Reverse mortgage lenders are adapting their marketing efforts to the “new reverse mortgage borrower” in wake of product changes to the federally-insured Home Equity Conversion Mortgage (HECM) program, says Shannon Hicks in this week’s Reverse Focus podcast.
Also discussed, Reverse Mortgage Funding decided to pull its HECM Choice product from its suite of offerings due to recent guidance from Ginnie Mae and actions from reverse mortgage warehouse lenders prohibiting the product.
Reverse mortgage lenders are substantially adjusting the way they look at prospective borrowers, and comments that “change is the only thing that remains constant” in the industry are becoming more commonplace as HECM rules and regulations have already taken effect and more, like the Financial Assessment, are on the way.
Lastly, over half of Americans are struggling to afford their mortgage payments, with 52% reporting having to make sacrifices to make their mortgage or rent each month, according to a recent survey from the MacArthur Foundation. A similar share of Americans also say buying a home is “less appealing” today.
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- Lenders adapting marketing efforts following reverse mortgage product changes.
- RMF suspends new HECM Choice product.
- Lenders speak out on adjusting to reverse mortgage changes.
- Over half struggling to make mortgage payments
Listen now. “Reverse Focus is the ultimate resource for reverse mortgage professionals providing the technology, training and marketing to grow your business. We are your one-stop resource for those committed to taking their business to the next level.” Editor’s Note: These posts are sponsored by Reverse Focus.