HECM vs. HELOC: What are the advantages?
Reverse Mortgage Daily
by
3M ago
HECM vs. HELOC: What are the advantages?  has many looking for ways to cash in their equity, especially older homeowners. However, the standard HELOC isn’t the right choice for everyone. HousingWire recently spoke with Adrian Prieto, SVP of wholesale and third-party relationships at Longbridge Financial, about the advantages of HECMs and how they better serve homeowners aged 62 and older.  ..read more
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How Reverse for Purchase can help baby boomer borrowers
Reverse Mortgage Daily
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3M ago
Older Americans are sitting on more than $12 trillion in home equity, according to the  . These homeowners are seeking different   and make it more durable over the next 20 to 30 years ..read more
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How one company is empowering homeowners and brokers with home equity products
Reverse Mortgage Daily
by
3M ago
HW Media Managing Editor of Content Solutions Maleesa Smith sits down with Adrian Prieto, SVP of Wholesale at Longbridge Financial, to discuss the home equity conversion mortgage and its advantages for homeowners aged 62 and up ..read more
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Reverse purchase financing: The financing option no one is talking about
Reverse Mortgage Daily
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3M ago
With reverse purchase financing, older homebuyers can increase their purchasing power with fewer financial limitations as they move towards retirement ..read more
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Commentary: Why the reverse mortgage industry needs to stop marketing to ‘seniors’
Reverse Mortgage Daily
by Zeb Lowe
6M ago
Reverse mortgage sales and marketing still rely on broadly used principles. Chief among cardinal sales and marketing sins is assuming to know your customers without constant re-analysis and re-evaluation of the customer themselves, the market, and social/cultural changes at large. We have an abundance of customer data at our fingertips. Think of how much you can learn about people after reviewing their credit reports or bank statements. I have been an LO for over a decade. If you were to hand me random customers’ credit reports, bank statements and W2s, I could probably tell you a lot about th ..read more
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The ups and downs of shifting forward mortgage professionals into reverse
Reverse Mortgage Daily
by Chris Clow
6M ago
Reverse mortgage professionals often talk about a need to be dedicated to both the product and the demographic it’s designed to serve. Specialization, some argue, is a key differentiator for industry professionals that helps build trust with older Americans and blends with the more consultative nature of reverse business. However, there is also a competing truth: the forward mortgage business — without any age-based restrictions and serving a wide variety of people in different stages of life — is far more prevalent in terms of business and visibility when compared to the reverse business. Thi ..read more
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Programming note: Happy New Year from RMD
Reverse Mortgage Daily
by Chris Clow
6M ago
As the year winds down in its final days, the team here at HW Media and Reverse Mortgage Daily wants to express wishes for a very Happy New Year to all of our valued readers! In observance of the New Year’s Day holiday, RMD and HW Media will be closed on Monday, Jan. 1, with posting resuming on Tuesday, Jan. 2, 2024. We hope that you, your friends and loved ones have a great time ringing in 2024. Thank you all for staying engaged with RMD throughout 2023, and be sure to stay with us as we continue to cover all the major reverse mortgage industry news to come in a brand new year! The post Progr ..read more
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Top issues for the reverse mortgage industry in 2024
Reverse Mortgage Daily
by Chris Clow
6M ago
The reverse mortgage business has had a tumultuous 2023 that has included low loan volume, liquidity challenges and a raft of new government policy related to the Home Equity Conversion Mortgage (HECM) program in particular. But the industry is looking ahead to the new year. With recent news indicating that some rate relief could be on the way, lenders themselves are also looking at an increase in the HECM limit for 2024 and potential new opportunities in the proprietary space to increase momentum after a disappointing year of reverse mortgage volume. The past year wasn’t all bad. There have a ..read more
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How the top 10 reverse mortgage lenders were remade in 2023
Reverse Mortgage Daily
by Chris Clow
6M ago
The reverse mortgage industry leaderboard has been reasonably stable over the past several years. American Advisors Group (AAG) has been at the top of the pile for its ubiquitous brand and call center outreach model, Finance of America Reverse (FAR) has aimed to lead on the proprietary product front for years while lenders like Open Mortgage and Cherry Creek maintained respectable leadership spots. This year, however, things got shaken up. AAG and FAR became one entity, Cherry Creek and its leading reverse mortgage division was acquired by Guild Mortgage, and Open Mortgage elected to close up ..read more
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Reverse mortgage professional awarded ‘Ambassador of the Year’ by South Tampa Chamber
Reverse Mortgage Daily
by Chris Clow
6M ago
The South Tampa Chamber, a chamber of commerce representing business in the Tampa Bay, Fla. community, has recognized reverse mortgage industry professional Chris Bruser with its “Ambassador of the Year” award. “We appreciate your dedication and commitment to the South Tampa Chamber Ambassador committee and the Chamber’s members,” the organization told Bruser via social media. Bruser attended the organization’s annual meeting, and winning the award came as a surprise, he told RMD in an interview. Chris Bruser “Whenever new members join the chamber, an ambassador is assigned to that new member ..read more
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