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Building the Bridge of HECM Benefits to Borrower Needs
If you ever consider who some of the greatest communicators of our time were they have one trait in common; they were great story tellers. Too often reverse mortgage professionals fall into the trap of selling first or over-educating and over-complicating the product to the homeowner. Welcome to the Industry Leader Update I’m Shannon Hicks.
With the Home Equity Conversion Mortgage becoming increasingly complex education has become essential to both inform the consumer and close loans. A recent panel of industry sales leaders at the NRMLA conference in San Francisco last month highlighted the distinction between educating and selling. “There is education to the sale, but along with it comes a close,” said Kevin Blakeney, senior vice present of national field sales for AAG. “Going into the consumer’s home and giving them as much information as possible, but not showing them how this product is going to relate to that person and help them over the finish line to take advantage of the product and sell them- that’s where fundamentally I think we’re missing the boat here”…
Download a transcript of this episode here.
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While the phrase ‘old school’ has been popularized in recent years by hipsters it has been with us for quite some time. Webster recorded its first use in 1803. The meaning is rooted in one returning to core principles, conservative or established beliefs and principles. A recent article reveals that many smaller reverse mortgage broker shops and lenders are returning to old school marketing methodologies..
Numbers, statistics and figures are the backbone of federal agencies who must account for their fiscal status each year. In the wake of the housing crash housing agencies such as FHA have come under increasing pressure and scrutiny. The recent report shows that FHA’s Mutual Mortgage Insurance (MMI) fund increased $19 billion dollars in it’s overall economic value with $8 billion being attributed to improvement in the HECM portion of the fund. The Urban Institute is pushing for the HECM fund to be separated from the general fund.
The Task Force includes some heavy-hitters in public housing and mortgage lending, primarily former Housing and Urban Development Secretary Henry Cisneros. The group is seeking input from stakeholders seeking viable solutions to help older adults remain in their homes and communities. The primary focus is on cost-effective and innovative solutions to modify homes and communities, along with heath programs, making them more suitable for seniors.
Are reverse mortgages a useful retirement tool or a bad move for today’s retiree? That is the question addressed in CNBC’s recent article in age-based investing.
A recent article “Is a HELOC better than a HECM?” in the Huffington Post explores the question as to what type of equity loan may be more appropriate: the traditional HELOC or home equity line of credit or the Home Equity Conversation Mortgage line of credit.
