Massachusetts AG sues Hometap over ‘illegal reverse mortgage’
Massachusetts’ attorney general alleges that Hometap’s equity investment product is deceptive and constitutes an “illegal” reverse mortgage. Hometap calls the suit “meritless.”
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HMBS 2.0 rollout could be hobbled by reported Ginnie Mae staff cuts
A former official said that layoffs at Ginnie Mae could delay or table certain programs like HMBS 2.0, but a source familiar with HUD’s plans disputed any “drastic staffing cuts.”
Hawaii bill seeking state-run reverse mortgage program appears dead for now
A bill seeking to establish a state-specific HECM program in Hawaii is likely dead until at least 2026, according to a sponsor lawmaker.
Oregon reverse mortgage bill that could halt proprietary business may be amended
A bill that appeared to target reverse mortgage business in the state may be amended to reflect a more narrow target after industry professionals weighed in.
Proprietary reverse mortgage business in Oregon could be in danger
A bill introduced in Oregon could halt proprietary reverse mortgage business if enacted, according to NRMLA.
Tennessee official, citing property tax relief, notes more interest in reverse mortgages
A Tennessee official noted rising interest in reverse mortgages from area seniors when discussing property taxes on a local radio station.
HECM endorsements, HMBS issuance see relatively little movement to start 2025
HECM endorsements increased by less than 1% from December to January, while HMBS issuance is historically low but still healthy.
New York bill would require reverse mortgage lenders to strengthen consumer disclosures
A New York state senator’s bill seeks to require lenders to offer more comprehensive reverse mortgage information to borrowers at least five days before closing.
Hawaii bill would establish state-run reverse mortgage program
The bill aims to address the rising cost of homeownership for older Hawaiians, or “kupuna,” and features nine sponsors in the legislature.
Home inspector sees interaction from baby boomers, aging in place and reverse mortgages
A director of business development at a home inspection company explains how and why reverse mortgage companies can interact with his business.