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Exclusive Interview: How one broker pivoted to Reverse

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Exclusive Interview: How one broker pivoted to Reverse.

Last week we sat down with Matt Oliver of Lund Mortgage. Matt shares his experience in the 2008 housing crash and why Lund Mortgage began to pivot to reverse mortgage originations…

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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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  1. Illusion versus fact

    Illusion — When Generation X becomes eligible for RMs (reverse mortgages), they will immediately increase demand because they have no pensions.

    Fact — The oldest segment of Generation X first became eligible for RMs (reverse mortgages), i.e., specifically PRMs (proprietary RMs) on 1/1/2020. Even with lower interest rates and “no pensions,” they made no appreciable difference in the low volume in PRMs. As to pensions, a large portion of government employees and a small portion of NG (Non Government) employees are still covered under DB (defined benefit) pension plans. Even many NGEs (NG employers) provide pensions through Internal Revenue Code Section 401(k) plans which are nothing more than a type of DC (defined contribution) pension plan. Some 401(k) plans even have employer contributions into the profit sharing portion of those plans with others providing employer matching contributions and still others provide no employer contributions at all.

    The fact is DB pension plans of NGEs were on the skids in the 1980s. Most NGEs have never offered DB pension plans to their employees. It is highly unlikely that the “no pensions” of Generation X illusion will drive the annual HECM endorsement up beyond the volume of fiscal 2022, if it will reach that volume. The fiscal 2022 HECM endorsement volume can be achieved with the return of a substantial HECM Refi (known previously by the name of HECM to HECM Refis) annual endorsement volume [or through a return of 1) higher PLFs and 2) a higher expected rate floor].


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