After plenty of criticism for being an unsure and hard-to-explain product, resources for reverse mortgage lenders and borrowers are continuing to pop up. Most recently is a U.S. News and World Report by Rachel Hartman that outlines what retirees should consider why looking into a reverse mortgage option, according to Reverse Mortgage Daily.
Titled, "8 Factors Retirees Should Consider Before Getting a Reverse Mortgage," the article explains exactly what borrowers would be getting onto, should they choose the HECM route.
Many borrowers are often scared away by the uncertainty of reverse mortgage products. In some cases, lenders and brokers may not be able to explain the product as clearly as they should.
So, if you have a hard time explaining HECMs to your client, this could be a nice resources to keep handy. Have them take a look at this piece to see if the reverse mortgage loan is the right move for them after retirement.
"The article presents the reverse mortgage neither as a good nor bad strategy, but outlines the things retirees should think about," according to RMD.
Having the ability to weigh their own risks will at least push potential borrowers to making the right decision for them. The faster they make a decision the sooner you can either close on their reverse mortgage or find another client.
To learn more about the article and how it serves as a good resource for reverse mortgage lenders, originators and prospecting clients, click on the image above.