Higher Interest Rates & The HECM Industry’s Response
Let’s face the fact- Americans are addicted to cheap money- builders, borrowers, homebuyers, and yes, reverse mortgage professionals.
The proven relationship between interest rates and mortgage lending is well understood by both mortgage professionals and the general public. The lower the interest rate, the more borrowing power the consumer has, and of course, the easier homebuyers and those seeking to refinance can qualify. Why should we concern ourselves? Simply put, because as the nation’s gross domestic product or GDP rises, interest rates will follow.