Drawing 175 reverse mortgage professionals from 16 states, the Texas Mortgage Bankers Association held its 10th annual Reverse Mortgage Day of Texas on September 7-8 in Houston. The conference covered topics from the HECM financial assessment to the market potential for the HECM Saver, along with regulatory updates, conversation with the Department of Housing and Urban Development and input from industry executives.
“To have such a significant turnout within an ever changing lending landscape only reinforces my belief that the best years for reverse mortgage industry have yet to come,” Scott Norman, past president of the Texas Reverse Mortgage Bankers Association told RMD.
Attendees heard from NRMLA President Peter Bell as well as Norman, on the state of the industry. Reverse Market Insight’s John Lunde presented reverse mortgages by the numbers, sharing insight into the market for the HECM Saver and HECM Purchase products, noting that the market penetration for both products is relatively low, but showing potential for continued Saver growth.
Additionally, Karin Hill, director of the Office of Single Family Program Development at the Department for Housing and Urban Development presented HUD’s priorities, challenges and outlook for the HECM program. Attendees also heard from a retirement finance expert on the potential for reverse mortgages as a planning tool, and from counsel on regulatory issues the industry currently faces.
“With Texas firmly being the No. 2 state in the country, the Texas MBA will continue to work with NRMLA in the future to provide leadership and guidance to our members,” Norman said. “We will see everyone next September in Austin.”
Written by Elizabeth Ecker