Reverse Mortgage Success Stories, HECM Residency Violations

ReverseFocusReverse Focus Weekly Podcast Episode #377

In this week’s Reverse Focus podcast, Shannon Hicks discusses a recent video segment from Fox News titled “How to Have a Reverse Mortgage Success Story.” The story interviewed two couples who took out reverse mortgages to improve their retirement situations. In one case, the married couple used the reverse mortgage to delay from drawing down on their stock market investments.

Also discussed, the Financial Industry Regulatory Authority (FINRA) recently hosted a podcast, during which common reverse mortgage misconceptions were debunked. First and foremost, the segment emphasized that reverse mortgages are not “free money,” and that missing these loans can jeopardize one’s retirement future.

Residency requirements of reverse mortgage borrowers under the Home Equity Conversion Mortgage (HECM) program were called into question last week in a report from the Department of Housing and Urban Development’s Office of the Inspector General (HUD-OIG). The report found that borrowers for as many as 67 HECM loans did not live in the properties associated with their reverse mortgages.

Reverse mortgages can offer a tactical retirement strategy, according to an article this past week, which explored how these loans can help borrowers strengthen their retirement resources. While reverse mortgages in the past have been perceived as “loans of last resort,” the article states that they are “versatile financial planning tools” that borrowers can leverage in a strategic way.

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Talking Points:

  • Fox News interviews reverse mortgage borrowers
  • FINRA debunks reverse mortgage misconceptions
  • Government watchdog cracks down on reverse mortgage residency violations
  • Reverse mortgages offer tactical retirement planning strategy

Listen now. Reverse Focus is the ultimate resource for reverse mortgage professionals providing the technology, training and marketing to grow your business. We are your one-stop resource for those committed to taking their business to the next level.”  Editor’s Note: These posts are sponsored by Reverse Focus.

Written by Jason Oliva

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