The Massachusetts State Legislature has extended a series of relief measures related to the COVID-19 pandemic, adding an additional six months to allow for phone and video-based reverse mortgage counseling. A more permanent measure is under consideration.
Reverse mortgage loan originators in different parts of the country report that while business is rising in some areas, others are not benefitting due to the effects of the pandemic when combined with new regulations.
A new piece of emergency legislation in the Massachusetts state Senate aimed at providing relief to the housing sector during the COVID-19 coronavirus pandemic would relax the state’s stringent face-to-face housing counseling requirement, which would have the effect of allowing stalled reverse mortgage business within the state to continue. The recently-submitted bill, sponsored by the […]
Home Equity Conversion Mortgage (HECM) business in the state of Massachusetts has been effectively put on pause by the outbreak of the COVID-19 coronavirus pandemic, since a face-to-face counseling requirement within the state makes it impossible for seniors to move forward with reverse mortgage loans while adhering to business restrictions and social distancing guidelines put […]
A panel of experienced reverse mortgage sales professionals discussed a series of effective marketing methods that have led to success in appealing to clients across a number of different reverse mortgage product types when asked about challenges they have overcome in making sales. This was part of a discussion among the sales professionals that took […]
A reduced number of qualifying borrowers, adjusting to Home Equity Conversion Mortgage (HECM) program changes and overcoming objections: these are just some of the challenges in the current sales climate discussed by experienced reverse mortgage professionals in a roundtable discussion, which took place at the National Reverse Mortgage Lenders Association (NRMLA) Eastern Regional Meeting in […]
Last October, New England saw a 34 percent increase in reverse mortgage growth, according to data analytics firm Reverse Market Insight. This growth positioned the region in the top spot, followed by the Southwest, which saw a 29 percent increase. So what are they doing right in New England? Regional Stats: Total New England Population: […]