In this week’s Reverse Focus podcast, Shannon Hicks discusses the nearly 19% drop in Home Equity Conversion Mortgage (HECM) endorsements, signaling the end of three-month volume run, which was inflated by a rush of borrowers trying to beat the Financial Assessment. The 19% decline was widely felt, especially among nine of the top-10 regions in the U.S.
Also discussed, Hicks talks about an industrywide crusade to increase education of reverse mortgages and shift public perceptions of the new HECM product. In efforts to achieve this, some industry members are targeting internet media coverage of reverse mortgages to help dispel common misperceptions of these loans.
In another talking point, a recent column from Forbes said reverse mortgages can be a “saving grace” for some retirees. As Americans face a slew of financial challenges on their road to retirement, home equity is one underused asset that many retirees should consider, says the column written by an associate professor of taxation at the American College.
Lastly, Hicks discusses recent lawsuit filed by a nonprofit organization, the California Reinvestment Coalition, over a stalled Freedom of Information request regarding information on non-borrowing spouses of reverse mortgage borrowers.
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- Post Financial Assessment HECM endorsements crash
- Fact or fiction: Educated or Misguided? Public perceptions
- Forbes: Reverse mortgages can be a ‘saving grace’
- Nonprofit organization sues HUD on non-borrowing spouse issue
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