Preparations for the January/February issue of Reverse Mortgage Magazine began in the fall, at NRMLA’s Annual Meeting & Expo, as we listened to the experts who were pointing to a future where proprietary reverse mortgages would continue to garner increasing market share. Michael McCully, a partner with Naples, FL-based New View Advisors, told staff writer Joel Berg that the next 12 to 18 months could see proprietary products making up more than 50 percent of the reverse mortgage market.
“This is what should be happening, and I think HUD welcomes it. The market seems to be embracing it, too, and the culture of the industry is going to be staked to moving away from the HUD program,” McCully says. “The proprietary product is competitive not in every scenario but in many scenarios. That’s all positive news for the growth of the non-agency market.”