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HUD has made it official, reverse mortgage lenders have the authority to help prevent tax and insurance defaults when it comes to financial underwriting and potential reverse mortgage borrowers assessments.
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Step 1 – What is taking up a lot of your focus and energy?
Write down a list of everything you are thinking about and stressing about.
Step 2 – What would be a successful outcome to this situation?
To each point on the list, visualize what a perfect solution would be and then write it down.
Step 3 – How important is it that this task is done?
By answering this question, you learn if this task is something you need and should do or if it really isn’t that important and can be eliminated.
Step 4 – What action could you take to move the project towards that goal?
Once you know that the idea is an important one, write down what the next action you can take to move the goal towards its perfect solution.
Step 5 – Decide when you are going to do the action
Write it down in your calendar.
Let Go and Relax
Do you feel how much more relaxed you are now that you don’t have to remember all your ideas? Now that you know that they will be done?
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As we enjoyed our weekend October 1st came and went marking the beginning of the fiscal year 2012 and more importantly the date when funding from the government for mandated HUD counseling stops. This is creating delays in scheduling counseling and even worse may prevent lower income homeowners without the money for upfront counseling fees from moving forward. Either way you slice it, this is hurting the potential borrower the worst.
Ironically when the government created the HECM (Home Equity Conversion Mortgage) program, counseling was a built in requirement. Why does congress fail to fund a requirement for a federal program they created in the first place? Politics aside it appears we may have some hope of seeing funds restored at some level in the future.
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To learn more about marketing to banks and credit unions join our free webinar Wednesday October 5th at 10am.
You can also get more information and great videos at RM Bank Blueprint here.
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One expert points out that home equity should be required to be utilized before certain individuals can qualify for Medicaid. Learn how the system discourages savings and what could be done.
Loan officer responsibilities and HUD Counseling
A quick look at how you can increase your success and build trust with your potential borrowers before and after required HUD Counseling for their reverse mortgage.
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Video grabs from WXYZ television in Detroit.
Original Story of eviction here. Â Â Updated story of eviction here.
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What if you went to the doctor and they didn’t know about a life-saving treatment that had been used for 20 plus years and you left becoming worse? That’s similar to the situation many retirees find themselves in when meeting with financial planners who either don’t know about, or misunderstand reverse mortgages. It is a potential solution that should always be considered and presented for the client (patient) to choose.
We look at the changing perspective of financial professionals and the need for our industry to spearhead an effort to educate the financial community at large about the uses and functions of a reverse mortgage.
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