The traditional approach for many LOs won't cut it in this environment. The industry has to innovate...Being creative helps you win when others are struggling. Innovation kills the competition.
Baby Boomers are sitting on a large share of home equity. Lenders should leverage this for themselves or their children. Reverse mortgages and other innovative financial products can facilitate a generational transfer of wealth.
First-time homebuyers are facing challenges in affording homes due to payment shock and rising home prices. Parents with home equity can play a significant role in helping their children. Consolidating debt and reducing the cost to originate are crucial strategies for lenders in this market.
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