What happens during a HECM counseling session? Are reverse mortgage professionals properly preparing homeowners for their counseling sessions? We interviewed Greg Smalls with Consumer Education Services, Incorporated to answer these questions and more.
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Moving in retirement can unlock a tidy sum of money to help fund your non-working years says a recent CNBC article.
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HUD’s Housing Counseling Federal Advisory Committee met and looked at lingering issues in HECM loans- including some borrowers who unexpectedly ended up in foreclosure.
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“I think that there’s an opportunity for reverse mortgages to put the whole landscape of estate planning on its ear”, said Andrew Cairns, National Lead of Wealth Management at HomeEquity Bank
700 Episodes & 13 years later- A look back at the HECMWorld Weekly podcast
HECM Counseling in Massachusetts could stop immediately. Here’s why.
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The Hill reports than long-time reverse mortgage critic, U.S. senator, and former co-sponsor of the legislation that created the CFPB is making her interest known in serving as Treasury Secretary in Biden administration should the Democrats prevail in the general election.
Should a 2nd counseling session be required after closing?
COVID-19 and older employees- What employers should know
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While the survey didn’t account for recent borrowers challenged with the Financial Assessment, the research does pull back the curtain on the motivations behind older homeowners who seek out a reverse mortgage.
At the NRMLA annual meeting in San Francisco this month, Stephanie Moulton, associate professor at the John Glenn College of Public Affairs gave industry participants a sneak peek of the survey.
The project was funded in part by the MacArthur Foundation and HUD seeking to uncover the factors leading older homeowners to get a HECM, terminate their loan or ultimately decide against proceeding with the loan. Enlisting the help of ClearPoint Credit Counseling, a leading HECM counseling agency, researchers tracked the responses of over 1,700 individuals who received
HECM counseling in the years 2012-14 with an average age of 70. The sample was divided into three segments: those who got a reverse mortgage and currently hold the loan, those who got a HECM and terminated the loan and those who decided against…
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With fewer qualified leads comes the temptation to over promise just how long it takes to close their reverse mortgage. After all who wouldn’t want to promise a quick turn around when the prospect is shopping with several other lenders?
Continue readingCircling the wagons. It’s something our early pioneers did to protect themselves and their party from attack during their perilous journey to settle the western frontier. Not unlike the settlers we must take proactive measures to protect our hard-earned applicants from fear, doubts and mostly confusion during one of the most critical phases of reverse mortgage origination: the counseling process.
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