"Matheson stated, 'I'll say now, humbly, there was no chance of me doing it by myself without the Mortgage Bankers Association. This was a little bit reactive... but I think it's 80% proactive for the future and letting our industry continue to grow.'"
"Guerrero noted, 'I can tell you from experience, getting anything like this done comes down to relationships and making those investments over time. By doing that, we kind of had the traction and the credibility to be able to facilitate us using our political capital for this year to pursue changing the reverse mortgage law.'"
"Mayer, CEO of Longbridge Financial, remarked, 'Tennessee has long been an underserved market for seniors who want to access their home equity but don't fit neatly into the federal HECM program. This legislation changes that.'"
Matheson, a U.S. Army veteran, sought to change Tennessee law after losing leads for jumbo reverse mortgages. He collaborated with the TMBA and lobbyists to pass the bill. Guerrero, a co-owner of Mortgage South, recognized the need for proprietary products due to FHA changes. He emphasized the importance of relationships in achieving legislative goals. Longbridge Financial supports the new law, which enhances options for seniors in Tennessee seeking to access home equity outside the HECM program.
Read at www.housingwire.com
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