NEWS
What's New With Reverse Mortgages?
More than 300,000 Seniors Benefiting from Reverse Mortgages (June 2007)
More seniors than ever before are reaping the benefits of reverse mortgages to enjoy their golden years. New data from the Department of Housing and Urban Development reveals that more than 300,000 seniors have used the federally-insured Home Equity Conversion Mortgage to convert the equity in their homes into cash without having to move.
PBS to Feature Reverse Mortgages in Retirement Series (June 2007).
PBS will air a four-part series titled Retirement in America next spring that features a segment on reverse mortgages. The series will discuss the history and evolution of retirement, retirement benefits, national challenges, and conclude with an episode called How You Can Plan, Save and Invest for Retirement with Skill and Success. The final episode will include remarks from NRMLA President Peter Bell discussing how reverse mortgages can be utilized as a retirement planning tool.
NRMLA Anticipates FHA Modernization Bill to Move Soon (June 2007)
NRMLA is hopeful that legislation (H.R. 1852) to improve to the reverse mortgage program will start moving toward a vote in the House of Representatives after the July 4th recess. The bill would lift the cap on the number of reverse mortgages that the Federal Housing Administration can insure, increase loan limits in high-cost areas, permit reverse mortgages on co-ops, allow reverse mortgages to be used to purchase newer housing, and other reforms.
Housing Secretary Touts Reverse Mortgages (June 2007)
At a public symposium on safeguarding homeownership, Secretary of Housing and Urban Development Alphonso Jackson said reverse mortgages are playing a critical role helping seniors stay in their homes, and that he personally recommended the program to his older siblings.
NRMLA Board Okays Professional Designation Program (May 2007)
The leadership of the National Reverse Mortgage Lenders Association has agreed to proceed with developing a professional designation program. As more companies enter the reverse mortgage business, the need for higher educational and ethical standards becomes critically important. Our objective will be to identify the knowledge, skills, and abilities that a reverse mortgage loan originator needs to perform in a competent and ethical manner.
