The ‘New’ Reverse Mortgage. It’s a timely title considering the slate of recent changes to the HECM program and NRMLA’s Extreme Summit television ads which tout a new reverse mortgage. While one could accurately surmise we have a ‘new’ product we still face some of the same old challenges of years past.
Continue readingBecoming a Strategic Thinker
Business strategy coach and author Michael Porter said “The essence of strategy is choosing what not to do”. Common wisdom has taught us that if we just work harder we will succeed. But will we?
Continue readingEstate Planning / Part 1: Digital “Afterlife”
Even seniors who carefully plan for the disbursal of their worldly assets can leave beneficiaries arguing about who is really entitled to Aunt Betty’s antique rocker or mom’s diamond ring. But until now, no one has disputed who owns a family member’s Facebook account.
Continue readingDo Rising Interest Rates Trigger Slower Home Appreciation?
As loan interest rates rise banks & lender’s refinance business will dwindle forcing them to loosen lending standards to compete for potential borrowers. While this mostly applies to traditional mortgage lending relaxed lending standards result in more qualified buyers increasing housing demand and prices alike.
Continue readingOur Industry’s Choices will Determine our Future
Due to economic and regulatory pressure the HECM program has evolved rapidly in recent years. The truth is the choices that our industry collectively makes today will determine the outcome of tomorrow. What changes can we anticipate in the coming year?
Continue readingHow to Hone Your Creative Edge
We’ve explored ways older adults might become creativity mavens in their later years. And how, for some elders, technology is igniting a fresh creative impulse in their neural networks. We’ve even suggested trying something new every day for a year. Still, busy professionals can fall prey to creative complacency.
Continue readingNon-Borrowing Spouse Pitfalls?
Non-Borrowing Spouse Pitfalls. As with any new policy often more questions arise than answers. HUD’s recent Non-Borrowing Spouse policy is no exception to this rule. While benefiting younger spouses with the peace of mind of being able to remain in the home after the death of their spouse what pitfalls and problems can arise?
Continue readingThe Devil’s in the Details
Details. They can make or break a reverse mortgage professional. One missing item in a loan application can stop the wheels of progress. Incomplete or missing borrower notes can expose us to future liability issues.
Continue readingAway from Home Part 2: Retiring On the Road
Some adventuresome Boomers and those a shade ahead of them in years are choosing to take to the road: not simply to travel as “snowbirds” or full-time RV’ers enjoying the freedom of their golden years, but as purposefully engaged travelers seeking to give back in service.
Continue readingThe Coming HELOC Crisis & Opportunity
The next mortgage bubble with pending HELOCs written in the mid 2000’s could spell opportunity for reverse mortgage lenders and originators alike. A recent study by TransUnion echoes what some mortgage experts have been warning us of in the last year: there is a coming HELOC bomb that could explode in the coming years.
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