The scariest thing you’ll see this summer is not a genetically modified dinosaur noshing on nameless tourists in whatever iteration of Jurassic Park we’re up to, but rather the Obama administration’s forthcoming final rule to affirmatively further fair housing. Well, that’s what the rule’s opponents would like you to believe.
For anyone actively working in the mortgage industry, it’s no secret that reverse mortgages have taken a brutal hit in the last two years. The U.S. Department of Housing and Urban Development issued major program changes at the end of 2017 that effectively limited the amount of proceeds and the number of people who could qualify for the loan. The result had lenders across the space enduring sizable volume drops and subsequent gashes to their bottom lines.