Part 2 (Your thoughts after…)
Last month (September 11th) brought the implementation of the Financial Interview Tool & Benefits Check Up (BCU) as part of HUD counseling for all reverse mortgage applicants.
Please give us your thoughts (positive or negative) on this new protocol and questions to be covered. We want your perceptions now that the protocol is in effect and you and your clients have had some experience with the new protocol.Continue reading
The Reverse Fortunes weekly video recap updating reverse mortgage professionals on industry changes in the reverse mortgage marketplace. Return here each Friday for new videos.
Get the inside scoop on what recent changes really mean for the reverse mortgage marketplace. Weekly video.
Continue readingThe following commentary is by James E. Veale | CPA, MBT
The more I read and hear so called financial advisors presenting the use of reverse mortgages, the more troubling it becomes. For example, one California reverse mortgage broker who allegedly provides retirement advice has issued press releases declaring that seniors are getting reverse mortgages to allow their portfolios and (401k and IRA) retirement accounts time to recover from recent investment losses.  Continue reading
Effective 9/11/2010, HUD will begin implementing the use of the Financial Interview Tool (FIT) and Benefits Check Up (BCU) as part of the new counseling protocol for reverse mortgages. Learn why you must prepare yourself and your clients with the free online training session. Register today here.Continue reading
Tell the woman who can no longer obtain a reverse mortgage because the program benefit cuts prevent her from getting rid of her conventional mortgage (she never could afford)-that Washington supports the program; Tell the man who desperately needs the reverse mortgage and yet was turned down because underwriting guidelines prefer that the properly executed power of attorney be called into question by an artificial standard-that Washington supports the program
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Commentary:
I read with great interest and anticipation just what our prospective reverse mortgage borrowers would face with HUD’s new counseling protocol which includes a Financial Interview Tool [Update: Shortly after writing this commentary the NCOA FIT & Benefits Checkup are no longer available without a secure login] . Reverse Mortgage Daily was kind enough to include the above-mentioned link in their article.
If a mental picture comes to mind for the reverse mortgage industry it is the character “Neo” in the Matrix leaning back impossibly as he dodges bullets in slow motion. The question is, have we as an industry just dodged a bullet with the recent approval of the $150 million…
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Oftentimes we speed read. You know, skim across an article. We get the message but we can miss clues pointing to future trends. My reading this week on Reverse Mortgage Daily while preparing for my podcast left me a bit perplexed and somewhat taken back. Some say that credit underwriting could be part of all reverse mortgages…
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The fixed rate HECM is wildly popular and now many banks are eliminating fees for consumers. The question is are we fully informing our borrowers about the advantages and disadvantages of the fixed versus the adjustable rate?
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