With long-awaited program changes potentially expanding the market for using reverse mortgages to purchase homes, the major industry trade group released a new educational resource aimed at real estate agents.
The National Reverse Mortgage Lenders Association unveiled “Using a Reverse Mortgage to Buy a Home,” a “toolkit” with information about the Home Equity Conversion Mortgage for Purchase program, last week. The 10-page digital pamphlet provides basic information about how potential borrowers can qualify to use a HECM to buy a new home, as well as which types of properties are eligible.
“Because awareness of the HECM for Purchase is still relatively low among homebuyers and real estate agents, there’s a great opportunity to gain a competitive advantage by learning how to educate your clients about this financing option,” the pamphlet reads.
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