Following a growing interest among financial planners and other professionals, a reverse mortgage industry veteran returns with the 2017 edition of his annual guidebook to all things reverse mortgages.
Three years ago, reverse mortgage originator and industry trainer Dan Hultquist published the first edition of “Understanding Reverse” (2014), a reference book that answers the most common questions about reverse mortgages.
Since that inaugural publication, the objective for “Understanding Reverse” has been to explain reverse mortgages in easy-to-read language for an end user who is not familiar with the Federal Housing Administration’s Home Equity Conversion Mortgage (HECM).
But while consumers and prospective borrowers are the intended reader audience for “Understanding Reverse,” Hultquist notes that most buyers of the book have been professionals in the mortgage and financial services industries.
Mortgage lenders, brokers, banks, financial planners, CPAs and mortgage servicing firms accounted for over 60% of sales last year, Hultquist said, noting that many of these firms use his book as reference guides either for internal training or to pass along to prospective borrowers.
“Some lenders used it for on-boarding loan originators, while others bought in bulk to give away to clients,” said Hultquist, who is currently director of learning and development at ReverseVision.
The 2017 edition of “Understanding Reverse” provides the same comprehensive overview of reverse mortgages under the HECM program as previous versions, however, this year’s updated edition includes minor changes in the way some concepts are explained.
“I hope that each year the explanation gets cleaner and cleaner,” Hultquist said.
This year’s edition also includes materials that professionals in the reverse mortgage industry might find useful, including a Principal Limit Factor reference guide in the back of the book, along with direct references to rules and mortgagee letters issued by the Department of Housing and Urban Development.
“I found that the mortgage professionals are more interested in how the book references the appropriate regulatory source,” Hultquist said. “It’s not always easy to know the mortgagee letter, handbook, or statute that applies to each concept.”
“Understanding Reverse 2017” is available for purchase on Amazon. Expanded bulk pricing is available through the book’s webpage.
Written by Jason Oliva