Many lenders have tried to break into the reverse mortgage for purchase market, but few have shown measured success. A specific educational effort launched by Security One Lending hopes to spark interest in the relatively new product by working directly with Realtors who can be an integral component in the process.
Security One, which recently partnered with the American Continuing Education Institute, has created a joint educational system to teach The National Association of Realtors’ 1.2 million members about the reverse mortgage and how it can impact their business.
“The Purchase Reverse Mortgage product may very well be the ‘Sleeping Giant’ of the senior real estate market”, said Michael Banner-Founder, of American C.E. Institute. “Record low rates of returns on CDs, annuities and savings—vehicles commonly used by seniors—combined with record losses in their investment portfolios in recent years have created the ‘perfect storm’ for so many seniors in this great nation. Realtors having the ability to offer a mortgage product with ‘no monthly principal & interest payment’ may just be the answer to literally millions of those seniors.”
Security One has begun training, and this week held a session for 80 Realtors, reporting several leads including traditional reverse mortgage leads as well as Reverse Purchase interest.
Written by Elizabeth EckerPrint Article