Here’s a scenario you’ve probably experienced. You’re working with a senior client who loves a home but can’t quite make the numbers work. They have substantial home equity but limited income. You know a reverse mortgage for home purchase could solve their problem perfectly. Should REALTORS bring up a reverse mortgage for home purchase or…
You’ve found the perfect buyer for that lovely three-bedroom ranch. They walked through twice, loved the updated kitchen, and can already picture themselves in the sunroom. Their current home just went under contract. Everything looks great. Then they ask: “Can I even buy a home at my age without a job?” Your stomach drops. You…
As a real estate professional, you want to help senior buyers find the right home. But when you talk about reverse mortgages as a financing option, do you worry about sounding pushy? Many agents feel this way. They know a HECM for Purchase can help buyers 62 and older, but they don’t want to seem…
You’re sitting across from a potential client, a 68-year-old homeowner who wants to downsize. The conversation is going well until you mention a HECM for Purchase as an option. She shakes her head immediately. “Oh no, I’d never do that. Reverse mortgages are a scam.” Sound familiar? This objection costs REALTORS real business opportunities every…
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…
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…
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…
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…
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…
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…
