A recent article in the Wall Street Journal cites concern over the 4% Rule. Traditional withdrawal strategies may no longer work for most in today’s market. Reverse Mortgages are mentioned as part of the solution.
Continue readingRM Client Followup – Lost but not forgotten…
If you’ve lost contact with your past prospects someone else hasn’t…your competitors.
Continue readingAB2010 – California mandatory face-to-face counseling
Opposing AB2010 (California)
If you originate in California you will want to follow this story. The California Senior Legislature has asked for mandatory face to face reverse mortgage counseling. If passed, it would be a substantial change to the way California originators do business in the future.
Here is a link to the story on Reverse Mortgage Daily for more info.
Help your clients Age-Proof their homes
One of the greatest challenges today’s Boomers face is persuading Mom and Dad that their beloved house could benefit from some simple modifications which will make their home safe as well as comfortable…
Continue readingFallout: HUD Counseling or Appraisals?
Is it new HUD counseling protocols or low appraisals causing record fall-out rates? See what industry leaders have to say.
Continue readingCash Burn or Last Resort? – Younger Reverse Mortgage Clients
AARP still calls it a ‘loan of last resort’. Will cash-burn by younger borrowers increase future defaults and foreclosures?
Continue readingSpring Cleaning the Reverse Mortgage Way (part 1)
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Lowering Home Closing Costs
Chucking the Extra Closing Costs
Cleaning. Few of us like to do it, yet we seem more willing to spiff up our houses for others than for ourselves. Housekeeper due to arrive? Quick, toss those dirty clothes in the hamper! In-laws invited for dinner? Polish the silver and run the vacuum!
Selling the house? Pull out all the stops. Take an old toothbrush to the grout! Replace the kitchen linoleum! Paint the exterior!
While it certainly makes sense for your reverse mortgage prospects to enjoy a clean, comfortable house while they own it — and take all available measures to make it shine for sale at the right price — too many seniors make the mistake of selling one home, then buying another and applying for a HECM in order to avoid paying a mortgage in their retirement years. They’ve thus paid a completely unnecessary, double set of closing costs!
The smart move, of course, is to obtain the reverse mortgage at the time of the new home purchase. The Housing and Economic Recovery Act of 2008 created this special HECM for purchase loan, which went live on January 1, 2009. Find all the details here.
Educating Reverse Mortgage Prospects
So the ideal “spring cleaning” assistance to offer your prospects and clients this season? Reverse mortgage education:
- When does downsizing make sense? Is it appropriate for you and your spouse now?
- Explain why a HECM (reverse mortgage) for purchase means one set of closing costs, not two.
- Help your client begin the process of qualifying for a HECM for purchase loan, so they can enjoy their retirement free from monthly mortgage payments.
Best of all, this type of spring-cleaning is so much gentler on older backs — not to mention bank accounts. You get the business, they save the additional closing costs. Everybody blooms like a fresh spring garden.
In Part 2, we’ll look at ways to help your clients “age-proof” their homes.
Reverse Mortgage Rates – Greed or Need?
Is it greed that has made fixed rate reverse mortgages nearly 70% of total production? Or is it something else…the needs of the marketplace?
Continue readingHow to be amazing – Job Efficiency And Productivity
Overwhelmed? Here is what Shannon found to get amazing results despite circumstances. A few simple tweaks to transform your work day.
Continue readingFebruary 2012 Top 100 HECM Lenders
February’s 2012 Top Reverse Mortgage Lenders Report. We are still down 3 years in a row but we may be on track to reaching 70,000 units this fiscal year.
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