In this week’s Reverse Focus podcast, Shannon Hicks discusses how jumbo reverse mortgages are appealing to higher net worth homeowners whose homes are above the federal lending limit of $625,500 and who may want an alternative to retirement planning.
Another topic of discussion was about property eligibility issues for homeowners who are seeking a reverse mortgage. David Michael of Fidelity Homestead Associates has made helping homeowners fix their homes his priority. He focuses on those whose reverse mortgage eligibility depends on the renovations. Michael partners with contractors across the country to help these homeowners complete the renovations, big and small.
The next topic Hicks brings up is the announcement of Righteous Brothers co-founder, Bill Medley as the new spokesman for a new reverse mortgage company, Ameriverse. Medley has seen the good that can come from reverse mortgages from watching friends benefit from them and has partnered with Ameriverse to market reverse mortgages throughout California. Ameriverse opened its doors just three months ago and has since completed 20 reverse mortgages.
The last topic of discussion is about the Bankers Association coming around to reverse mortgages. Often known for their cautious nature when it comes to finances the American Bankers Association released tips for Americans on how to age in place, giving a reverse mortgage as a potential avenue for some retirees to consider. The ABA also gave consumers some points to think about when looking into reverse mortgages such as, read all of the loan documents very carefully.
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- Jumbo reverse mortgages appeal to high net worth homeowners
- Property eligibility issues spurred innovation
- Bankers Associations says HECMs can help
- New reverse lender with a new celebrity spokesman
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 Alana Stramowski