are Adding HECM*
Products to their
A HECM isn’t a traditional mortgage — it’s a home-equity product that can not only replace a maturing HELOC, but also provide a line of credit that grows 4% annually and offers flexible payments options (even no monthly payment).
If you’ve built your business to serve the re-fi boom, odds are you’re already wondering how to replace waning volume. How many people in your database are 62 or older and could potentially benefit from a HECM loan?
Many of America’s 100 million adults over age 50 are equity-heavy thanks to the recent rebound of the housing market, yet short on 401(k) funds and other retirement resources after a decade-long financial crisis. In fact, according to Jennifer Tescher, President of CFSI, “27% of Americans have saved less than $1,000 for retirement.”
Fortunately, new regulations have transformed HECM from a “loan of last resort” to a retirement planning product. Whether used in place of a HELOC or to supplement monthly cash flow, HECMs can make a real difference in the longevity of retirement savings. It’s why financial planners have begun to consider HECM products when modeling the performance of an overall retirement strategy.
Because they’re FHA-insured, HECM products offer exceptional safety and security. Plus, three key regulatory changes have made these loans safer than ever by eliminating lump- sum withdrawals, covering non-borrowing spouses and requiring a financial assessment that ensures the borrower has enough money to pay taxes and insurance.
If you’re not prepared to offer this product,
your competition will be!
3 New Mortgage Bankers Offer HECM Loans Each Day*.
Why Aren’t You One of Them?
Now Is the Time for Lenders to Restore
HECM to Home Equity Lending
Did you know there is a government-insured home-equity product designed exclusively for borrowers over age 62? According to the Census Bureau’s 2013 American Housing Survey, more than 65% of homeowners 65 and older own their homes free and clear.
In fact, according to Freddie Mac Chief Economist Sean Becketti, individuals over age 54 control nearly two-thirds of all equity in single-family homes—and they’re not going anywhere.
Reverse mortgage funds are non-taxable.
Reverse mortgages do not impact Social Security or Medicare.
Reverse Mortgages are non-recourse loans.
There are no restrictions on how borrower may use the money.
They are a fun way to help seniors!
*According to ReverseVision system data over the last three calendar years.
ReverseVision, Inc. is the leading software and technology provider for the reverse mortgage industry, offering products and services focused exclusively on the home-equity conversion mortgage (HECM) and related reverse mortgage programs. With nearly 10,000 active users, ReverseVision technology supports more reverse mortgage transactions than all other systems combined. The company’s comprehensive product suite also includes reverse mortgage sales and education tools and a dedicated professional services team. ReverseVision partners with some of the finest and fastest-growing banks, credit unions and lending organizations in the United States to provide its reverse mortgage technology to brokers, correspondents, lenders and investors.
A 2017 HousingWire TECH100™ company, ReverseVision has also been recognized in Deloitte’s Technology Fast 500™ listing. ReverseVision’s annual user conference, the only event of its kind in the industry, brings together more than 200 lenders, vendors and educators each year to advance reverse mortgage lending. The company continues to build on its technology’s pioneering capabilities with frequent enhancements aimed at boosting users’ reverse mortgage volume, workflow efficiency and data analysis capabilities.