George Morales noted that the reverse mortgage standard development has attracted contributions from diverse industry stakeholders, emphasizing non-reverse lending companies' involvement to enrich understanding and acceptance.
Morales emphasized the significance of maintaining group energy, as its voluntary nature means commitments often cost participants time and effort, which underscores their dedication to the mission.
The work group aims to normalize reverse mortgage products within mainstream lending, signifying a major shift in how these financial products are perceived and utilized.
Morales expressed optimism about the group's progress, highlighting their target release of standards by January 2025 as a key milestone for the reverse mortgage industry.
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