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The Reinvention of the Reverse Mortgage

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HECM Product Changes Spurred Market Shift & Innovation

reverse mortgage newsNecessity is the mother of invention. For the reverse mortgage industry one could say that necessity has pushed us into reinventing the image and application of the Home Equity Conversion Mortgage.

One could argue that the first 15 years of the HECM were simple. A straightforward product, few complications, and generous qualification guidelines for seniors seeking access to much-needed funds in their non-working years. Without reciting the litany of product changes and regulatory overlays it is safe so say that today’s reverse mortgage has been slowly transformed into a loan that is expanding its reach while facing a shrinking pool of eligible borrowers…

Download a transcript of this episode here.

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Editor in Chief: HECMWorld.com
 
As a prominent commentator and Editor in Chief at HECMWorld.com, Shannon Hicks has played a pivotal role in reshaping the conversation around reverse mortgages. His unique perspectives and deep understanding of the industry have not only educated countless readers but has also contributed to introducing practical strategies utilizing housing wealth with a reverse mortgage.
 
Shannon’s journey into the world of reverse mortgages began in 2002 as an originator and his prior work in the financial services industry. Shannon has been covering reverse mortgage news stories since 2008 when he launched the podcast HECMWorld Weekly. Later, in 2010 he began producing the weekly video series The Industry Leader Update and Friday’s Food for Thought.
 
Readers wishing to submit stories or interview requests can reach our team at: info@hecmworld.com.

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2 Comments

  1. Looking at the past includes using comparative language like “HECMs have never been cheaper.” But is that even true?

    Before October 4, 2010, ongoing MIP was only 0.5%. In fiscal 2009, interest rate margins were at all time lows. Few HECMs today will see their total costs including MIP and interest cheaper today than for those HECMs originated in fiscal 2009. In that same period, lenders were not charging borrowers for upfront MIP.

    So looking at the facts, we are not educating; we are irresponsibly selling our product.

  2. Hey! I am looking for recent HECM facts and guidelines. Can you help me? It would be great if you can share recent facts about HECM product.


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