post by Sam Collins
Today, I attended a webinar, wherein the Denver HUD office presented a great HECM Training session. The training program was suitable for loan officers, lenders, managers, processors, and brokers correspondents.
There was some interesting information dispensed. The HUD training team did an excellent job and dispensed the information in an efficient and understandable method. The most noteworthy information was that “Gifts” are now allowed for HECM purchases. This is indeed a pleasant addition to the HECM purchase program. There also were many resources given on the webinar. The average age of borrowers today doing a reverse mortgage is 73, the average appraised home value ws $239,400 and as suspected 89% of senior clients opt for the line of credit payment option, while 4% are tenure, 1% are term, and 3% are a combination. The HECM Arm option is the most popular. I also learned that the monthly HECM ARM caps are determined by lenders.
Copies of the two power point presentation are posted on REMALO for your review.
Remember, keep moving foward to stay ahead in reverse.
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