The New York Times Examines Reverse Mortgage Celebrity Spokespersons
There may be a window of opportunity in the wake of President Trump’s call to overhaul regulations for financial institutions and housing agencies. The National Reverse Mortgage Lenders Association (NRMLA) submitted several requests to HUD to update and refine the non-borrowing spouse provisions of the Home Equity Conversion Mortgage, and improve the rules for HECM purchase transactions. An opportune moment indeed as HUD has asked for inputs to identify regulations that impose an undue burden.
The addition of non-borrowing spouse protections was a welcomed change that provided protection for the spouses of HECM borrowers not named on the loan and removed a thorn in the side of the HECM industry that buoyed claims of reverse mortgages unfairly punishing widows and widowers in their most painful and vulnerable hours. While several tweaks have been made in recent years, NRMLA has asked for improvements addressing conflicting language in HECM loan documents and provide protection to non-borrowing spouses.
While getting a reverse mortgage is complex, unwinding the loan can be even more complicated for surviving non-borrowing spouses, heirs and services
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Senator Thompson was a real catch for AAG. Starting with his role in the Senate Watergate hearings through his career choice in Law and Order, the Senator showed himself as wise, patient, and very conservative yet protective of seniors. While Peter Graves may have done a creditable job, the Senator took it by force and made HECMs look and feel “main street.”
Tom Selleck is a force to be reckoned with. His Magnum PI career was fun and entertaining but hardly the senior character he plays in Blue Bloods, a fair, wise, and very competent police chief of our largest US city, father, and grandfather figure.
So while the first choice for a company spokesperson may have been questionable, the next two were home runs, especially with more conservative seniors, like me.
Just the other day I came across a clip on Youtube where a much younger Tom was forced by Rosie O’donnell not to discuss the topic that he was on the show for but rather his doing a NRA commercial. Tom was Tom nicely putting Rosie in her place.