Jack Guttentag writes in Forbes, “About 60% of the homeowners reaching 62 today have outstanding mortgage balances, and most of them have limited financial assets”
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A Dysfunctional Marketplace?
The Mortgage Professor Examines the HECM Marketplace
Dysfunction: abnormal or impaired functioning of a person, organ, or in our case Home Equity Conversion Mortgages. Is our market truly dysfunctional? If so, what corrections can we make to better expand our reach to eligible homeowners?
Some people report on what is. Others ask the more difficult questions of ‘why’ and how to fix it. Jack Guttentag, also known as the Mortgage Professor is the latter. His recent column in Wharton University of Pennsylvania’s website should grab the attention of every reverse mortgage professional. Guttentag opens stating, “More seniors should be funding their retirement years by drawing funds from their home equity through reverse mortgages. But not enough homeowners do it because of a dysfunctional HECM market, as well as fear, ignorance, and distrust of reverse mortgages that make seniors stay away.” Point well taken since industry estimates show us having a mere 2% market penetration of…
Download a transcript of this episode here.
Looking for more reverse mortgage news, commentary, and technology? Visit ReverseFocus.com today
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Part 2: Exclusive Interview with Jack Guttentag
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Part 2 of our interview with Jack Guttentag: Rising Mortgage Rates and HECM Impact
In part two of our interview The Mortgage Professor discusses rising mortgage rates, proposed interest rate disclosure to borrowers, longer interest rate lock periods, industry preparedness for a rising interest rate market and more.
Visit the Mortgage Professor at www.MTGProfessor.com.
Looking for more reverse mortgage news, commentary and technology? Visit ReverseFocus.com today.
Exclusive Interview with The Mortgage Professor
In part one of our interview The Mortgage Professor discusses the possibility of double-digit mortgage interest rates which have not been seen since the HECM program’s inception. We explore the industry impact, consumer awareness, disclosures and more.
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