Certainly the reverse mortgage industry has garnered more legitimacy as a financial planning tool amongst financial professionals but we still have a long way to go. But what about those who don’t see the legitimacy or value? How do we turn the proverbial ship around? As our sales force becomes
Would a senior make perhaps the biggest financial decision of their life, with their largest asset in the midst of confusion and uncertainty and choose to take a reverse mortgage? Most likely not. But that was the impression the Consumer Financial Protection Bureau included in their required report to...
Two consumer groups are urging the CFPB to make drastic changes to the revere mortgage program. Chief among them is a suitability standard and fiduciary duty. In the words of the Consumers Union they recommend that a reverse mortgage be a loan of last resort when there is no other
Require Pre-Education Before Counseling? One groups suggested to the CFPB that a ‘third party’ provide upfront education about the reverse mortgage BEFORE the borrower get’s HUD counseling or meets with a lender. Who would these ‘third parties’ be and who would supervise them?
Living dangerously? That’s exactly what millions of retirees are doing every day. How? By draining their existing savings account to meet living expenses or draining their nestegg to buy a home. It seems the norm for many senior Americans. Live on cash, don’t incur debt and keep your home free
Will Reverse Mortgages become the norm? According to one retirement expert getting a reverse mortgage may become common amongst future retirees. The shift to younger borrowers may be a result of more Americans reaching retirement only to wake up to the reality that their home is an essential and useful
The reverse mortgage industry has just came through some of it’s most challenging years. That said we may be facing a new challenge...one of supply and demand which could increase the cost of an appraisal substantially
According to a recent article in the American Banker reverse mortgages are becoming increasingly difficult for both the consumer and lenders alike. "It’s a good product made nearly impossible to provide", said...