Personal Financial Columnist Gets Personal

A new video testimonial was added to NRMLA’s consumer site, ReverseMortgage.org, featuring syndicated financial columnist Terry Savage. Members who attended the NRMLA’s Annual Business Meeting, held in conjunction with the Annual Meeting & Expo in San Francisco, got a sneak peak of the video. Savage, author of several best-selling books including the Savage Truth on Money, … more Personal Financial Columnist Gets Personal

California Foreclosure Relief Program Ending

Keep Your Home California, which has provided relief to 700 reverse mortgage borrowers facing foreclosure, will end its Reverse Mortgage Assistance Pilot Program at the end of the month, but will continue accepting applications until 6 p.m. on Thursday, November 301, 2017. The organization said the $10 million in federal “Hardest Hit” funds allocated for … more California Foreclosure Relief Program Ending

Social Security Benefits Less for Moms, Study Finds

Mothers with one child receive 16 percent less in benefits than non-mothers, and each additional child shrinks benefits by another 2 percent, according to a new paper from the Center for Retirement Research at Boston College titled How Much Does Motherhood Cost Women in Social Security Benefits? In an article for Forbes.com, contributing writer Kate … more Social Security Benefits Less for Moms, Study Finds

Maintenance Planned For Electronic Appraisal Delivery

The Federal Housing Administration announced in FHA INFO #17-49 that its Electronic Appraisal Delivery Integration and Production environments are scheduled for planned system maintenance and will be unavailable from 12:00 PM (Eastern) on Saturday, November 11, 2017, through 9:00 PM (Eastern) on Sunday, November 12, 2017. Normal operations are expected to resume once system maintenance … more Maintenance Planned For Electronic Appraisal Delivery

NRMLA Advocates Reverse-Specific Disclosures to CFPB

In advance of today’s public hearing of the Consumer Financial Protection Bureau’s Consumer Advisory Committee in Tampa, FL, NRMLA submitted comments urging the CFPB to replace the current disclosure regime under Regulation Z and designating reverse mortgages as a separate class of consumer credit transaction with separate, specific disclosures. “NRMLA supports clear, concise, timely, and … more NRMLA Advocates Reverse-Specific Disclosures to CFPB

Financial Assessment Is Working (Part IV)

Financial Assessment is still working. FHA’s new policy of requiring a financial assessment (“FA”) of the borrower’s ability to pay has cut tax and insurance default by nearly three quarters and serious defaults by almost two-thirds. These results continue to validate the encouraging data we shared in previous quarters. FHA’s objective for the new Financial … more Financial Assessment Is Working (Part IV)

Reverse Mortgages Subject of New Article in Journal of Financial Planning

Once thought to be a strategy effective only for the mass-affluent, new analysis from researcher Barry Sacks shows that the “almost-affluent” can also benefit from establishing a HECM line of credit as early as possible, particularly if they are house rich and cash poor. Sacks shows that taking the HECM early produces a significantly higher … more Reverse Mortgages Subject of New Article in Journal of Financial Planning