With Florida still being the go-to destination for retirees, it's hard to think that originators could have a hard time closing reverse mortgages. Unfortunately, Florida caught the same jab to the gut that the rest of the industry felt when the Department of Housing and Urban Development introduced changes to the principal limit factors back in October 2017.
Now, Florida originators are seeing some hope with a number of baby boomers expected to enter the market soon. Luckily for Florida, it has continuously upheld its position as a top destination for retirees.
"I think this may help stem the tide," said Mike Peerless, reverse mortgage director for Holland Mortgage Services, Inc., in Ormond Beach, Fla., according to Reverse Mortgage Daily.
"I am not saying that the immediate outlook looks rosy, quite the contrary, but at least the source of qualified seniors is still flowing into the state."
Peerless believes that educating real estate professionals is one of the ways to make sure business is successful for both parties and the clients involved. To help foster that education, Peerless and his company are offering free classes with professionals.
Challenges still remain in the reverse mortgage world but originators are approaching them proactively in hopes to improve their business moving forward.
To learn more about Florida's reverse mortgage market and other challenges that originators are facing, click on the image above.