Non-Borrowing Spouses Benefit from HECM Loan Counseling As Well
HECM Loan counseling is an essential part of any reverse mortgage transaction. Those who tell any client otherwise are lying. Reverse mortgage counseling is a safeguard against unethical practices, ensuring that consumers who apply for a reverse mortgage are fully aware of the in’s and out’s of the program. In addition, counseling [...]
Court of Appeals Rules in Favor of Plaintiffs…Against HUD
The non-borrowing spouses of reverse mortgage borrowers have finally found a reprieve when a court of appeals rule in favor of the two plaintiffs in a lawsuit against HUD. According to an article in Reverse Mortgage Daily, a court of appeals is holding HUD accountable for providing a remedy for the plaintiffs. [...]
Would You Disclose Clients’ Private Information to Protect Them?
Several federal agencies seem to think it would be all right, under certain circumstances. Namely, reporting elder financial fraud. Among the agencies are the Consumer Financial Protection Bureau, the Federal Trade Commission, the Federal Deposit Insurance Corporation and the National Credit Union Administration. According to an article published in Reverse Mortgage Daily, these [...]
The Reverse Mortgage Program is Going Back to Basics
I don’t know when happened exactly. Maybe it was the Recession of 2007-2009. Maybe it was the Fonz advertising it as a “last resort.” Maybe it was a cultural shift all together, I don’t know. The reverse mortgage program, however is going back to basics: helping retirees age in place or secure [...]
Retirement FAQ: Do You Retire with Forward Mortgage or Get a Reverse Mortgage?
Despite the recent changes, the reverse mortgage program will continue to be a beneficial program for the growing baby boomer generation as well as future borrowers. In fact, the new, consolidated reverse mortgage will bring the program back to basics, providing a secure retirement planning tool for retirees who want to [...]
NewDay Plans to Exit the Reverse Mortgage Industry
The first casualty of the upcoming reverse mortgage changes has been revealed. NewDay USA, a top-15 lender, has decided to completely exit the reverse mortgage industry, after HUD’s official announcement of the upcoming reverse mortgage program changes. According to an article published in Reverse Mortgage Daily, company executives announced on September 7 that [...]
