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Mortgage Professor’s Top Ten Reasons to Get a Reverse Mortgage

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[vimeo id=”92967578″ width=”625″ height=”352″]

Here is Your Market

reverse mortgage newsWith overall industry volume down it’s no surprise that reverse mortgage professionals are looking for ways to retain or grow their personal loan production. Many are apprehensive of the potential negative impact of the upcoming Financial Assessment. Despite these challenges we should perhaps revisit the true potential applications of the HECM within our market. While not David Letterman’s Top 10, the Mortgage Professor’s (aka Jack Guttentag) most recent article outlines ten potential situations where a reverse mortgage makes sense. If we are serious about building our business we should incorporate the following into our prospecting activities. Here are the ten situations where a reverse may be a suitable solution…

Download the video transcript here.

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2 Comments

  1. THANKS,,,SHANNON
    A VERY GOOD REMINDER ,,, ALL IN ONE PLACE ,,,,JOGS THE MEMORY AND KEEPS US OLD FOLKS ON TRACK,, YES I AM STILL GOING ,,,,,,,,,,,,,I THINK I HOLD THE RECORD FOR THE OLDEST L.O. DOING R.M.s IN THIS STATE OF CONFUSION AND A FEW MORE STATES

  2. Before 2014, the industry used to brag that the HECM Line of Credit cannot be reduced, frozen, or terminated until either payouts are terminated due to the HECM becoming due and payable or suspended due to a petition for bankruptcy.

    The line of credit is now much more complicated. First, we have fixed rate HECMs which by loan agreement terminate the Line of Credit in one to four years. Second, we have Mortgagee Letter 2014-07 which does not permit non-borrowing surviving spouses to access the line of credit during the deferral period.

    Like most products which get adjusted, our days of being absolute about specific terms of the HECM are now numbered. The line of credit “ain’t what it used to be, ain’t what it used to be.”


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