What will our industry look like after the Standard Fixed Rate?
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The Standard Fixed Rate And Reverse Mortgages
You could say it’s a step back to our industry’s humble beginnings. Before 2009 the Standard Adjustable Reverse Mortgage or HECM was the norm. Being the flagship product of the Home Equity Conversion Mortgage Program loan professionals had little hesitation in selling an adjustable rate product to conservate seniors.
The question is will we see a substantial reduction in new applicants without the Standard Fixed Rate? Most likely not. We may see a modest reduction of borrowers with large…