The oldest Generation Xers are 59 this year yet nearly three quarters of Gen Xers feel they haven’t saved enough for retirement.
Continue readingMost Gen Xers are Behind on Retirement Savings
Part 2: How to Fact-Find with Potential HECM Borrowers
Ryan Ponsford shares one method reverse mortgage professionals can use to approach financial fact-finding.
Continue readingHECM Financial Fact-Finding. Do We Need it?
What is the role of financial fact-finding in originating reverse mortgages? To answer that question we interviewed wealth planner Ryan Ponsford of Equity Wealth Strategies.
Continue readingPart 2: Dan Hultquist: The HECM Debt Consolidation
This week part two of our exclusive interview with Dan Hultquist of Understanding Reverse as we discuss how to create a HECM debt avalanche, leveraging the HECM’s line of credit, and the tools our industry will need to illustrate a HECM Debt Consolidation effectively.
Continue readingWhat is a HECM Debt Consolidation?
One of the common objections to a HECM is the cost. This week we examine when upfront costs are an issue, why, and how to build value that eclipses such concerns.
Continue readingPrice is a Question in the Absence of Value
One of the common objections to a HECM is the cost. This week we examine when upfront costs are an issue, why, and how to build value that eclipses such concerns.
Continue readingHow Fact-Finding Can Expose Impending Retirement Disasters
Reverse mortgage professionals don’t live in an economic vacuum. The same financial pressures you’re grappling with are being faced by retirees and the older homeowners you meet with Here’s how to uncover the financial pain retirees face.
Continue readingCashflow is King
Increasingly advisors see the writing on the wall…cashflow is king.
Continue readingThe HECM’s 2021 performance likely best 2020
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EPISODE #695
It’s less about preserving equity and more about cash flow
With millions of first-time homebuyers finding few suitable housing options and tenants enduring the ravages of rent hikes, some are sitting on a mountain of home equity whilst needing a significant boost to their monthly cash flow.
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HECM is an important part of HUD providing housing stability- MMI fund may show marked improvement
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How To Avoid Reverse Mortgage Lending Traps
Misspent Money, Scams, Personal Stories & More
The roundup of weekly HECM news
What do strippers, casinos, and groceries have in common? It’s bad enough to be forced to foot the bill of your own company’s audit and financial monitoring. Reverse mortgage servicer Ocwen Financial paid over $44 million dollars to cover the costs of monitoring services to Fidelity Information Services as part of their agreement with the state of California for its investigation of claims that Ocwen did not produce the required paperwork related to the state’s Homeowners Bill of Rights. The servicer alleges the auditor burned through the budgeted money allocated for a two year period in just 11 months, paying for strip clubs, casinos, liquor, and groceries. They also claim that FIS auditors watched videos on company time, left without clocking out, and inflated daily hours worked and mileage expenses. F.I.S. flatly denies the allegations. The auditing firm’s contract was terminated by the court under a new consent order.
Fraud comes in all shapes and sizes and it wasn’t from a loan officer or financial professional. Court papers allege a Chicago contractor, Mark Diamond, of scamming more than $10 million in a repair scheme that targeted older homeowners . In all there are an alleged 122 victims- most women, African-American and in their 80’s.
