Possible Impacts of New York’s Sweeping New Reverse Mortgage Law

A New York state law that was recently signed by Governor Andrew Cuomo, and which targets deceptive consumer practices while imposing new requirements on borrower representation during loan closings, could have potentially serious implications on the way that reverse mortgage business is conducted in the state. State Assembly bill A5626 was first passed by the […]

Safeguarding the Reverse Mortgage Business in the Cyber Security Age

In the wake of numerous, high-profile cyber security breaches that have afflicted some of the world’s largest technology companies, it’s incumbent upon financial professionals in particular – even in the reverse mortgage industry specifically – to be aware of cyber security threats and how to protect against attacks that can affect clients, business and employees. […]

Tips for Turning Financial Advisors into Reverse Mortgage Partners

Certified Financial Planners (CFPs) that have historically been resistant to the use of reverse mortgages in stabilizing the finances of their clients are continuing to evolve their perspectives on reverse mortgage products in a few key ways, and continual refinement of the language that originators can use in attempting to appeal to them as referral […]

New York Governor Vetoes Reverse Mortgage Co-op Bill

A bill that was passed in both houses of the New York State Assembly which would have authorized reverse mortgage cooperative apartment unit loans for the state’s senior population, while also providing additional consumer protections, was vetoed by the state’s governor shortly before the start of the holidays. New York State Senate Bill S03686, which […]

RMD Report: Reverse Mortgage Leaders on the Future of Proprietary Products

A great deal of the optimism that people have for the future of the reverse mortgage industry rests in the potential for proprietary products, largely unbound by the same kinds of regulations that govern the more typical products in the Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgage (HECM) program. As more lenders continue to […]

USA Today Report Details Difficulties for Reverse Mortgage Heirs

A new in-depth article published by USA Today takes aim at legal and financial difficulties faced by the heirs of reverse mortgage borrowers when trying to pay off the loan balance in order to keep the affected properties. Based on input from over 100 “tips” submitted to the outlet after its look at reverse mortgage […]

Senior Housing Wealth Reaches Record High of $7.19 Trillion

Homeowners age 62 and older saw their collective housing wealth increase in Q3 2019 by 0.3% compared to the previous quarter. This constitutes an increase of approximately $24 billion to a record of $7.19 trillion, according to data provided by the National Reverse Mortgage Lenders Association (NRMLA) in conjunction with data analytics firm RiskSpan. The […]

Originators: Top 3 Traits for Selling Reverse Mortgages

Confidence, honesty and the strength of personal branding can be pivotal components for those who work to sell reverse mortgage loans every day, and these three elements have been key for the success of originators in different parts of the country. This is according to a panel discussion of reverse mortgage sales professionals that took […]

Industry Meeting Signals ‘Exciting’ Time for Reverse Mortgages

The National Reverse Mortgage Lenders Association (NRMLA) is encouraged after a productive Annual Meeting last month in Nashville, Tenn., owing to a well-received programming schedule and enthusiasm among attendees for the event’s venue city. This is according to NRMLA’s recently-promoted President, Steve Irwin, in an interview with RMD. “Overall, the response to our recent annual […]

Tips for Taking Negative Ego Out of Reverse Mortgage Sales

While the word “ego” can often come with negative connotations, there are positive aspects to it that can be important, and which should be accentuated for people who are in positions related to sales. This can be especially important for those aiming to sell reverse mortgages, since a good sales strategy in selling products dedicated […]