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Reverse Mortgage News Roundup

Shannon HicksMay 1, 2017May 2, 2017

by Shannon HicksMay 1, 2017May 2, 20173 1793

This Week’s Top Reverse Mortgage Stories 1- CFPB Complaints on the Rise- The CFPB has been busy collecting consumer complaints. The Consumer Financial Protection Bureau reports an increase of 172% increase in reverse mortgage-related complaints since 2012. One could guess that much of this is due to increased consumer awareness of

Lack of Financial Literacy Challenges HECM Acceptance

Shannon HicksApril 3, 2017March 24, 2017

by Shannon HicksApril 3, 2017March 24, 20172 1154

Financial illiteracy challenges acceptance of a counter-intuitive mortgage If there is one subject that cries for remedial instruction it’s financial literacy. Fortune.com found that nearly two thirds of Americans are in effect financially illiterate, unable to grasp basic financial concepts. As the Home Equity Conversion Mortgage has become increasingly complex

Shutting Down: Why many reject the HECM

Shannon HicksMarch 6, 2017March 6, 2017

by Shannon HicksMarch 6, 2017March 6, 20173 1280

The hurdles to increased acceptance are complex Today there is an estimated $4.4 trillion in home equity for those 65 and older, many who are woefully unprepared for retirement. As HECM endorsements continue to underperform years past, many ask why more eligible homeowners do not get a reverse mortgage. A

Why many choose against a reverse mortgage

Shannon HicksDecember 19, 2016December 19, 2016

by Shannon HicksDecember 19, 2016December 19, 20166 1541

It’s difficult to know where we can pinpoint the reason why more older homeowners are not embracing the reverse mortgage

Scare Tactics

Amara RoseSeptember 18, 2012October 17, 2013

by Amara RoseSeptember 18, 2012October 17, 20135 1636

Many seniors are becoming wise to telephone scams telling them they’ve just won a sweepstakes, they probably feel they can trust what they read in Time magazine, or what an elder abuse attorney shares in a letter. Both recent scenarios entail gross misrepresentation of the reverse mortgage industry — and

Required Pre-Education?

Shannon HicksSeptember 3, 2012September 10, 2013

by Shannon HicksSeptember 3, 2012September 10, 201310 2185

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?

Reverse Mortgage Rates – Greed or Need?

Shannon HicksMarch 5, 2012September 10, 2013

by Shannon HicksMarch 5, 2012September 10, 201310 2021

Is it greed that has made fixed rate reverse mortgages nearly 70% of total production? Or is it something else…the needs of the marketplace?

No longer on the list: Industry Leader Update

Shannon HicksOctober 24, 2011September 10, 2013

by Shannon HicksOctober 24, 2011September 10, 20135 2078

[vimeo id=”30926524″ width=”601″ height=”338″] Non-FHA Approved Brokers find themselves out in the cold when it comes to FHA’s list of HECM approved lenders. [ad#Webinar Promo websites]

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consumer

Reverse Mortgage News Roundup

Lack of Financial Literacy Challenges HECM Acceptance

Shutting Down: Why many reject the HECM

Why many choose against a reverse mortgage

Scare Tactics

Required Pre-Education?

Reverse Mortgage Rates – Greed or Need?

No longer on the list: Industry Leader Update

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