borrowers the ability to get what they want without being strapped with a monthly mortgage payment,” she says. In addition, Calamia is looking forward to discussing the newly revised HECM for Purchase in the continuing education classes she has taught for the past five years for the New Orleans Metropolitan Association of Realtors. “When this class is offered up, it is standing room only,” she says. Laying Down the Numbers Education is not just for financial advisers and real estate professionals. Borrowers also need to learn about the HECM for Purchase, just as they do with traditional HECMs. “It is almost as if we need a ‘reset’ or ‘rebranding’ of the product, now that the guidelines have been enhanced to benefit more of our aging population,” Johnson says. “We are seeing many lenders begin to offer training and specific materials geared toward the product, hoping to see this product finally get the recognition it deserves.” But unlike a traditional HECM, where people are staying in their homes, purchase borrowers often must overcome the emotional attachment they may feel to the environment they have lived in for decades. “But once you lay down the numbers and do a side by side, borrowers typically end up saying, ‘I get it,’” Calamia says. “And when they’re working with financial HECM for Purchase continued on page 20 Partnership you can trust. Dedicated to never competing with you - your success is our success. Ready to experience the difference? Visit Celink.com Deep Industry Experience 96% Borrower Satisfaction Rating Independence and Alignment with Clients Robust Specialized Technology Reverse Mortgage Is Our Core Competency © Celink. All rights reserved. NMLS #3020 - http://nmlsconsumeraccess.org. Compu-Link Corporation dba Celink (WA license# CL3020 and 603 018 607) “We are seeing many lenders begin to offer training and specific materials geared toward the product, hoping to see this product finally get the recognition it deserves.” —Elly Johnson, president of All Reverse Pro LLC REVERSE MORTGAGE /MAY-JUNE 2024 19
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