► Golden Gate Financial posted on Aug 10: "New Data Shows that Economy and Higher Reverse Mortgage Limits Are Driving Seniors to Seek More Immediate Cash Benefits." As we approach what appears to be the bottom in the housing market for seniors, the new reverse mortgage loan limit and a home price rebound means many could gain more now from a reverse mortgage than ever before,” said Eric Bachman, founder and CEO of Golden Gateway Financial. “It's also evident that many of these same seniors are still feeling economic pressure and hope to alleviate it in the near term by taking larger up front payments and smaller monthly amounts.” (http://www.goldengateway.com/company/press-releases?pageName=press-release-08-04-09.html)
► U. S. Government Accountability Office issued a report on July 30th: Reverse Mortgages: Policy Changes Have Had Mostly Positive Effects on Lenders and Borrowers, but These Changes and Market Developments Have Increased HUD's Risk ... go to the link to get highlights, a full report and summary.
► ReverseMortgageDaily posting on August 5th: Reverse Mortgages = Sub-prime? Unfortunate Comparison says HUD Economist… “It’s an unfortunate comparison,” asserts Ed Szymanoski, noted economist with HUD, in conversation with RMD. He points out that the FHA, principal guarantor for nearly all reverse mortgages today, “has lot of protections built in.”
► Another posting on August 5th: Debating Reverse Mortgages at Convention in Washington ... On July 11th, The Herald-Tribune published excerpts of a panel that took place at the National Association Real Estate Editors (NAREE) convention where there was a panel debating reverse mortgages. There are links to hear some of the interesting debate between Susanna Montezemolo of the Center for Responsible Lending and Peter Bell, president of the National Reverse Mortgage Lenders Association.
► Another posting on August 11th: Lender Offers Reverse Mortgage CE Course For California Realtors ... “Because California is the state with the highest number of reverse mortgages, consumers here are more savvy about them. Since HECM for Purchase loans can be used to buy a home, California realtors need to know the details involved. Also, seniors who would like to purchase a home and wouldn’t normally qualify for a mortgage because of credit issues or fixed income can potentially do so now.” said Rich Young, executive vice president in Sacramento for Generation Mortgage Company.
► Another posting on August 4th: Another Reverse Mortgage Counselor Goes Free … Just a few weeks after Money Management International announced that it was offering free reverse mortgage counseling, the National Council on Aging (NCOA) is doing the same for seniors through its Reverse Mortgage Counseling Services (RMCS) Network said a company statement.
► ReverseMortgageDaily posted on August 6th: Reverse Lender Gets Funds ... American Advisors Group, a reverse mortgage lender based in Irvine, Calif., said it has both a new management team and an infusion of investment capital.
► A NRMLA press release on August 6th: More Charter Members of NRMLA Wholesale Group … Live Well Financial Inc., Richmond, Va., and Generation Mortgage Co., Atlanta have joined Bank of America Home Loans, Metlife Home Loans and Genworth Financial Home Equity Access Inc. in NRMLA’s new Wholesale Lenders Program.
A former AARP-certified reverse mortgage counselor with five years of experience, Jean Ross is now a mortgage planner with AdvisorNet Mortgage LLC. Jean specializes in reverse mortgages, and is most interested in getting accurate and useful information on reverse mortgage to seniors, their families and professionals who work with them.