McMinn and Hultquist emphasized the common misrepresentation of the HECM line of credit in the reverse mortgage industry, clarifying that its growth is not considered income but rather a form of loan proceeds. They explained, 'The line of credit growth is not income. We’re basically going to blow the whistle on some things we say in the industry.' This interactive approach allowed audience members to interrupt misconceptions directly, highlighting the need for accurate communication regarding these financial products.
During the presentation, Hultquist noted a significant misconception regarding the HECM line of credit, stating, 'I prefer to talk about cash flow instead of income in our space.' This shift in terminology aims to distinguish between the actual cash available through loan proceeds as opposed to taxable income, which is an important clarification for potential borrowers navigating reverse mortgages.
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