“Adapting,” the theme of the articles, seems to be an operative word for industry leaders, who keep finding opportunities in the reverse mortgage arena. Those ideas include determining how to better market a HECM for Purchase to seniors looking to downsize while building relationships with the builders, financial planners and others who understand the power of the various products. “This year alone, we have signed agreements with two of the largest homebuilders in the country and are now working with their teams to educate them about how reverse mortgages work and how they can help bring more buyers to the table,” Chris Mayer, CEO of Longbridge Financial, tells Berg. Several new companies are seeing the potential of reverse mortgages and have entered the market this year, Berg also reports. Mayer suggests those actions are another sign of the continuing acceptance of reverse mortgages. This issue also marks the return of Servicing Corner (p. 6), which gives practical advice about the rules involving occupancy. This might be another area where people think the regulations are a nuisance—and they might make great points. But they, too, ignore the requirement at their own expense. Hefty fees can hit your borrowers if they don’t take occupancy certifications seriously, as pointed out in the column titled What Is All the Fuss About Occupancy? “If borrowers fail to certify their occupancy, in writing and in a timely manner each year, they risk their loan being called due and payable and being referred to an attorney to begin foreclosure proceedings,” says the column submitted by Celink. Education—as with appraisals, informing skeptics about reverse mortgage products or any other matter—is key. “Educate your borrowers,” Servicing Corner advises. “Explain their obligation, and set their expectations in advance so they can avoid this pitfall.” In Reverse In Reverse continued from page 3 LET US PROTECT YOUR ASSETS SERVICES Preservation Inspection Title and Diligence Property Maintenance & Tenant Services Appraisal & BPO REO Asset Management Vacant Property Registration & Utility Processing GuardianAssetMgt.com Guardian Asset Management is an industry leader providing our clients a comprehensive range of solutions to help manage and maintain their properties effectively yielding the highest return. 4 REVERSE MORTGAGE / NOVEMBER–DECEMBER 2023
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