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We are entering the second age of the HECM
The new face of reverse mortgage lending begins now. Welcome to the Industry Leader Update. Last week I had the privilege to sit in on a session updating NRMLA members on our industry’s Extreme Summit initiative launched last year. Many of our viewers know that often our industry’s image has often been shaped in part by negative media stories and misinformed columnists and consumer groups. In essence we have found ourselves on the defensive having to respond to claims which are often false.
The Extreme Summit seeks to transform the public’s perception of the HECM through various measures such as geo targeting areas of greatest opportunity, transforming media impressions to 3 positive stories for every negative one and rebranding the image of the reverse mortgage itself. This initiative is led by the National Reverse Mortgage Lenders Association and select industry leaders and the timing could not be better for such endeavor. The HECM program has been revamped addressing many concerns from consumer advocates, financial advisors are beginning to adopt the HECM into financial planning and the push away from needs based borrowers who may be at risk…
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