Some Originators Haven't Seen A Change in HECM Borrower Age
Originators across the nation aren't exactly seeing eye-to-eye with recent data that revealed a decline in younger borrowers looking at reverse mortgages as an option, according to a recent report.
“'The lower PLFs may make it harder for younger borrowers to qualify,' Baseline Reverse founder Dan Ribler told RMD earlier this month, though he added that it was still early to draw concrete conclusions about borrower age under the new structure," according to Reverse Mortgage Daily.
However, the RMD report cites a few reverse mortgage originators who haven't seen much of any shift in the borrower age under the new structure.
"Jesse Brewer, a reverse mortgage specialist with Resolute Bank in Nevada, said he has not seen a noticeable decline in borrowers under 75 years old," according to the report.
There are also a few originators who do agree with the age shift like Tim Linger, a broker an owner of HECM Senior Home Financing in Orlando, according to the report. In his words, this data is "100 percent true."
With so many varying opinions it is hard to draw a strong conclusion as to whether the borrower age has changed. As 2018 pushes on, future data should either confirm or deny the shift.
To learn more about the varying options on the borrower age shift, click on the image above.