opportunity,” Camargo says, noting that the training remains an eye-opener for most agents. In a typical class, between 90 percent and 95 percent of the professionals have not heard of using a reverse mortgage for a purchase. Hansen, meanwhile, focused on helping builders see potential in the product. They soon realized it allows buyers to afford more expensive properties for their long-term retirement homes and to spend more on upgrades, such as granite countertops and hardwood floors, Hansen says. Satisfied customers also helped spread the word via word-of-mouth, Hansen adds. “You can’t even fathom how strong those referrals are.” Of course, customers also are often in need of education. One of the common questions borrowers ask is, “Why haven’t I heard of this product before?” says Cooper. Other questions include “Does the bank own my home? Am I allowed to pay this off early? Can I make payments? Will my heirs/estate be responsible for paying this debt if I pass away?” he says. Many borrowers are eager to learn, adds McCabe. “The borrower generally wants to understand the reverse mortgage for purchase program and how they can benefit from its use.” As they discuss the products, loan officers can emphasize some of the less-utilized features of the product, such as the potential to set up a line of credit, she says. “Additionally, it would be beneficial for [the U.S. Department of Housing and Urban Development] HUD to participate in educating the public about the benefits of the program and what it has to offer,” she says. The Learning Curve With rising interest rates putting a damper on HECMto-HECM refinancing, many originators may be looking to the purchase product as a new source of business. However, loan officers should do their homework before HECM for Purchase continued from page 25 GIVE US A TRY. SEND US A LOAN! For industry professionals only. nwecorp.com/nrmla NMLS #1408 Become a wholesale partner and you’ll see. NO B.S.UNDERWRITING UNBEATABLE SERVICE NO COMMISSION CAPS USE YOUR OWN AMC LOAN LIMITS UP TO $6 MILLION LIBERAL EXCEPTIONS COMPETITIVE PRICING SUPPORT TEAM ACCESS NRMLA PRINT MAILER JUNE 2022.indd 1 5/13/2022 3:06:29 PM 26 REVERSE MORTGAGE / SEPTEMBER–OCTOBER 2022
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