Make Sure Your Clients are Properly Covered
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HECM purchases have been impractical in today’s ultra-competitive environment, where every property up for sale has multiple offers, especially in retirement communities such as Rossmoor (in Walnut Creek, CA). It takes too long to get a HECM purchase closed when you’re competing with cash offers. I had my client buy the property with cash, then take out a HECM afterwards. Perhaps that may be changing, but I’ve seen no evidence of that in hot areas (such as Rossmoor and probably other retirement communities).
One other issue – it creates an uncomfortable potential conflict of interest on the originator’s part. Our compensation is based on funds advanced at closing (initial draw if LOC is chosen). If the borrower chooses an LOC with a minimal amount taken at closing, the compensation is very little. I hate to be in a position where I would be tempted to counsel the borrower to take out more at closing to up my compensation. My goal is always to guide the borrower to the option that is in his best interest (my fiduciary duty).