Items Tagged with 'HECM for purchase'

ARTICLES

  • The 55+ housing market is booming

    Builder confidence in this sector reaches record high
    The 55+ housing market is thriving right now as more Baby Boomers look to invest in a new nest to live out their retirement dreams. With scores of older adults looking at new single- and multifamily builds, homebuilder confidence in this market has soared to a record high. But affordability concerns loom, leaving some mortgage professionals to point to a financing option designed specifically for this market.
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  • Hey homebuilders, you need to learn about this little-known reverse mortgage product

    Here’s why the HECM for Purchase is crucial to tackling affordability problems for the 55+ market
    The 55+ housing market is hot right now, with builders and developers reporting significant demand across the country. But while the sector's performance right now is solid, looming affordability concerns threaten to dampen its growth. For those who want to remain competitive in this environment, a little-known reverse mortgage product could be the answer.
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  • Here are the top 10 reverse mortgage stories of 2018

    A recap of the news that caught your attention this year
    It’s been an eventful year in the reverse mortgage industry. The HECM space saw new proprietary products enter the market, adjusted to a new second-appraisal rule, and witnessed volume plummet. We drilled down on our article stats to find out what reverse mortgage stories got the most attention this year, shedding light on the topics our audience found most interesting in 2018.
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  • US Mortgage sees opportunity in down HECM market

    Establishes reverse mortgage curriculum for LOs
    In challenging times, some see defeat and steer clear, while others see opportunity and dive in. When it comes to reverse mortgages, US Mortgage Corporation has opted for the later, launching a HECM division with a multi-layered curriculum designed to teach forward LOs how to originate reverses.
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  • HECM for Purchase gives builders competitive edge

    Helps attract more buyers to 55+ communities
    For many approaching retirement age, there comes a time when it makes sense to sell the family home and downsize. But for some, downsizing is more like “rightsizing,” and the search for a new home becomes a search for a dream home.
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  • Who uses a reverse mortgage to purchase a house?

    No one, really, even though it could be a retirement gamechanger
    A little-known reverse mortgage product lets older homebuyers use their equity to purchase a house. It could help older adults free up cash at a time in life when liquidity is especially important. Too bad no one's really heard of it.
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  • Originating: Marketing to Real Estate Agents

    Last year an associate was teaching a class in our conference room to a group of 20 Realtors about various mortgages and programs available to homeowners and buyers, including reverse mortgages. He asked that I come in and answer some questions for the group as a longtime reverse mortgage originator.I answered typical questions about the product and made light of some of the facts and myths about reverse mortgages: who owns the title, how does the loan work, what options are available, etc. One of the Realtor’s mothers actually had a reverse mortgage and she shared a bit about her
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  • Originating: Will Losing the Traditional Fixed-Rate HECM Affect the H4P?

    Just a few months ago I wrote an article stating that the HECM for Purchase, or “H4P” as many have come to call it, was the “sleeping giant” of both the reverse mortgage and the real estate industries. I have believed in this product since its inception, although its performance these last few years has been anything but impressive.There is no way to deny that the limited volume of H4Ps is entirely dominated by the traditional fixed-rate product. By definition, the Purchase product demands the entire lump sum up-front to close the transaction. So, now that we know the traditional
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  • Originating: The HECM for Purchase in Texas?

    Since the days of the Republic of Texas, the Texas Constitution has prohibited the forced sale of homesteads with the exception of cases in which the mortgage, property taxes or home improvement loans went unpaid, or for property settlements in certain divorce and probate proceedings.The voters of Texas finally approved reverse mortgage lending in 1999. Since then, more than 50,000 senior homeowners have obtained a reverse mortgage. Texas now ranks second in the United States in total reverse mortgages originated. According to the Texas Department of Savings and Mortgage Lending, the state’s chief mortgage regulator, in the last six years
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  • Feature: Selling the HECM for Purchase

    The HECM for Purchase allows seniors to finance a portion of a new home using a reverse mortgage. It can be a valuable tool for someone who is looking to downsize or move closer to relatives, but who has limited funds to support this transition.In light of the dismal statistics regarding the boomer generation’s lack of retirement security, the HECM for Purchase has considerable potential and could thrive as a useful product for those who want to maintain liquidity and still purchase a new home. But despite the obvious appeal of a product that allows you to do this without
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