Got it Right? Explaining the HECM Line of Credit

by Shannon Hicks
| One Comment
| March 21, 2018

Many get it wrong- are you correctly explaining the line of credit

Solid product knowledge brings sales confidence. How accurate is your description of how the HECM line of credit (principal limit growth rate) works? Join Norcom Mortgage today and let them help get you started!

About John Luddy: John has trained reverse mortgage professionals how to be successful when sitting face-to-face at the kitchen table with prospective HECM borrowers. Norcom is looking for qualified loan officer candidates. To learn more call 1-860-507-2582 or email John Luddy here

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Editor in Chief: HECMWorld.com

As a prominent commentator and Editor in Chief at HECMWorld.com, Shannon Hicks has played a pivotal role in reshaping the conversation around reverse mortgages. His unique perspectives and deep understanding of the industry have not only educated countless readers but has also contributed to introducing practical strategies utilizing housing wealth with a reverse mortgage.

Shannon’s journey into the world of reverse mortgages began in 2002 as an originator and his prior work in the financial services industry. Shannon has been covering reverse mortgage news stories since 2008 when he launched the podcast HECMWorld Weekly. Later, in 2010 he began producing the weekly video series The Industry Leader Update and Friday’s Food for Thought.

Readers wishing to submit stories or interview requests can reach our team at: info@hecmworld.com.

1 Comment

The_Critic
January 26, 2018 at 12:07 pm
John,

This is one point that needs strong emphasis as does the availability of any cash used to pay down the balance due for future draws. This also needs to be developed to show how the fixed rate HECM is different and the cash from any pay down of the balance due is lost to the borrower until there is a refinance or sale.
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