Reverse mortgages have gone through a number of changes over the years, however, originators still have a few changes they would like to see made. A recent Reverse Mortgage Daily report featured some of these ideas from a number of originators. Here's what some of them had to say.
"For Rick Sweeney, a reverse mortgage specialist in Nevada and northern California, the loan’s new standard upfront premium is just part of the problem: 'Worse is the lower limit factors, which result in far less dollars available to senior borrowers,' he said," according to RMD.
Meanwhile, the report cited Harlan Accola, director at Fairway Reverse Mortgage, who believes there is a "need for more private proprietary products," especially when training mortgage lenders across the U.S.
Both Sweeney and Accola have been echoing some of the same advice we have been hearing for months from reverse mortgage originators from all over the country.
Originators are looking for ways to streamline reverse mortgages, help folks decide on the right loan and overall increase their originations. Whether or not these ideas will be taken into consideration still remains to be seen.
To read a full outline of ideas from reverse mortgage originators, click on the image above.