Expanding Reverse Mortgages To Help More Americans
Lending a helping hand to fellow Americans can be done in a number of ways and while it may not be a conventional way of doing so, reverse mortgages have the potential to help many Americans.
According to a new report from Reverse Mortgage Daily, a reverse mortgage loan officer has developed an idea to create new marketing targeted to "people who primarily work on commission-based income, and by extension the millions of Americans who are self-employed."
Donald Sutherland is the reverse mortgage loan officer for HomeBridge Financial Services in Durham, N.H. and credits a real estate agent for the idea. Traditional mortgage payments can be extremely stressful, in fact, the real estate agent was feeling the strain of such payments when she proposed the idea.
"This real estate agent detailed for Sutherland that the options found in the reverse mortgage line of credit would take a significant amount of stressful financial pressure off of her in making a traditional monthly mortgage payment," according to RMD.
"By replacing their forward mortgage with a reverse product, they can instead choose to pay down their new loan whenever they receive a commission check as opposed to being forced to find a way to make their monthly traditional forward mortgage payment even in a time of limited sales activity."
Building a product for this specific kind of client could open up a whole new market for reverse mortgages, according to Sutherland's assessment of the idea.
To learn more about how introducing a new product can help alleviate the burden of traditional mortgage payments, click on the image above.