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 Mortgage (HECM) for Purchase product and are available on NRMLA’s website.
“HECM for Purchase offers greater flexibility to retirees and near-retirees as they prepare for the next stage of their lives. But because the product is still relatively new, many older buyers are not aware that there is an alternative to paying all-cash for a new home or securing financing with a traditional mortgage,” NRMLA president and CEO Peter Bell said in a press release.