In the continually increasing mainstream focus on the HECM program from HUD, now Time magazine weighs in. Until several months ago when the rules were changed to make the product safer for our elderly Americans, any coverage by a national publication like Time was absolutely certain to vilify reverse mortgages and to present gross inaccuracies. Many people who could have used the program to great advantage never got the truth. What a shame.
Our industry bears some blame for that too, no doubt. Foisting the wrong version on people without careful consideration and explanation needed to be corrected. Responsible loan officers were not “exposed” of course because that’s certainly not fit for print, is it? I am now removing tongue from cheek.
But better late than never, I guess. The Times article is featured here this week. It is not a ringing endorsement but it does concede that the program has improved and that it should be considered for some people under some circumstances. That’s all I’ve been saying for years of course! My circulation does not compare with Time so I’m glad to see they are joining the conversation!
Please see the Time article here.