1 minute read
Reverse mortgage professionals today spend countless hours discussing the current state of the market, debating the effect of recent regulation and speculating about the future of the product.
With so much change happening in the industry as of late, it seems as though there is a never-ending stream of chatter about the direction of the market. Whether it’s online, in the boardroom or at a NRMLA meeting, the talk is constant, often heated, always opinionated. Some choose to take an optimistic view, preferring to focus on the promising demographics, while others feel discouraged, frustrated by the impact of recent program revisions.
With this month marking exactly 25 years since the Home Equity Conversion Mortgage was established as a pilot program, our team at The Reverse Review thought it might be interesting to step back from the drama for a moment and reflect on how far the industry has come.
What started as a small pilot program with an initial goal to provide just 2,500 loans to seniors with lots of equity and little income has blossomed into a full-scale effort involving thousands of dedicated professionals across the country who are committed to helping seniors find security in their retirement years.
The HECM industry has evolved drastically since its establishment, and while there may be more change ahead, there are thousands of reverse specialists out there who are in it for the long haul. Many of them weathered the changes years ago and they will continue to stick it out today, because they understand that this product is a valuable tool that can greatly aid America’s retirees.
