The Expanding Industry

It is really amazing to see what is going on in the reverse mortgage industry as I write today’s blog. We are in the midst of an ever expanding market which is followed by an industry that is just beginning to boom. Last year there was a 77% increase in the number of reverse mortgages done nationwide. Today new products seem to be hitting the market weekly. Though most new products have been varying degrees of the FHA HECM reverse mortgage, a very new product called the HECM Fixed Rate Mortgage has been released by the Bank of New York. This product will get a lot of attention, but it is too early to tell if it will be a “hot” seller. In my experience, most of my clients are interested in what will provide them the greatest benefit (dollars). The fixed rate, from what I can tell, will provide some stability in the interest rate, but will reduce the amount a senior can be eligible to receive.

At a recent NRMLA Conference (National Reverse Mortgage Lenders Association), in just a few years there might be more than 50 different reverse mortgage products. Wow! This idea has caught on and is solving a lot of financial problems that seniors are facing today.

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