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Reverse Mortgage Study: 10 Powerful Insights from 1.1 Million Loans to Elevate Your REALTOR Business
If you work with senior homeowners or want to build your senior homeowner business, you likely need to field basic questions about reverse mortgages. The Home Equity Conversion Mortgage (HECM, the FHA-insured version) program has been helping seniors age 62 and older tap into their home equity since the 1990s. A comprehensive 2022 reverse mortgage…
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Picture this: You’re sitting across from Margaret, a 70-year-old client who just sold her family home for $450,000. She wants to downsize to a $350,000 condo, and she’s interested in a HECM for Purchase to eliminate monthly mortgage payments. She asks you a simple question: “Should I just put down the minimum required, or does…
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I’m not just frustrated by the recent recommendations from New View Advisors to HUD. I’m offended by them. These proposals would strip away the very reverse mortgage protections that help the seniors I counsel every day make informed decisions about whether these products truly fit their needs. Worse, they’re dressed up as consumer-friendly reforms when…
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You find yourself seated across from a lovely couple in their early 70s. They love their home, but they worry about money. The husband leans forward and asks for reverse mortgage advice, “What do you think about reverse mortgages? Should we get one?” Your stomach drops a little. You want to help. You know a…
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As a REALTOR, you’ve probably had clients ask about reverse mortgages. Maybe you’ve even had a listing where the seller used one. But if you’re like many agents, you might feel uncertain about how to handle these situations and what reverse mortgage information is accurate and what is false. You’re not alone. Many REALTORS hesitate…
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Yes, Virginia, there is a Santa Clause, and real estate agents really can crack the affordable housing challenge for seniors by combining HECMs and manufactured homes. The real estate market poses unique difficulties for aging Americans on fixed. Many seniors, whether longtime homeowners or career renters, find themselves squeezed by the cost of living in…
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As a HUD-certified housing counselor, I have witnessed the internal tension many senior homeowners face. They sit across a virtual desk during our counseling sessions, with years of diligent savings, a paid-off home (or at least a high level of equity), and one underlying fear: outliving their money. Regardless of their own retirement planning, they’ve…
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When I listen to the 2022 podcast by Suze Orman on reverse mortgages, I am both grateful and disheartened. Grateful, because every time a high-profile personality brings up reverse mortgages, it renews public interest in a program that truly can help many older homeowners. Disheartened, because Suze’s comments continue a long tradition of misunderstanding what…
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You have a homeowning client couple seeking your financial advice. You and the couple think a Home Equity Conversion Mortgage or HECM (the federally-insured reverse mortgage) might be a great option for them. The husband is 65, but his spouse is only 59. You know that the spouse is too young for a reverse mortgage,…
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You, the bank manager, serve as the financial anchor in your community. You know your senior clients by name, you understand their life savings, and you often hear the challenges they face in retirement. This role carries enormous trust and responsibility. Sometimes, the challenges your senior clients face exceed the scope of traditional banking products.…