From The News Archives: Reverse Mortgages

Governor Schwarzenegger signs new mortgage laws into effect

October 16, 2009 Reverse Mortgages

California Governor Arnold Schwarzenegger is "pumping up" the state’s laws protecting consumers who apply for all mortgage types by signing seven new laws into effect on Monday that will crack down on fraudulent practices by lenders as foreclosures continue to grow throughout the state.
Among the new bills passed by Schwarzenegger was SB 239, which [...]

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Reverse mortgages: the next delinquency crisis?

October 7, 2009 Reverse Mortgages

A newly released report from the National Consumer Law Center is drawing similarities between current mortgage refinancing techniques being used by lenders to sell reverse mortgages and practices that led to the subprime mortgage crisis in 2007.
The report – titled Subprime Revisited: How the Rise of the Reverse Mortgage Lending Industry Puts Older Homeowners at [...]

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Thieves taking advantage of elderly reverse mortgage holders

August 31, 2009 Reverse Mortgages

While some may question whether or not a reverse mortgage is a smart financial decision, an increasing amount of thieves have apparently singled out those who have applied for the program as targets to steal large amounts of money from.
Scammers have reportedly been seeking out elderly citizens who hold reverse mortgages on their homes and [...]

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Reverse mortgages grow in popularity, but are they worth it?

August 24, 2009 Reverse Mortgages

Despite a recent surge in the popularity of reverse mortgages, there still are some who debate whether or not those who engage in a plan are helping or hurting themselves.
A recent report from Consumer Reports (CR) and Pittsburgh’s CBS affiliate KDKA-TV on reverse mortgages chose to focus on the more negative aspects of the financial [...]

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Reverse mortgage lenders fight ’sub-prime’ perceptions

August 6, 2009 Reverse Mortgages

The reverse mortgage industry is fighting negative perceptions of reverse mortgages as exploitative and comparisons to sub-prime mortgages.
With a reverse mortgage, seniors borrow against their home’s equity while still living in them. A reverse mortgage can provide a source of income that can help seniors pay other expenses.
However, if borrowers are unable to maintain [...]

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AARP disappointed by veto of reverse mortgage bill

July 17, 2009 Mortgage Financing

A proposed law to regulate reverse mortgage products in Minnesota that was recently vetoed by the governor would have provided "common sense" protection for seniors against fraud and abuse, according to the state chapter of the AARP.
The bill would have prevented reverse mortgage lenders from selling additional financial products during a reverse mortgage transaction and [...]

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