Extreme Measures: Industry Leader Update

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Reverse Mortgage Lenders And The HECM Saver

In this week’s reverse mortage industry leader update, one major reverse mortage lender has already made the HECM Saver a substantial part of their business. Also, a US Senator proposes a bill that would completely defund and eliminate HUD. Watch the video for more.

5 comments

Bill E February 2, 2011 at 11:38 am

I guess I am not very worried since the senator in question has proven on many occasions that he is far outside the mainstream and is not the sharpest knife in the drawer. This will go nowhere.

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Rodney D. Greenup February 2, 2011 at 11:47 am

I believe a better solution to lowering some of the Federal debt would be to eliminate the salaries and perks afforded people like Paul who insist on offering solutions that always negatively affect those who can least afford not to have an institution like FHA/HUD that makes home ownership affordable!

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Bill Peters February 2, 2011 at 11:59 am

“Ooh, Ooh! I know, I know! Since we’re in an economic downturn caused by poor supervision and short-term thinking and which might linger since unemployment is high, we need to save money. Let’s do that by throwing thousands of people out of work in a Federal agency and the folks who deal with those loans and Federal procedures in the private sector and collapse the mortgage market in the process!”

The argument strikes me as similar to a lot of the traditional objections to reverse mortgages that they’re bad because the erode net worth, a hypothetical but as-yet unrecognized asset. Well, they can certainly do that, but the question ignores the possible significant offsetting benefits to current and future cash flow which is real. Paul Rand’s logic would have him advising retirees to starve because it preserves the future value of their home, or advising a business to give it’s products or services away because market share (a potential but unrecognized asset) is more important than profitability.

In this light, Paul resembles a tea bag less than a Yo-Yo.

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George Johnson February 2, 2011 at 12:55 pm

I agree whole heartedly with Mr. Greenup. Senator Rand is so out of touch with the real world of normal people. I am sure that he has never been in a situation where he was faced with mounting medical bills or needed in-home care for his parents. And I am sure that he never needed an FHA mortgage to buy his first home because he only had a few thousand dollars that took him a couple of years to save. And I am also sure that the guy has plenty of retirement that he won’t have to worry about how to live a decent life in his later years. Get a life, Mr. Rand, and see how your constituents really live.

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Dino Fantini February 3, 2011 at 1:39 pm

While I understand that many of us might struggle with this for our careers… it is ironic that we don’t want our government to have the same fiscal restraint that many of us have in our own budgets. The senator’s 500 billion of total cuts isn’t enough since the deficit projection is about 1.3 Trillion. Most Republicrats are truly progressives… continually expanding the size & scope of government. So, just because a few R’s have libertarian leanings or require the constitutional validity of bills… fantastic. Fractional reserve banking has compensated many of us handsomely over the last decade… however has bankrupted America for years. Review your premises upon whether it is government you want to solve problems or the private sector being more favorable. Hooray for anyone who truly proposes cuts in spending vs. the past 20 years of “cuts” in the automatic spending increases etc. Cheers to the “Pauls”

Reply

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