Are reverse mortgages contributing to regional housing inventory shortages? How the Michigan Tax Tribunal views HECM proceeds and property tax obligations. Philadelphia Councilwoman seeks to close foreclosure loophole. Harlan Accola publishes his latest book.
“If it bleeds it leads”. This phrase gives the general public a peek behind the curtain of print and television journalism’s choice of what’s ‘news’ and how it is presented (slanted). Fear-based news has become even more profitable with the advent of online news sites seeking salacious headlines using fear
Possible Remedies to Prevent HECM Defaults The reverse mortgage industry could lament it’s treatment in the media, in the words of Rodney Dangerfield, “that’s the story of my life…no respect”. NBC4’s consumer reporter dramatically recounts the tale of a HECM borrower who narrowly avoided foreclosure. The borrower’s power of attorney
Are More Rule Changes Needed or Does Data Need to Be Reexamined? The new year is upon us and we can leave 2016 in the rear view mirror, with the exception of HUD’s pending reverse mortgage rules. Are additional HECM reforms truly needed to strengthen the HECM program? In the
Guttentag Questions the Definition of a HECM ‘Foreclosure’ “Whoever controls the language controls the debate”. The purported ‘epidemic’ of reverse mortgage foreclosures has long been a staple for major media outlets to attack the reverse mortgage as a risky and dangerous loan. Closer to home, the incidence of HECM foreclosures
New York Post Skewers Reverse Mortgages While negative new stories about reverse mortgages have diminished considerably a few media outlets continue to beat the drum on the dangers of reverse mortgages leaving vulnerable seniors without a home. Reading such articles reminds me of Winston Churchill’s quote “A life gets halfway
The chief concern amongst many is the new financial guidelines will further shrink the pool of eligible borrowers at a time when reverse mortgage production is low. However there is another facet of the financial assessment that can be easily overlooked; reducing headline risk.
Moral Hazard? One definition is the lack of incentive to guard against risk because one is protected from the consequences while the risk rests on another party. Is that what we have with reverse mortgage borrowers who have defaulted? Non-payment of taxes and insurance has been an issue. A look