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Is reverse mortgage lending becoming more like forward lending?
It seems the skills needed now as a reverse originator are becoming similar to those of traditional lending. Do HECMs have more in common with a 30 year fixed than we think?
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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.
2 Comments
I’ve spent half my life on the foward traditional mortgage side. Great Western, WAMU, and Wells Fargo to name a few lenders. And with each were similar goals…. Write good loans and in doing so keep the customers goals in mind first and the dollars and referrals will follow.
I’ve choosen to switch to the reverse side so that I could potentially help more people, never to set them up for a fall after closing. So for those of us who care about our customers, we always qualified them for the financial responsibilities.
Thanks for listening.
Bill Schleicher
Hi Shannon:
Yes, we are looking “more” like forward lending, however how we handle our clients is indeed different! Our business partners would be handled much the same as our traditional mortgage partners, however if you treat an Older American the same way you would as a generation X you will not get the same number of loans.
While in some ways we are getting closer to the traditional loan officer we indeed need to wear more hats.
Great question!!