Featured in our March print edition of The Reverse Review, due to be released in the second week of March, I called upon Craig Corn, Vice President of MetLife Bank and executive in charge of their reverse mortgage division. Craig has been a leader in the industry for over a decade and speaks positively about the prospects of the product, especially the HECM Saver.
I originally called on Craig to discuss the impact of Bank of America’s plans to exit the reverse mortgage business and how that would affect their plans and expectations as a leader in the industry. However, I quickly learned that there was no impact to discuss as it was irrelevant to his outlook on the industry and how MetLife Bank is approaching market opportunities from their perspective.
Craig believes that the HECM Saver product has created the opportunity for a fundamental change in the definition of typical HECM client and how the product is utilized by consumers. MetLife is bullish on the industry and he is excited at how MetLife Bank is positioned to seize the forward momentum. He encourages others to seek ways to reposition themselves as they see fit to take advantage of growth opportunities.
Along with the growth opportunities, he talks about the importance of a reeducation effort. An effort that extends not only to the elder homeowners, but also to their financial advisors and other trusted advisors. It is those advisors, Craig suggests, that have a renewed opportunity to review the HECM products as important tools to consider as part of a larger retirement income plan.
The HECM Saver was introduced by the FHA as a way to help strengthen the FHA insurance fund and sustain the HECM programs. However, Craig notes that the result is a product with a wider range of applicability and can attract a wider audience of consumers. By capitalizing on this opportunity, not only do originators have the opportunity speak to a broader group of prospective clients, but it should also lead to accomplishing the FHA’s goal of the HECM Saver having a meaningful share of the overall HECM production.
Change is a constant, Craig acknowledges, especially now. However, the successful will be those who respond to change positively and position themselves to find the opportunity that results from the on-going change.
Look for more in our March edition of the magazine as we get much more in depth with Craig Corn.