Friday Round-Up: Reverse Mortgage Myths Debunked

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

Reverse Mortgage Originators Grapple with Extenuating Circumstances—Now four months into the Financial Assessment, reverse mortgage originators  are working with prospective borrowers on a much more financially intimate level, but some are running into obstacles when analyzing extenuating circumstances.

Fox News Delves into Reverse Mortgage Successes, Changes—In the second of two pieces from Fox News on reverse mortgages this past week, one video segment explores the theme “How to Have a Reverse Mortgage Success Story,” featuring interviews with two couples who have used reverse mortgages to improve their retirement solutions.

Even with Financial Assessment, It’s Still a Reverse Mortgage Originator’s Ballgame—Despite speculation that forward originators might have a competitive advantage when adjusting to the new guidelines of the Financial Assessment, the results of a recent RMD poll suggested otherwise.

FINRA Debunks Reverse Mortgage Misconceptions—A podcast from the Financial Industry Regulatory Authority, or FINRA, calls into question several common reverse mortgage misunderstandings, also discussing several key considerations for consumers when seeing advertisements for these loans.

Government Watchdog Points to Reverse Mortgage Residency Violations—The Department of Housing and Urban Development policies did not always ensure that reverse mortgage borrowers complied with residency requirements under the Home Equity Conversion Mortgage program, according to an audit this week from the Office of the Inspector General.

Written by Jason Oliva

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