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Where Others Fail, The HECM Delivers

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As other lending options fail, the HECM delivers solutions

A banker lends you his umbrella when it is sunny and wants it back when it rains. So says the well known joke about the sad state of consumer lending.

reverse mortgage news“After the recession, our clients called, telling us that their banks had canceled their lines of credit, even for people who had good credit. That’s the time when you need it most.” These are the words of John Salter, notable financial expert and principal at Evensky & Katz as quoted in a recent CNBC article “Putting it in reverse, advisors warm to reverse mortgage”.

As unprepared American retirees face dwindling options to access credit or home equity, the reverse mortgage continues to deliver. Hard learned lessons are usually embraced as a cautionary tale. Unfortunately, the American consumer has an exceedingly short memory when it comes to the lessons taught by the 2008 financial crises. Few understand or remember the significance of artificially low interest rates, the false security of rising home values, HELOC payment resets and the fallout of rising interest rates. Fortunately, older homeowners have some remaining viable options to access cash in their non-working years. One option remains while many march on, unaware of the potential financial time-bombs that lie ahead. The Home Equity Conversion Mortgage.

Every senior homeowner should take a hard look at their financial state…

Download a transcript of this episode here.

Looking for more reverse mortgage news, commentary, and technology? Visit ReverseFocus.com today

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4 Comments

  1. Despite all of the problems with HECMs, ask any originator if that originator would give up originating proprietary reverse mortgages if that became a new HUD rule from HUD in order to originate HECMs. It is doubtful if even 10% would make that trade. Proprietary reverse mortgages are not in all states and are a niche within a niche.

    HECMs have broad applicability. They have a very good lending limit compared to 1990 ($67,500) when it was less than one-ninth of what it is today at $625,500.

    We have seen our one-millionth endorsement. Let us celebrate and see how much sooner we will celebrate our two millionth.

  2. Outstanding article/video. Thank you Shannon!

  3. The answer of an exertp. Good to hear from you.


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