Improvise, adapt & overcome is a phrase that will serve us well in the coming months with the passage of the Reverse Mortgage Stabilization Act of 2013.
Continue readingScalpel or an Axe? HECM Reforms.
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Without Congressional Authority FHA is Faced with Hard Choices
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HUD would prefer to take the surgeon’s approach making fine tuned adjustments to the federally-insured reverse mortgage or HECM program. Presently it is left with the axe of harsh change unless Congress acts to give them the authority needed before the beginning of next fiscal year October 1st. The blunt approach was mentioned in a recent Senate Banking Committee hearing last week when Assistant Secretary of HUD Carol Galante reassured senators that they have no plans to bring back the standard fixed rate product.
Assistant Secretary Galante mentioned another option…more principal limit reductions across the board. “If we can’t make those nuanced changes, we are going to have to say the entire amount [that can be borrowed] is going to be just lowered for everybody across the board.”
So They Won’t Call Back?
Getting your prospective borrowers to call back can become an exercise in frustration. Rather than the same tired messages that get no results try appealing to one’s sense of curiosity and desire to be thanked.
Continue readingSoon Harder to Get…
For future reverse mortgage borrowers qualifying may become problematic. In a recent article in the New York Times “Rules for Reverse Mortgage Borrowers May Become More Restrictive” Christopher Mayer describes the likely approach…
Continue readingWorry No More…
Worried about upcoming changes to the HECM and how it will impact your business? Here are 5 steps to stop worrying…
Continue readingThe Need for Non-Government Backed Reverse Mortgages
Reverse Mortgage loans without government backing? One mortgage banker says we need this sooner than later.
Continue readingA Square Peg in a Round Hole?
In my younger (pre-reverse mortgage years) I had the opportunity to meet several salespeople. All ages, skillsets and personalities. I learned something. Far more important than personality, closing skills or charm successful salespeople had this… a niche skill and they didn’t stray from it
Continue readingThe Ugly Side of Retirement
There’s an ugly side for many retirees who choose not to use a reverse mortgage out of fear or ignorance. The worst thing these unprepared individuals can do is to take viable options off the table…
Continue readingA Cluttered Mind
With the onslaught of recent changes to the reverse mortgage and working harder to close loans you may mind your mind cluttered. How to mentally clean house for greater productivity and less stress.
Continue readingAARP’s Six Fixes for Reverse Mortgage Program
The powerful lobying group AARP with it’s 38 million plus members has incredible clout in Washington DC. In a recent Senate hearing before lawmakers they suggested six changes to the federally insured reverse mortgage program.
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