Are You an Ostrich?
Are You an Ostrich? According to Reverse Focus, someone suffering from Ostrich Syndrome is: “sticking their head in the sand and hoping they’ll never have to face their issues or deal with them when the time comes.” I see it plenty in the Reverse Mortgage industry. Retirees who didn’t plan for their [...]
Finding Opportunity in a New Frontier
The reverse mortgage program changes, in a sense, wiped the slate clean. It created, not only a new, consolidated program, but changed the rules on how future transactions will be conducted. If anything, the new changes also created a new, unexplored frontier where reverse mortgage brokers, like myself, will have to [...]
Do the the Needs of the ‘Many’ Outweigh the Needs of the ‘Few’?
Despite being disappointed by HUD’s process for implementing change, namely, bypassing the public comment period which takes place during the rule-making process, the AARP is adamant in their support for the new changes calling them “well-intentioned.” According to an article published by Reverse Mortgage Daily, “AARP: Reverse Mortgage Changes Will Bar Access but Improve [...]
“Reverse Mortgage Changes Make Retirement Harder…”
Mike Anderson in his column published in NerdWallet states: “Reverse Mortgage Changes Make Retirement Harder…” I resent the implication because Anderson is saying that retirement is getting harder for seniors BECAUSE the reverse mortgage program has changed, implying that A equals B. This is not true. To be honest, I’ve done posts before about the current state [...]
Not All Reverse Mortgages Are Created Equal
There’s an important distinction to be made about the reverse mortgages I blog about and other reverse mortgages you hear about on the news. The reverse mortgages I blog about are insured by the Federal Housing Administration. This means a couple of things: FHA-insured reverse mortgages are non-recourse loans, meaning [...]
HUD Wants to Know What You Think…
HUD Wants to Know What You Think…About the Financial Assessment Change For the first time, since announcing the changes to the Reverse Mortgage Program, which were implemented on September 30, HUD is asking for feedback. Specifically, about the financial assessment changes coming on January 13 of next year. The 30-comment [...]
