Helping HECM Borrowers in Texas and FloridaNRMLA servicing experts offer the following guidance for homeowners impacted by hurricanes Harvey and Irma: Contact your insurance company right away to file a claim if damage has occurred to your home. After that, contact your loan servicer to inform them if damage has occurred to your home. Depending on the severity of the damage, and the amount of funds issued by your insurance company, it may be necessary for the servicer to hold the insurance funds, monitor the progress of the repairs, and disburse out to the contractor (similar to a repair set-aside)
At The Reverse Review, we’ve worked hard to cover the reverse mortgage market for those who work in the field. Now, after seven years, we’ve decided to shift our focus to educate those who work outside the field, providing them with smart, relevant information about how a reverse mortgage could be used to buy a house, age in place or support a strategic retirement income plan. To do this, we intend to produce special-edition magazines designed for specific audiences, including Realtors, financial advisors, builders, forward mortgage professionals and consumers. Our goal in the coming year will be to create and
Save the Date: NRMLA’s Annual Meeting & Expo Join your colleagues at the historic Palace Hotel in San Francisco, November 13-15, for the largest annual gathering of reverse mortgage professionals, NRMLA’s Annual Meeting & Expo.Hear from HECM subject matter experts. Get your CRMP continuing education credits. Meet new professional contacts and network with friends and colleagues. Get more information at nrmlaonline.org. Recap and Recordings: Reverse Mortgage Education Week With a mission of raising awareness and acceptance of reverse mortgage loans among related professionals and consumers, NRMLA’s second annual Reverse Mortgage Education Week was a success on every level. Held April
NRMLA Celebrates Reverse Mortgage Education Week To help raise public awareness about the versatility of reverse mortgages and how they have helped more than 1 million homeowners age in place, NRMLA hosted six webinars during the week of April 24 for Reverse Mortgage Education Week. NRMLA organized events with the American Society on Aging and Mortgage Bankers Association, while NRMLA members generated a buzz for the events within their own professional networks of in-home care providers, real estate agents, financial planners and others who work with older adults.During a live web interview on April 25, Next Avenue Managing Editor Richard
For HECM professionals working in the field, building relationships with referral partners can be key to success. There are so many different professionals who work with seniors, from Realtors and estate planners to CPAs, and seniors often look to these trusted advisors for insight. A recommendation from these professionals can go a long way.“When you are referred by someone the retiree trusts, they tend to listen more without getting caught up in the stigmas,” says Bob Tranchell, a HECM specialist with the Federal Savings Bank. Kent Kopen, a CRMP with United American Mortgage, agrees. “When someone is referred by a
Retirees could improve their financial security by liquidating a portion of their home equity, but a whopping 80 percent of seniors over 55 say they have no interest in doing so. A new study released by the Urban Institute, a think tank based in Washington, D.C., sets out to explain why.Published in February, “Seniors’ Access to Home Equity: Identifying Existing Mechanisms and Impediments to Broader Adoption,” takes a look at why such a large percentage of seniors are unwilling to utilize what may be their greatest asset and assesses what can be done about it. Authors Karan Kaul and Laurie
Reverse Mortgage Education Week is April 24-28 NRMLA’s second-ever week dedicated to raising awareness about reverse mortgages as a beneficial financial tool for senior homeowners is scheduled for April 24–28! This year, Reverse Mortgage Education Week coincides with Financial Literacy Month, making it the perfect time to explain home equity and tools for incorporating housing wealth into an overall financial plan for retirement. Online educational sessions during Education Week will help professionals who work with seniors understand how a reverse mortgage works and how it could fit into a client’s plans for aging in place. In 2016, NRMLA’s Education Week
For anyone actively working in the mortgage industry, it’s no secret that reverse mortgages have taken a brutal hit in the last two years. The U.S. Department of Housing and Urban Development issued major program changes at the end of 2017 that effectively limited the amount of proceeds and the number of people who could qualify for the loan. The result had lenders across the space enduring sizable volume drops and subsequent gashes to their bottom lines.