WHEN WORKING WITH first-time homebuyers seeking a traditional mortgage, Josh Kilty assesses all their needs. At some point along the way, he will mention reverse mortgages. The couple might be young and far from age 62 when a HECM might be a solid option for them, notes Kilty, a mortgage planner based in Wisconsin with Fairway Independent Mortgage Corp. However, because he has built a rapport with the soon-to-be homeowners, they usually are receptive to hearing his advice on how a reverse mortgage might be a good option for their parents, aunts, uncles and others—or even themselves in another 35 or 40 years. “I had a couple who were in their 20s, and I mentioned reverse mortgages. And they were like ‘No, we’re not going to need one of those.’ And I asked them where they were getting that from, especially since they didn’t have that much experience Spreading Reverses Through Forwards Loan Officers Discuss How They Brought Reverse Mortgages Into Their Portfolio Mix By Thomas A. Barstow 24 REVERSE MORTGAGE / JULY-AUGUST 2024
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