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HECM Originators Admit Reverse Mortgage Alternatives Are Necessary At Times

Having a clients best interest has continuously paid off in the mortgage industry. That's why some Home Equity Conversion Mortgage originators are able to point borrowers elsewhere if they feel reverse mortgages are not a good fit.

According to a recent report, HECM originators are in agreement that HECMs aren't always a good fit for some borrowers. As a result, they try to point borrowers towards an alternative that would better fit their needs.

“Just like any other financial planning tool, the reverse mortgage is not a fit for every borrower,” says Lisa Moriello, branch manager at loanDepot in Fairfield, Conn, according to Reverse Mortgage Daily.

“Each borrower is carefully educated, and their financial information is validated to make sure the reverse mortgage is a sustainable solution for the future.”

This is precisely where the reverse mortgage market has been successful. Originators must look at a list of factors that influence their decision on whether not HECMs are a good fit for a borrower. These factors include: "financial concerns, health care need and property upkeep," according to the RMD report.

The last thing an originator wants to do is present an option that can be detrimental to a borrower financially.

To learn more about the added steps reverse mortgage originators are taking, as well as some of the HECM alternatives that exist for borrowers, click on the image above.

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