Many older American homeowners now find themselves stuck in their homes being unable to…
Continue readingHUD curtails some H4P concessions
Why moving can earn you an extra $100,000+
Moving in retirement can unlock a tidy sum of money to help fund your non-working years says a recent CNBC article.
Continue readingHousing Affordability Crisis holds potential
A crisis of housing affordability is pushing many would-be homebuyers to the sidelines. One solution may help…
Continue readingOriginators speak out on the HECM for Purchase
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EPISODE #684
Originators speak out on the HECM for Purchase
Just how is the HECM for Purchase performing? That’s a question that RMD addressed last week sharing the perspectives of several industry lenders.
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Reverse Market Insight’s Market Minute
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The housing boom could be losing steam
Let’s Talk About the HECM for Purchase
Why you should consider adding the H4P to your sales tool bag
The HECM for Purchase provides you with unique opportunities to open up the conversation about…
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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When No Advice is Worse Than Bad Advice
Professionals not providing all options can have devastating consequences
“Failing to provide a client with viable options can be just as damaging, if not worse than providing poor advice”
Such is the case in a recent post I read on LinkedIn from Florian Steciuch. He wrote “ My definition of heartbreak – meeting with an 82 year old client who was given a 30 year mortgage when she bought her new town home last year. Recently she lost her part-time job, now has Social Security of [sic] $1300 with a mortgage P+I of $700. She already missed her property tax payment. She provided a down payment of 50% – this is a prime example of why the FHA HECM for Purchase was a far superior loan option. She would have had NO mortgage payment. She was not offered this option because her bank did not offer it. 80 year old home owners should not be taking on the risk of 360 months of mortgage payments if they have a substantial down payment.”
Perhaps this 82 year old would have averted disaster had she read an article similar to Jack Guttentag’s, aka ‘The Mortgage Professor’ latest contribution in the Huffington Post, “Purchasing a House with a HECM Reverse Mortgage: How to Do It Right”. Guttentag opens stating “Purchasing a house with a HECM reverse mortgage has the great advantage that it does not impose a monthly payment burden on the borrower.”
