Counseling Alternative, Will Big Banks Return to Reverse Mortgage Lending?

ReverseFocusReverse Focus Weekly Podcast Episode #373

Will large banks like MetLife (NYSE: MET), Wells Fargo (NYSE: WFC) and Bank of America (NYSE: BAC) return to reverse mortgage lending? Shannon Hicks weighs this question in this week’s Reverse Focus podcast.

While this possibility remains to be seen, however, economic and lending conditions couldn’t be better for their return, especially considering the series of updates to the Home Equity Conversion Mortgage program, including the Financial Assessment and non-borrowing spouse policy.

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Also discussed, a recent TV segment from ABC Action News in Tampa had some positive things to say about reverse mortgages, referencing how recent program updates have changed these products “for the better.”

In other news, recent findings from PEW Research Center shed light on where the oldest Americans live nationwide. Sumter County, Fla. is the “grayest” county in the U.S. with more than half of its residents age 65 and older. Perhaps not surprisingly, 53 of Florida’s 67 counties have an above-average share of seniors when compared with the rest of the U.S. population demographic.

Lastly, Hicks discusses a new initiative launched by Jack Guttentag, a.k.a The Mortgage Professor, which aims to offer an alternative to HECM counseling. This new “kosher” approach to counseling strives to fill what Guttentag calls “the reverse mortgage knowledge gap.”

To listen, login or become a free member to access past and current episodes.

Talking Points:

  • WIll big banks return to the HECM program?
  • ABC News: Reverse mortgages changed for the better
  • America’s most “graying” counties
  • Mortgage Professor launches HECM counseling alternative

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

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