Coming to a state near you. California, Illinois, Utah and Minnesota. What do these states have in common? Mandatory cooling off periods for reverse mortgage loans.
Continue reading10 Linkedin Secrets to Grow Your Business
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Maximizing Your Reach with Linkedin
LinkedIn has become the business person’s online networking platform. This is a welcome change from other social media platforms where cat videos, political rants and personal fakery reign supreme.
Today let’s look at how each of us can expand our business network of influence and grow our business on Linkedin.
1- Upgrade to LinkedIn Premium. It’s worth it. From the ability to send private “in-mail” messages, improved searches and the ability to see all of your profile views.
2- Update your profile. First add your photo. People want to see your face. Also add some pizzaz to your profile description. First start with your title and then list what you do. For example you could be creative and add…
Download a transcript of this video broadcast here
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Assessment the Final Ripple from Housing Crash
Today marks the beginning of a new era for the Home Equity Conversion Mortgage: the Financial Assessment. As you watch today’s episode you are faced with an entirely new set of guidelines to qualify prospective reverse mortgage borrowers…
Continue readingHassle Free Loan?
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A Hassle-Free HECM or Long Term Success?
Last week the Washington Post published an article entitled “Window is rapidly closing to get hassle-free reverse mortgage”. It is a well-written article outlining the change the financial assessment brings but more importantly it outlines the HECM program’s history which lead to such a monumental overhaul of the program. “Interested in a reverse mortgage without a lot of hassles? Better get your application in fast. As of April 27, the federal government is imposing a series of extensive “financial assessment’ test that will make applying for a reverse mortgage tougher- much like applying for a standard home mortgage.”
Indeed the Home Equity Conversion Mortgage has moved from being based merely on age and equity to a fully-underwritten loan, all in the effort to reduce risks for both lenders and FHA. For a quarter century…
Download a transcript of this episode here.
Looking for more reverse mortgage news, commentary and technology? Visit ReverseFocus.com today.
The Business of Storytelling
As with any complex product, widget or loan comes the temptation to focus on the intricacies of the product while possibly missing the opportunity to paint a compelling picture with a story…
Continue readingAn Open Dialog?
If there is one analogy I wish I could tell every financial professional it would be this: If you were a doctor and knew your patient would die in 10 years and didn’t tell them about a treatment that would prolong their life or possibly cure them would that be malpractice? I hope the answer would be a resounding yes!
Continue readingHave You Asked?
Lately there have been several media accounts stating that much confusion remains for HECM borrowers. I have to admit I have some healthy skepticism when the media claims that reverse mortgages are still confusing for borrowers especially since the Home Equity Conversion Mortgage mandates counseling to cover the basic mechanics of the loan.
Continue readingThe Origin of the Financial Assessment?
The Home Equity Conversion Mortgage has undergone numerous product changes, regulations, new counseling requirements and protocols and reductions to lending ratios. Much like an aging celebrity who has undergone one too many plastic surgeries one may be left wondering does the new HECM even resemble the original product?
Continue readingIt’s Never Been Easy
Yes, prior to 2010 originating reverse mortgages was less convoluted, confusing and restrictive but it was also no bed of roses either. Just a few things to consider to give us perspective.
Continue readingWhat the HECM Happened?
I’m sure I am not alone in thinking ‘what the heck happened to the reverse mortgage program’. It’s only natural to find yourself pondering this quandary if you’ve been originating federally-insured reverse mortgages four years or longer.
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