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Darkening Days for Reverse Mortgage Lenders
The exit of two leading reverse mortgage lenders this month, 1st Reverse Financial Services and World Alliance Financial, is more bad news for an industry that has taken lumps lately from federal and state regulators and legislators. But lead executives with both companies remain optimistic that investors will come in to help re-start their businesses.
Westmont, [...]
Bill Would Lower Reverse Mortgage Principal Limits
A House of Representatives appropriations bill would require the Department of Housing and Urban Development to reduce the amount of home equity a borrower could receive through a reverse mortgage to ensure that the government program operates without a subsidy. However, the bill also appears to extend the $625,500 maximum lending limit through fiscal year [...]
Unsuitable Annuities Tied To Reverse Mortgages
As more financial advisors sell insurance, a recent report indicates some could be unsuitably cross-selling annuities in conjunction with reverse mortgages.
The U.S. Government Accountability Office (GAO) report, requested by Sen. Claire McCaskill (D-MO) and released in June, cites recent cases in which reverse mortgages were sold to seniors to get them to inappropriately invest in [...]
Reverse mortgage counseling may not be as legit as it seems
Talk show host and TV personality, The Clark Howard Show - comments:
Are you a senior who is “house rich and cash poor,” or do you have a loved one in this situation?
Reverse mortgages offer a way for retired folks who are running out of money to remain in their home and get a check each [...]
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