Crazy Opportunity in Reverse Space
Oh how I love originating reverse mortgages. My clients are always happy that they went that route inspite of what they hear. I invite their kids to our meeting IF the parents want them there. It pays well guys but it really takes a lot of hand holding to do it right to make sure the client feels comfortable throughout the process.
(I wish someone from Liberty would contact me! I’ve been reaching out to you guys! Would love to sell your Hecm too!)
Dismissing any mortgage product in all circumstances is short sighted and a disservice to ones clients. Having spent 19 years in mortgage brokerage (retired 2011) I must admit I never originated a HECM, not because I thought they were bad, but because I never encountered a client for which it would be a great fit. However, I did originate many potential neg-am ARMs when it made a great fit for the client’s needs. Thanks to the right clients and good counseling I never had a client default or lose their home. It goes along with what Michael Peerless stated above; you have to know what you are doing and have a thorough understanding of the product. It is ironic that I am looking at an HECM equity line for myself as we paid cash for our current home and want to free equity for home improvements and other investments with better ROI. Just sayin’ you gotta know your cient’s needs.
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