1,544,068
I love it when folks ask, do you use ACRONYM in your business?
Especially when a lender uses it on Realtors.
NEVER USE INSIDE TERMS ON THE OUTSIDE WORLD.
Great way to alienate your audience that may not be tracking the billions of acronyms and many that have multiple meanings.
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Ryan Huggins - Thousan...
Thousand Oaks, CA
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Thomas J. Nelson, REAL...
La Jolla, CA
4,800,082
I must be ignorant. What is HECM? (Never mind, just Googled it.)
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Thomas J. Nelson, REAL...
La Jolla, CA
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Jennifer Mackay
Panama City, FL
5,104,931
What is an HECM?
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Thomas J. Nelson, REAL...
La Jolla, CA
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Jennifer Mackay
Panama City, FL
55,673
As a Lender who does HECM (REVERSE) I have done both the Reverse and the Reverse for purchase. Used in the correct manner, this can be a very good product,but recently changes have made getting an approval somewhat more challenging. We now have to do a Financial Assessment as well as determine if the borrower will need a LESA requirement,know as Life Expectancy Set Aside. Both are good,but make it more difficult to get approved. In general,most people who do not like a Reverse have no real idea how they work. Most of the negativism is from what they hear from other non-professionals. Would I recommend this to everyone? No! But not for what many people think. I will say the product years ago was much better than today's. What everyone forgets that in order to begin an application, the borrower must go through counseling and receive a certificate before I can even start. I am not allowed to be involved in the counseling session and I even advice my clients to have a family member attend.
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John Wiley
Fort Myers, FL
3,345,237
E I E I O
I do not know what that is therefore I am not using it.
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Kasey & John Boles
Boise, ID
1,157,785
That product is not offered in our great nation.
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Jim Paulson
Boise, ID
1,844,301
Don't know what you mean. Not looking it up.
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Kasey & John Boles
Boise, ID
151,633
I think a HECM is a great product under the right circumstances.
Annette Lawrence , Palm Harbor, FL 727-420-4041, you've piqued my curiosity about using them for buyer lists. If you're willing to share here, what kind of exhibition do you use?
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John Wiley
Fort Myers, FL
921,504
John, to be honest, I have found HECM to be an incredibly effective means of creating buyer lists. Any open house without an exhibition is pure real estate malpractice.
You can elaborate as others respond.
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Julie Larson Realtor® ...
Sarasota, FL
1,045,440
Gazuntite or was that a cough? Perhaps you should see a Doctor either way it sounds like a bad cold LOL..
Sorry do not know what this is at all.
5,868,689
I have no idea what this is either, and do not offer lending products, my lender does.
809,258
I don't suggest loan products, but no, I haven't worked with buyers who use this. We had one seller who had a reverse mortgage consider selling and buying again with one but in the end they decided to stay put. Had another buyer that wanted to purchase but he had a reverse mortgage and was an older gentleman, didnt' know what he had gotten into and found that he couldn't get out of it as easily as he wanted. Those, to be honest, are my only experiences with them, and they were both difficult situations. -Kasey
409,203
I have suggested it several times to clients but they have never used one when buying a home with me as their agent nor have any of my listings sold with this tool. It makes sense for elderly buyer's though who want to live off some of their equity.
1,712,676
HECM is something I am not familiar with so a further explanation would be helpful.
1,503,028
1,726,096
No; in our market, most retirees seem to be extremely conservative and want to pass forward their equity to their children, etc.
1,617,916
989,652
Would have helped if you identified it for those of us not familiar - now that I know what it is - No - not popular here at all
5,217,392
3,071,489
2,182,552
4,319,419
979,496
John - I'm not exactly how a reverse mortgage would work with buyers, but do feel that it can help some people who have equity but no income, stay in their homes.
5,772,575
3,988,007
3,986,258
1,076,551
Not usually, the market for who the product benefits is fairly small, and with the product being so expensive, another route is usually more beneficial.
That said, if it's the best option for an applicant, we have it available and use it accordingly.
6,393,609
5,583,278
neither I nor any team member has used this...nor has anyone purchased one of our listings using this.... I know folks who have a reverse mortgage and they are now able to live in their homes....