Friday Round-Up: Why MetLife Quit Reverse Mortgages, Seniors Go Online

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

A Tom Kelly column took a crack at why MetLife really left the business. When MetLife decided to exit the reverse mortgage business in April, it sent the industry reeling—albeit temporarily—as the third in a series of large corporate lenders to quit offering Home Equity Conversion Mortgages. The column offers an answer as to why. 

Data showed four of the top six reverse mortgage lenders have grown volume by 100% or more…year-to-date, some have seen a near-150% increase in volume this year. These “winners,” according to a Tuesday Reverse Market Insight report, include American Advisors Group, Genworth Financial, First National Bank of Layton and Security One Lending.

More than half of seniors are online. Are you prepared? A Pew Center study shows for the first time that more than half of Americans in the 65+ age group are online. Are reverse mortgage lenders ready? 

Congress asked for FHA condo rule changes. In a letter sent last week to Department of Housing and Urban Development Secretary Shaun Donovan, 69 members of Congress urge the housing agency to ease up on its rules regarding condo lending. 

Written by Elizabeth Ecker

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