Reverse Mortgages

Why reverse mortgages are a harder sell now The millions of Americans who haven’t saved enough money for retirement still have a potential safety net: their home equity. But recent changes to reverse mortgages mean seniors and their families may have tougher decisions to make. Reverse mortgages allow people 62 and older to tap their … Continue reading Reverse Mortgages

Three Reverse Mortgage Lenders Penalized

CFPB Penalizes Three Reverse Mortgage Lenders Author: Brian Honea in Daily Dose, Headlines, News December 7, 2016 0 Three national companies that originate home equity conversion mortgages were penalized on Wednesday by the Consumer Financial Protection Bureau for alleged deceptive advertising practices, according to an announcement from the CFPB. The CFPB took action against three … Continue reading Three Reverse Mortgage Lenders Penalized

FHA Rescinds Rule for Foreclosure on HECM Surving Non-Borrowing Spouses

From The MReport 5/4/15 The Federal Housing Administration (FHA) has issued a memo announcing the rescinding of a mortgagee letter written in January that would have allowed reverse mortgage lenders the option of delaying foreclosure proceedings on surviving non-borrowing spouses. Mortgagee Letter 2015-12, issued by HUD on Thursday, announced the immediate rescinding of Mortgagee Letter 2015-03, originally … Continue reading FHA Rescinds Rule for Foreclosure on HECM Surving Non-Borrowing Spouses