A 'Must Have'. HECM Line of Credit Opens Doors

A ‘Must Have’. HECM Line of Credit Opens Doors

by Shannon Hicks
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| October 19, 2015

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The HECM Line of Credit Proves to be an Eye-Opener

Perceptions both open and close the doors of opportunity. In the case of the Home Equity Conversion Mortgage recent changes have improved the program’s perception amongst financial professionals unlocking the potential benefits of the loan’s unique line of credit. Unfortunately the opportunity for older homeowner’s to fully leverage the HECMs benefits has been hampered by media horror stories, an uninformed media and strong public misconceptions. The good news is the tide is beginning to turn.

Historically many financial professionals have eschewed the reverse mortgage believing that the loan existed to only serve the house rich and cash poor, further compounded by the notion the loan costs were exorbitant and often not suited for the average homeowner. That opinion has waned in recent years with suitability improvements limiting first year distributions, reductions in loan costs and the scrutiny entailed with…

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Editor in Chief: HECMWorld.com

As a prominent commentator and Editor in Chief at HECMWorld.com, Shannon Hicks has played a pivotal role in reshaping the conversation around reverse mortgages. His unique perspectives and deep understanding of the industry have not only educated countless readers but has also contributed to introducing practical strategies utilizing housing wealth with a reverse mortgage.

Shannon’s journey into the world of reverse mortgages began in 2002 as an originator and his prior work in the financial services industry. Shannon has been covering reverse mortgage news stories since 2008 when he launched the podcast HECMWorld Weekly. Later, in 2010 he began producing the weekly video series The Industry Leader Update and Friday’s Food for Thought.

Readers wishing to submit stories or interview requests can reach our team at: info@hecmworld.com.