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Beyond Fact-Finding to Motivations
The traditional Home Equity Conversion Mortgage Transaction typically goes like this: potential borrower sees advertisement, homeowner contacts lender, loan officer gathers information, takes the application and the loan hopefully closes. In years past the approach generally was successful as many if not most of our borrowers had a substantial financial need motivating them to pursue the HECM loan in the first place.
Today that has all changed.
The recent enactment of the Financial Assessment has pushed the HECM more toward the spectrum of…
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