The video posted above as well as the title of this post likely led you to think I am going to talk about how costly reverse mortgages are and how there are better options out there. However, you thought wrong.
The above video was the opening to the “Reverse Mortgages vs Traditional Products” NRMLA Annual panel featuring our very own Jeff Birdsell and Joe DeMarkey of MetLife and, in a light-hearted way, shows just how misunderstood reverse mortgages really are. This was a wildly successful session at the conference as Jeff charted fee comparisons, disposable income comparisons and APR comparisons between reverse mortgages and traditional products on a dynamic Excel document. Not only did this tool allow lenders to better understand the differences and similarities between these various products and scenarios, but it provided confirmation that the overall cost of a reverse mortgage is similar to traditional mortgages and, under certain circumstances, can actually be less expensive. In addition, since many large institutions have exited the reverse space, there was a lot of buzz at the show surrounding the smaller players being able to expand their reach and increase their business.
In the end, it’s safe to say that the reverse industry is not to be counted out as a viable industry as we roll into 2012. As long as the smaller lenders capitalize on the void left by the large institutions, success is just around the corner.
The above video was the opening to the “Reverse Mortgages vs Traditional Products” NRMLA Annual panel featuring our very own Jeff Birdsell and Joe DeMarkey of MetLife and, in a light-hearted way, shows just how misunderstood reverse mortgages really are. This was a wildly successful session at the conference as Jeff charted fee comparisons, disposable income comparisons and APR comparisons between reverse mortgages and traditional products on a dynamic Excel document. Not only did this tool allow lenders to better understand the differences and similarities between these various products and scenarios, but it provided confirmation that the overall cost of a reverse mortgage is similar to traditional mortgages and, under certain circumstances, can actually be less expensive. In addition, since many large institutions have exited the reverse space, there was a lot of buzz at the show surrounding the smaller players being able to expand their reach and increase their business.
In the end, it’s safe to say that the reverse industry is not to be counted out as a viable industry as we roll into 2012. As long as the smaller lenders capitalize on the void left by the large institutions, success is just around the corner.
Reverse Mortgage – Get the current Reverse Mortgage news for business experts. Reverse mortgage calculator are loans that are promoted for senior peoples, and are used to make public the home equity in the assets as one time or several payments.
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