The third week of the new year saw total reverse mortgage volume bump up considerably during the fourth quarter of 2013, with brokers leading the way, Shannon Hicks discusses in this week’s Reverse Focus podcast.
Data from Reverse Market Insight indicates Home Equity Conversion Mortgage endorsement growth increased 28.9% to 4,851 units in October, however, the wholesale channel grew 37.3% compared to the 23.4% for the retail direct channel. The nearly 30% gain in total endorsements is likely due to changes in the Principal Limit Factors that occurred last year, according to the RMI data.
Also discussed in the podcast, the ongoing debate between Fixed- versus Adjustable-rate is further analyzed via commentary from Jack Guttentag, a.k.a The Mortgage Professor. In a recent column, the Professor addresses the differences between the adjustable-rate as it applies to forward vs. how it works with a reverse. The article also covers the differing reasons for choosing an adjustable-rate or fixed-rate reverse mortgage.
Recent reverse mortgage rule changes have made the product both more difficult to obtain but also more attractive, says a recent article by NASDAQ. Seniors may want to tap their home equity for retirement cash-flow, however, selling the house may not seem practical. The solution: a reverse mortgage.
Lastly, Hicks discusses the newest talent added to one of the reverse mortgage space’s latest entrants, Retirement Funding Solutions. Notable hires to the company’s executive team—headed by Security One’s Torrey Larsen—include David Entrekin as chief operating officer and Rhiannon Behnke as managing partner.
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- Reverse mortgage brokers lead endorsement growth year-end
- Mortgage Professor weighs in on Fixed vs. Adjustable debate
- Program changes to gather greater pool of potential borrowers, says NASDAQ
- New reverse lender adds top talent to executive team
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.
Written by Jason Oliva