"The reverse mortgage world is guilty of preaching to itself. I've been a little hard on the industry that I love so much, but our industry tends to get on LinkedIn and tell everybody how great we are. I agree with how great we are, but nobody does reverse mortgages."
"Financial planners still don't like them, long-term care people still don't like reverse mortgages, and 90% of the world still thinks we take their house which we don't. The industry is our own worst enemy."
"Nobel Prize winners in economics said when it came out in February 2009, as part of the Housing and Economic Recovery Act (HERA), that it would literally change the way America retires. But the truth is, it has ultimately failed."
"It represents less than 3% of the reverse mortgage world, so my premise on this is that this product hasn't failed the industry, the industry failed the product."
The reverse mortgage product, particularly the HECM for Purchase program, has not gained traction due to industry shortcomings rather than product design flaws. Michael Banner emphasizes the need for a shift in mentality and better collaboration with forward mortgage professionals. He notes that the reverse mortgage industry often communicates internally rather than reaching out to realtors and financial planners. Despite its potential to transform retirement, the HECM for Purchase represents less than 3% of the reverse mortgage market, indicating a failure in industry promotion.
Read at www.housingwire.com
Unable to calculate read time
Collection
[
|
...
]