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Reverse Mortgage Lenders

As the industry struggles with falling endorsement volume and a shrinking market, lenders are largely optimistic about the future of the reverse mortgage space in 2017.

Many agree that growth in the next year will depend on a variety of external and internal factors, such as the industry’s ability to expand its messaging to more financial service professionals, and how well the industry looks within itself to improve the customer experience in efforts to better meet the financial needs and situations of its client population, among other objectives.

“The largest opportunity in 2017 for the Home Equity Conversion Mortgage industry resides in its professionals and their abilities to help seniors fully understand and embrace the aspects of the loan,” said Mike Crossett, executive vice president at The Federal Savings Bank. “That is, companies who have HECM professionals, must work in concert with each client’s team of trusted advisors to inform and meet the needs of

retirement-age individuals in a safe and sound manner.

In the reverse mortgage industry, foreclosure and eviction are not synonymous. In fact, foreclosure—but not eviction—is a common resolution for a reverse mortgage loan.

Yet, little distinction has been made between the two terms in news coverage of Treasury Secretary nominee Steven Mnuchin’s leadership of OneWest Bank and Financial Freedom, which foreclosed on tens of thousands of mortgages, including more than 16,000 reverse mortgage loans during his tenure.

Headlines such as, “ Trump’s Treasury pick excelled at kicking elderly people out of their homes ,” belie the facts when the story doesn’t explain that most reverse mortgage foreclosures don’t displace the borrower. Without taking a position on his appointment, we want to clarify false impressions about reverse mortgage foreclosures because they are unfair to Mnuchin, the industry and the reputation of this loan product that more than 1 million homeowners have used to age in place.


Category: American mortgage

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