After crunching all the numbers, Realtor.com has released a list of the most and least expensive places where the rapidly expanding baby boomer population can spend their retirement years. Realtor.com looked at cities already popular for seniors, and, not surprisingly, three of the most affordable locations are in Florida, with Sebring, Fla. and its $180,000 […]
Category: HECM for Purchase
It’s a given that Home Equity Conversion Mortgage for Purchase originators rely on partnerships with builders to grow their business. Not only do they accrue business referrals this way, but originators become an important conduit by helping builders educate their clients about the program and potentially sell more homes. With the right person, a single […]
Until the industry places greater emphasis on Realtor education and connections, Home Equity Conversion Mortgages for Purchase are not going to see much of a boost, reverse mortgage educators said — and part of that strategy could include inspiring real estate professionals to spread the word on behalf of reverse mortgage originators. Michael Banner, an active […]
Despite industry concerns about lower endorsement volumes and constrained principal limits, reverse mortgage originators continue to see success stories on the ground level. Kathy Collins, a branch manager at UMAX Mortgage in Carlsbad, Calif., recently assisted a couple who opened a Home Equity Conversion Mortgage to fund their grandson’s education. “I presented them with what […]
It’s a familiar refrain among even the most ardent supporters of Home Equity Conversion Mortgages: Reverse mortgages are not right for everyone. In fact, one of the ways the industry has improved its image in recent years is by stressing that a reverse mortgage is a tool similar to any other loan. It can work well […]
Single women over 55 continue to be a growing segment of the homebuyer population, according to research presented in a recent Wall Street Journal article. Citing research form Ralph McLaughlin, the founder and chief economist at Veritas Urbis Economics in Alameda, Calif., the article states that since 1981 this female population has been the fastest […]
Lifestyle, ease of upkeep, and proximity to family are main criteria for seniors who choose a Home Equity Conversion Mortgage for Purchase loan, many originators agreed. Christina Harmes, assistant manager for C2 Reverse in San Diego, said she has clients looking to upsize, downsize, move to the city or relocate to the country, but most […]
Using a reverse mortgage to buy a home remains one of the white whales of the industry: Long touted as a potential way to boost loan originations and home sales alike, uptake has never quite met the lofty expectations for the product. But that doesn’t mean that individuals — as well as isolated markets — […]
The National Reverse Mortgage Lenders Association is making new guides available for real estate agents and homebuilders that will help those professionals introduce reverse mortgages to their older clients. The initiative rolled out last week to include two toolkits — one geared toward Realtors and the other specifically for homebuilders. Both detail the Home Equity Conversion […]
Recent changes to the reverse mortgage program that reduced principal limits and amended ongoing insurance premiums have many originators expecting a slump in business. But some say the Home Equity Conversion Mortgage for Purchase is greatly improved under the new guidelines, and they plan to double down on their efforts to promote the product in […]
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