Illinois’ New Reverse Mortgage Laws, States Crack Down on Elder Fraud

ReverseFocusReverse Focus Weekly Podcast Episode #395

In the first Reverse Focus podcast of 2016, Shannon Hicks discusses the recent efforts of state officials seeking to crack down on elder fraud cases. Grappling with the growing financial exploitation of the elderly, state officials are now pushing for laws that would require financial advisors to report suspected elder fraud to the authorities, however, such measures face pushback from the financial industry, reported The Wall Street Journal last week.

Also discussed, is retiree poverty making a comeback with retirees? Increased aging longevity coupled with diminishing Social Security benefits are stewing together for a recipe in what could be a return to poverty amongst retirees and the elderly, according to a recent New York Times article. And it’s not just happening for Americans, but for retirees internationally as well.

In another podcast story, reverse mortgage professionals in Illinois will be required to comply with the state’s newest laws governing Home Equity Conversion Mortgages beginning January 1, 2016. The updated regulations rewrite the state’s reverse mortgage laws and include a series of borrower protections, including the implementation of a three-day “cooling off” period.

Lastly discussed, despite the fact that the stock market did fall in the last day of 2015, housing prices continued their growth nationwide over the last year, according to the latest results from the S&P/Case Shiller Home Price Index. Big home price gains were seen in San Francisco, Denver and Portland, among other major metro areas in the 10-City and 20-City Composites.

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Talking Points:

  • State officials crackdown on elder fraud
  • Is poverty making a comeback with retirees?
  • New reverse mortgage law in effect in Illinois
  • Home prices see widespread growth in 2015

Listen now. Reverse Focus is the ultimate resource for reverse mortgage professionals providing the technology, training and marketing to grow your business. We are your one-stop resource for those committed to taking their business to the next level.”  Editor’s Note: These posts are sponsored by Reverse Focus.

Written by Jason Oliva

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