Friday Round Up: FINRA Changes Reverse Mortgage Definition

In case you missed it… here’s what happened in reverse mortgage news this week.

New appraisal rule may cause reverse mortgage delays. An appraisal rule implemented by the Consumer Financial Protection Bureau that went into effect January 18 and applies to all lenders, both forward and reverse, may lead to confusion among borrowers. 

Mortgage Prof. enters reverse mortgage market with new calculator. The “Mortgage Professor,” Jack Guttentag, has launched a new reverse mortgage calculator and is planning a lender exchange platform.  

FINRA no longer describes reverse mortgages as a “loan of last resort,” due in part to the efforts of a task force assembled by Security 1 Lending that reviewed research on how the loan can be used as a retirement planning tool. 

Business school professor gets into reverse mortgage market. A Columbia business school professor convinced of the loan’s role in responsible retirement planning launched a reverse mortgage division in his lending business. 

MarketWatch details the five things to consider before getting a reverse mortgage. A MarketWatch interview with a credit counselor lists several items to consider prior to taking out a reverse mortgage.

Written by Alyssa Gerace

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