For the fifth consecutive year, Understanding Reverse has been published to reflect the most current regulations governing the ever-changing reverse mortgage.
I still can’t believe it has been 5 years. But every January, I announce the release of this updated reverse mortgage handbook. As always, the intent of the book is to answer the most common questions people have about this financial product.
The feedback from consumers and lenders alike is that Understanding Reverse has effectively helped older homeowners make the right decisions about leveraging their home equity during retirement. Sometimes borrowers are on the fence because they don’t feel comfortable with their product knowledge. Since the book helps clients be at peace with their decisions, it’s a win for everyone.
The book, which is designed to be lender-neutral, also has become the go-to handbook for many top reverse mortgage brokers, direct lenders, attorneys, and servicers. This is because it contains resources, updates, and regulatory references that make it effective as a training and compliance tool.
Outside of changes to the FHA appraisal review process, last year was a slower year for regulatory changes. This provided the opportunity for me to make other enhancements to the book.
NEW key updates for 2019 include:
- A new chapter on LIEN SEASONING
- A new chapter on PROPRIETARY REVERSE MORTGAGES
- Updated HECM LIMITS in effect for 2019
In all, the 2019 edition contains over 70 significant changes, making this edition the cleanest, easiest-to-read explanation of reverse mortgage products since the book project began in 2013. In addition, we expect to see increased use of the Kindle version this year.
We continue to see loan originators find success by branding their copies of the paperback. The copies given out tend to circulate among friends. Whether or not someone decides to obtain a reverse mortgage, when they are done using the book, they will pass it on to someone who needs it. This is a way of stretching your marketing efforts.
Therefore, a best practice is to place a sticker, or rubber-stamp, that contains your information on the inside cover. Make sure to include “This book is provided courtesy of…” as well as your contact numbers, NMLS ID, and other required compliance items.
For those that buy the book each year, thank you for your support of reverse mortgage education. If you are interested in a single copy, your best bet is through Amazon, where it’s available in both paperback and kindle, retailing for $15.95 and $9.95 respectively. Otherwise, bulk pricing for industry professionals can be found on the book’s Website.
For more information about the book, please visit my website and subscribe to my blog in the upper right corner of this page.
Happy New Year!