#borrowers

#borrowers

Clients were misled by loan officers who thought they could predict rates, leading them to push their budgets. Most loans have a typical debt-to-income ratio of approximately 45%. It's definitely hurting people. It’s definitely eating into people's savings.

"We have been seeing more and more borrowers who are not able to get a reverse mortgage as interest rates were rising, a segment of borrowers that lenders have not been able to serve with the existing Platinum and Home Equity Conversion Mortgage (HECM) products."