Michael Banner This week, Inman Real Estate Radio is pleased to welcome Mike Banner, the president of the Professional Mortgage Alliance and the founder of the American CE Institute. On this week’s show, Mike explains the big change in reverse mortgage products as well as a relatively new product called a purchase reverse mortgage. The new revisions in the reverse mortgage and the purchase reverse mortgage provides an avenue for you to help your clients who are 62 and older (or whose parents are) have a better quality life and stay in their homes rather than being forced to sell. Here’s what he will be covering: The differences between a traditional reverse mortgage and a purchase reverse mortgage. Significant, recent changes in the traditional reverse mortgage process including a requirement that owners now have to qualify for the loan. Benefits for both Realtors and consumers in using reverse mortgage products, including freeing up seniors from a payment ...
- A traditional reverse mortgage allows consumers 62 and older to leverage existing home equity to eliminate their monthly mortgage payments; instead of their home equity increasing every month, it decreases.
- Today, consumers need to qualify to receive a reverse mortgage.
- Purchase reverse mortgages allow some senior consumers to finance a new place to live by using loan proceeds from a reverse mortgage.