Friday Round-Up: Reverse Mortgage Changes Take Effect August 4

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

HUD Reminds Lenders of Reverse Mortgage Changes Coming Aug. 4—The Department of Housing and Urban Development issued a memo reminding lenders of new reverse mortgage rules going into effect on August 4 including new non-borrowing spouse protections and new principal limit factors for all borrowers. 

USA Today: Outstanding Debt Trumps Benefits of Reverse Mortgage—Reverse mortgages are not for everyone, writes USA Today in response to a reader question about whether a reverse mortgage can help the 73-year-old, who has a $940,000 mortgage on a $1.65 million property. Particularly with limited jumbo options, homeowners with high valued homes and substantial mortgages are not likely to benefit from a reverse mortgage, USA Today finds. 

Financial Planning Giant Launches Senior-Specific Advisor Training—Financial planning giant Raymond James has announced a training program for its employees to help them specialize in working with senior clients. The training is based in part on concepts drawn from MIT’s AgeLab, though it does not include a reverse mortgage component. 

Live Well Launches New Reverse Mortgage Call Center, Expansion Plans—In the latest from Live Well Financial, the reverse mortgage lender has announced plans to open a new East Coast call center as well as a build out of its San Diego call center. The plans call for hiring as many as 300 originations and operations personnel across the two locations. 

Reverse Mortgages Have Chance to Shine When Social Security Fund Depletes—Reverse mortgages may become a more helpful retirement planning tool, writes U.S. News and World citing recent Census Bureau statistics indicating baby boomers will be hard pressed to find traditional retirement income options. 

Written by Elizabeth Ecker

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