Category: Realtor & Lender Insights
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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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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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As a REALTOR, you’ve likely encountered a common scenario: a senior homeowner whose cherished, long time residence has become a source of burden. The home is too large, the upkeep is too demanding, and the stairs are becoming a daily challenge. These clients often feel trapped, hesitant to sell because they fear losing their independence…
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Debunking a Persistent Myth The notion that “your heirs inherit nothing with a reverse mortgage” is a pervasive inheritance myth that clouds the retirement planning of countless seniors. As a HECM and HUD-certified housing counselor, I’ve seen this misconception spark fear and hesitation, preventing retirees from exploring a Home Equity Conversion Mortgage (HECM), a financial…
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As we get older, life can bring unexpected challenges. A reverse mortgage could become a powerful tool for financial stability for many seniors, helping to pay for in-home care, medical expenses, or simply provide peace of mind. If their capacity to make rational decisions has diminished, you may need to consider getting power of attorney…
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Navigating the nuances of real estate transactions involving senior homeowners requires a unique blend of empathy, expertise, and a deep understanding of their specialized financial tools. For many REALTORS, the term “Reverse Mortgage” (specifically, a Home Equity Conversion Mortgage or HECM) can conjure images of complexity, potential pitfalls, or even just a lack of familiarity.…
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Professionals who advise senior homeowners on their financial and estate strategies play an essential role in guiding informed decisions about home equity. For clients aged 62 and older, converting home equity through a reverse mortgage, most commonly done with a government-insured Home Equity Conversion Mortgage (HECM), is an increasingly and understandably acceptable option. Before a…