► The Sacramento Bee posted on Dec. 29: "Legislation Targets Predatory, Confusing Marketing of Reverse Mortgages:" Assembly Bills 329 and 260 aim to stop predatory lenders and unscrupulous mortgage brokers from using deceptive sales practices to take advantage of seniors seeking reverse mortgages and protect consumers of all ages shopping for more traditional mortgages. They targeted practices widely blamed for triggering the foreclosure crisis and subprime mortgage meltdown. A link to the full article may be found by clicking here.
► The Seattle Times posted on Dec. 26: Do Research Before Moving Ahead with Reverse Mortgage … the article refers to some highlights of the new guidelines proposed this month by federal regulatory agencies. Though aimed at banks and credit unions, the guidelines neatly sum up the potential snares and pitfalls for consumers in the fast-growing reverse-mortgage field.
► BusinessWire posted on Dec. 21: Essentials Guide to Reverse Mortgages From MetLife Mature Market Institute Helps Consumers Make Informed Decisions About Tapping Home Equity in Retirement. The guide will help individuals take a comprehensive approach to ensure that, when needed, the value of their home is used appropriately and effectively to deal with the growing uncertainties of retirement.
► Los Angeles Times/Business Section posted on Dec. 20: "The Elderly Need to Beware of Lenders--and Relatives" …"There's an epidemic of financial elder abuse, but the chief perpetrators aren't lenders. It's family members," says Nerenberg, a consultant who previously headed the San Francisco Consortium for Elder Abuse Prevention.
► The Federal Financial Institutions Examination Council (FFIEC) posted a press release on Dec. 17: The FFIEC has released proposed guidance that addresses the general features of reverse mortgage products, relevant legal requirements and consumer protection concerns raised by reverse mortgages and focusing on the need for banks, thrifts and credit unions to provide clear and balanced information to consumers about the risks and benefits of these products.
► In a White House press release dated Dec. 17: President Barack Obama announced he would be nominating Theodore W. Tozer to be president of Ginnie Mae. Tozer has served as senior vice president of capital markets at National City Mortgage, now part of The PNC Financial Services Group, for 20 years.
► HUD released a statement on Nov. 30: FHA Proposes New Rules to Strengthen Risk Management …The proposed regulations intended to boost lender oversight, tighten controls and streamline lender approval. FHA-approved lenders must assume liability for all the loans they originate or underwrite, including those originated by mortgage brokers they work with, according to the statement.
► Reverse Market Insight Inc. posted statistics for Oct. 2009: Wholesale reverse mortgage volume fell in October, resulting in a year-to-date decline in the wholesale market of six percent compared to last year.
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.
