New Reverse Mortgage Loan Offers New Opportunities for Consumers
The new, consolidated reverse mortgage was already introduced five months ago but that doesn’t mean we should stop trying to educate consumers. In fact, I think five months is relatively short in the face of all the industry wishes to accomplish with the new product.
As a potential retirement planning tool, the reverse mortgage has a long way to go as far as public perception is concerned but where there is a will there’s a way.
One of the best feelings recently has been talking to a potential client about the product and explaining to them that it is no longer what it once was, it’s different and, for that reason alone, it is a lot better than it was.
It is a safer product, for both the consumers who are planning their retirement and the lenders who provide the funds in order for consumers to live more comfortably. It is a more advantageous for consumers who are thinking long term “rainy day” fund.
It is even more advantageous for consumers thinking short term because they still have the ability to access 60% of their principal limit at closing, if need be, and receive the rest of the funds a year later, ensuring that borrowers are more insulated against spending all their funds quickly.
Do most consumers know about all these changes? Probably not…but that’s where I come in. It’s my responsibility to provide this information. And nothing is more rewarding than to hear the light bulb go on in a consumer’s voice as I explain the new product.
Maybe it wasn’t for them how it was structured beforehand, maybe it was but there were just waiting for something different. Well, the time is now for reverse mortgages.
Safer product. New opportunities. And a lot of ways to plan for a comfortable retirement.
Be aware that while you cannot lose your home under normal circumstances, foreclosure may occur if you do not pay your taxes and insurance and otherwise comply with the loan terms
Interested in the reverse mortgage program or have any question? Give PS Financial Services a call at (888) 845-6630 or via email at info@PSReverseMortgage.com. We do not pressure those who inquire. We are simply here to help.