Friday Round-Up: Reverse Mortgages for Purchase Need Fresh Approach

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

What’s Stopping the Reverse Mortgage for Purchase Market?—There is huge potential for Home Equity Conversion Mortgage for Purchase market to grow, but lenders suggest that the industry’s approach thus far needs some tweaking.

Some Regions More Ripe for Reverse Mortgage Lenders Than Others—Reverse mortgage volume saw a nearly 20% decline year-over-year in September, however, despite the national decrease certain select markets have been diamonds in the rough.

How Reverse Mortgages Fit Into Modern-day Retirement Planning—There’s no doubt that retirement today isn’t what it used to be. Acknowledging this shift, a new book from the Boston College Center for Retirement Research suggests successful retirement in the 21st century means working longer, saving more and using alternative financial products, including reverse mortgages.

LA Times: Avoid Reverse Mortgage Pitfalls—Even with the slew of program changes to make reverse mortgages safer for borrowers, The Los Angeles Times warns the loans still come with potential pitfalls borrowers and their heirs can avoid.

Not Over Until It’s Over: November Reverse Mortgage Volume Falls 9%—With the end of 2014 just weeks away, reverse mortgage volume continues to shadow its 2012 levels, however, December’s totals will be the final judge.

Written by Jason Oliva

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