Since the higher loan limits have come into play, more and more reverse mortgage articles are focusing upon the reverse mortgage as a prophylactic tool to combat foreclosure. Industry veterans saw the real efficacy of the product years ago, when the proprietary programs were yielding maximum benefits.
Now the HECM program is burnishing its reputation as more and more forward mortgage lenders deal with senior borrowers who are in foreclosure. These lenders are beginning to finally understand that a way can be crafted to keep our elders in their home. Some lenders, wanting to get some of these non performing loans off their books, are considering accepting less than the full balance due. Reverse mortgages are literally becoming a lifesaver.
When individuals find themselves in the throes of the foreclosure process, it is hard to think; let alone think outside the box. Out of the box thinking, however, is the kind of adjustment that is needed in these uncertain times. The stigma of a foreclosure has evaporated as millions of Americans of all ages and eclectic groups find themselves in the same proverbial financial abyss.
The recognition of the often maligned reverse mortgage program, while over twenty years in the making, has hit a high note as the public discovers its effectiveness in one area. Those of us in the industry see its beauty each and every day. It provides our elders with a life that they have been yearning for; money issues disappear; bills can be paid; the sun is shining once again.
Every pejorative has been aimed at the reverse mortgage program. The beautiful features have been hidden by this overwhelming bias. Recently the world, through You Tube, saw what magnificence can lie behind a rather frumpy exterior. The reverse mortgage is the Susan Boyle of the mortgage industry. They both have special qualities and they both can make beautiful music. One only has to take proper notice.
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