill

The Maryland General Assembly recently adjourned, leaving in limbo a bill that would require escrow accounts be established for all reverse mortgage borrowers for the payment of property taxes and insurance. Sponsored by Senator Delores G. Kelley (D-District 10, Baltimore County), the legislation (S.B. 855) was first introduced to the Maryland state Legislature on February […]

California Bill Wants Foreclosure Protections for Surviving Spouses

In the reverse mortgage industry, the issue of what happens to surviving non-borowing spouses has always been a hot topic well before recent rule changes that now allow these individuals to remain living in the home even following the death of their reverse mortgage borrowing spouse. Now in California, new legislation calls for similar protections […]

White House Unveils New Proposals to Improve Retirement Saving

A cornerstone of President Obama’s final State of the Union address earlier this month emphasized the need to improve American workers’ access to retirement savings plans, regardless of their employment status. In efforts to make this a reality for millions of workers nationwide, the White House introduced several proposals this week aimed at providing more […]

Illinois’ New Reverse Mortgage Law Takes Effect This Week

Reverse mortgage professionals in Illinois will soon be required to abide by the state’s new laws governing Home Equity Conversion Mortgages (HECMs) beginning January 1, 2016. In August, Illinois Governor Bruce Rauner signed into law the Reverse Mortgage Act, following the its passing in the Illinois General Assembly earlier this summer. The legislation rewrites the […]

Holiday Round-Up: Is the Reverse Mortgage Industry Failing the H4P?

RMD will be observing the Christmas holiday December 24-25, but will return to our normal posting schedule on Monday, December 28. RMD wishes all of its readers and their families a safe, enjoyable Merry Christmas and happy holidays. We’ll see you back here on Monday. In the meantime, in case you missed it, here’s what […]