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Reverse Mortgage News Roundup

Reverse Mortgage News Roundup

Shannon Hicks May 1, 2017 3

This Week’s Top Reverse Mortgage Stories 1- CFPB Complaints on the Rise- The CFPB has been busy collecting consumer complaints. The Consumer Financial Protection Bureau reports an increase of 172% increase in reverse mortgage-related complaints

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Lack of Financial Literacy Challenges HECM Acceptance

Lack of Financial Literacy Challenges HECM Acceptance

Shannon Hicks April 3, 2017 2

Financial illiteracy challenges acceptance of a counter-intuitive mortgage If there is one subject that cries for remedial instruction it’s financial literacy. Fortune.com found that nearly two thirds of Americans are in effect financially illiterate,

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Shutting Down: Why many reject the HECM

Shutting Down: Why many reject the HECM

Shannon Hicks March 6, 2017 3

The hurdles to increased acceptance are complex Today there is an estimated $4.4 trillion in home equity for those 65 and older, many who are woefully unprepared for retirement. As HECM endorsements continue to

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Why many choose against a reverse mortgage

Why many choose against a reverse mortgage

Shannon Hicks December 19, 2016 6

It’s difficult to know where we can pinpoint the reason why more older homeowners are not embracing the reverse mortgage

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Scare Tactics

Scare Tactics

Amara Rose September 18, 2012 5

Many seniors are becoming wise to telephone scams telling them they’ve just won a sweepstakes, they probably feel they can trust what they read in Time magazine, or what an elder abuse attorney shares

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Required Pre-Education?

Required Pre-Education?

Shannon Hicks September 3, 2012 10

Require Pre-Education Before Counseling? One groups suggested to the CFPB that a ‘third party’ provide upfront education about the reverse mortgage BEFORE the borrower get’s HUD counseling or meets with a lender. Who

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Reverse Mortgage Rates – Greed or Need?

Reverse Mortgage Rates – Greed or Need?

Shannon Hicks March 5, 2012 10

Is it greed that has made fixed rate reverse mortgages nearly 70% of total production? Or is it something else…the needs of the marketplace

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No longer on the list: Industry Leader Update

No longer on the list: Industry Leader Update

Shannon Hicks October 24, 2011 5

Non-FHA Approved Brokers find themselves out in the cold when it comes to FHA’s list of HECM approved lenders

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