HECM for purchase an important tool for reverse lenders

by Ryan Smith10 Jan 2017

Among the under appreciated uses of the reverse mortgage is the HECM for Purchase program. Reverse Mortgage Funding, one of the nation’s largest reverse mortgage lenders and last year’s top issuer of Home Equity Conversion Mortgage-backed securities, has announced that two of its experts will be featured at the National Association of Home Builders’ 2017 International Builders Show to speak about the benefits of the program.

Rob Cooper, national director of RMF’s builder/realtor HECM for purchase program, and Julie Didyoung, a reverse mortgage specialist with the company, will serve on a panel about meeting the needs of older buyers through reverse mortgages, according to a news release.

According to Freddie Mac, there are 19 million homeowners aged 55 and over who plan at least one more home purchase, and nearly 8 million who expect to move within the next four years.

“Given this strong demand for new homes amongst Baby Boomers — a generation that has often been overlooked by homebuilders across the country — it is critical for homebuilders, mortgage professionals and financial planners to understand how the Home Equity Conversion Mortgage For Purchase (“HECM For Purchase”) program can be a powerful resource for driving sales and increasing the purchasing power of older Americans,” RMF said in the release.

“The HECM For Purchase program is something that all real estate and financial professionals need to know about as it can be a game changer for today’s high number of retirees, allowing them the freedom to purchase a home that better suits their lifestyle while maintaining financial flexibility,” Cooper said. “By partnering with homebuilders across the country to offer this financing option, RMF has made it possible for many homebuilders to further diversify their customer base and benefit from the strong dynamic of homeowners in retirement who are in the market for a new home.”

Related stories:
Senior home equity hits all-time high
Reverse leaders call for industry-wide data collection effort



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