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HECM Counselors Approach Borrower Motives from a Different Angle

Home Equity Conversion Mortgages have gone through a slew of changes since October of 2017. With rule tweaks and changes, counselors look to be approaching borrower motive from a different angle.

"For the first two to three months after the lower principal limit factors took effect, Cambridge Credit Counseling Corp. saw more needs-based inquiries nationwide, but that is changing, said Justin Lally, reverse mortgage counseling supervisor," according to Reverse Mortgage Daily.

"We are seeing an increase in those potential borrowers applying for a reverse mortgage as a way to supplement their overall retirement plan."

While this may be the case for some counselors, others haven't seen much of a change in the borrowers coming in. The amount of wealthy to lower income borrowers stills looks to be at the same ratio as it has been pre-October changes.

To learn more about how counselors may be changing their approach when it comes to borrower motives, click on the image above.

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