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Insights / news

In the Media

Can You Get a Reverse Mortgage If You’re Younger Than 62?

April 30, 2024

Read Time: 1 min

Member Jim Milano (Washington, DC) was interviewed by CBS NEWS MONEYWATCH in “Can You Get a Reverse Mortgage If You’re Younger Than 62?” Jim discusses options for younger borrowers to utilize reverse mortgages.

“The predominant reverse mortgage program, the Federal Housing Administration (FHA) Home Equity Conversion Mortgage (HECM) program, requires borrowers to be 62 years of age. FHA-insured HECMs make up about 90%+ of the reverse mortgage market today,” says Jim Milano, member, McGlinchey Stafford.
“Under those programs, lenders must follow any applicable state law on age restrictions for reverse mortgages, and a few states, but not all states, have such requirements,” says Milano.
“For states without a reverse mortgage age limit, I understand that lenders making private reverse mortgage loans will offer such a reverse mortgage to borrowers who are 55 years of age or above,” says Milano.

Insights

Alert

Lender FAQs: Understanding Texas Home Equity Loan Modifications

October 3, 2024

As interest rates decline in 2024, lenders who make home loans to Texas residents are seeing an uptick in loan modification requests. Although a “mod” for a conventional loan is straightforward, there are – as always – unique challenges when it comes to home equity loans. This article will explore some key issues Texas lenders may consider when navigating these modifications.

Presentation

AARMR Shared Appreciation Panel

August 7, 2024

Member Jim Milano (Washington, DC) will join the "Shared Appreciation Panel" at the American Association of Residential Mortgage Regulators (AARMR) Annual Conference in New Orleans, Louisiana, on August 7, 2024.

Presentation

What’s Next for the CFPB After Victory at the Supreme Court?

June 26, 2024

Member Jim Milano (Washington, DC) will join an American Bar Association (ABA) Consumer Financial Services Committee webinar, "What's Next for the CFPB After Victory at the Supreme Court," on June 26, 2024.

Presentation

Three McGlinchey Attorneys to Participate in CCFL Spring Consumer Financial Services Conference

May 30-31, 2024

Members of McGlinchey’s Financial Institutions Compliance team will participate in multiple sessions during the upcoming CCFL Spring Consumer Financial Services Conference in Chicago, Illinois.

Presentation

Four McGlinchey Attorneys to Participate in the 2024 MBA LIRC Conference

May 7-8, 2024

Members of McGlinchey’s Financial Institutions Compliance, Financial Services Litigation, and Enterprise Litigation and Investigations teams will participate in multiple sessions during the upcoming Mortgage Bankers Association (MBA) Legal Issues and Regulatory Compliance (LIRC) Conference in San Diego.

Published Article

Navigating Hazard Insurance Proceeds: Lender Rights in Reverse Mortgage Foreclosures

March 14, 2024

In July 2023, the Appellate Court of Maryland held, as a matter of first impression, that a reverse mortgage foreclosure sale did not extinguish a servicer’s right to insurance proceeds. The decision came in the case of Celink v. Estate of William R. Pyle.

In the Media

The Biggest Housing Policy Initiatives for 2024

December 18, 2023

Member Jim Milano (Washington, DC) was quoted in the article “The Biggest Housing Policy Initiatives for 2024” in National Mortgage News. He discusses policy changes and additional Consumer Financial Protection Bureau (CFPB) regulation in 2024. Absent the court reining the CFPB in, given election year pressures, there’s likely to be an intensified raft of both formal andMore

Published Article

Construction-to-Permanent Financing Under Dodd-Frank’s ATR Rule and QM Safe Harbor

December 1, 2023

With interest rates steadily climbing higher and a stagnant housing supply, homebuilders and homebuyers are increasingly looking at other options to fill the housing gap.

News Release

Milano Elected to National Reverse Mortgage Lenders Association Board

December 1, 2023

McGlinchey Stafford is pleased to announce that Member Jim Milano has been elected to the National Reverse Mortgage Lenders Association (NRMLA) Board of Directors. Members of the board come from various businesses across the reverse mortgage industry and must be nominated and then elected to serve. As one of the country’s leading lawyers in reverseMore

In the Media

Jim Milano talks move to new law firm, ongoing reverse mortgage work

November 1, 2023

Member Jim Milano (Washington, DC) was profiled in the article “Jim Milano talks move to new law firm, ongoing reverse mortgage work” in Reverse Mortgage Daily, during which he discussed his transition to McGlinchey and his ongoing reverse mortgage work and commitment to the industry.