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…

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