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Rainmaker
645,696
Thomas J. Nelson, Realtor,CRS,e-Pro
Big Block Realty 858.232.8722 - La Jolla, CA
Co-Host of Mail-Right's: Real Estate Agent Podcast

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.

Mar 17, 2017 07:41 AM
Rainmaker
3,728,083
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I must be ignorant.  What is HECM?  (Never mind, just Googled it.)

Mar 17, 2017 05:05 AM
Rainmaker
1,931,404
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

What is an HECM?

Mar 17, 2017 04:10 AM
Rainer
35,238
Joe D'Agostino
NMLS# 729950 - Manahawkin, NJ
Mortgage Officer 46 years!

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. 

Mar 20, 2017 03:38 PM
Rainmaker
2,350,968
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale - Probate Broker

E I E I O 

I do not know what that is therefore I am not using it. 

Mar 17, 2017 08:46 AM
Rainmaker
1,145,084
FN LN
Toronto, ON

That product is not offered in our great nation.

Mar 16, 2017 01:03 PM
Rainmaker
1,257,436
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Area Real Estate

Don't know what you mean. Not looking it up.

Mar 16, 2017 12:34 PM
Rainmaker
111,826
Julie Larson Realtor® Sarasota FL 941-882-0322
PalmerHouse Properties Florida - 941-882-0322 | Serving Sarasota, Manatee & Charlotte Counties - Sarasota, FL
When you're thinking of moving...ThinkSuncoast.com

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?

Mar 16, 2017 12:00 PM
Rainmaker
555,143
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

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.

Mar 16, 2017 11:36 AM
Rainmaker
3,041,105
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I have no idea what this is either, and do not offer lending products, my lender does.

Mar 19, 2017 06:35 AM
Rainmaker
544,508
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

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

Mar 18, 2017 08:57 PM
Rainmaker
265,524
Jim Paulson
Progressive Realty (Boise Idaho) www.Progressive-Realty.info - Boise, ID
Owner,Broker

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.

Mar 18, 2017 04:16 AM
Ambassador
1,099,208
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

HECM is something I am not familiar with so a further explanation would be helpful.

Mar 17, 2017 07:47 PM
Rainmaker
894,196
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

No idea what HECM is.

Mar 17, 2017 08:47 AM
Rainmaker
1,325,163
Sandy Padula and Norm Padula, JD, GRI NMLS#1483386
Realty One Group - Carlsbad, CA
Presence, Persistence & Perseverance

No; in our market, most retirees seem to be extremely conservative and want to pass forward their equity to their children, etc.

Mar 17, 2017 07:22 AM
Ambassador
1,568,942
Harry F. D'Elia
Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

I will observe other posts

Mar 17, 2017 06:07 AM
Rainmaker
649,024
Jennifer Mackay
Keller Williams Success Realty - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

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

Mar 17, 2017 05:52 AM
Rainmaker
2,226,712
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker

Not a fan of this product!

Mar 17, 2017 05:33 AM
Rainmaker
4,059,085
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

No.

Mar 17, 2017 05:30 AM
Rainmaker
2,404,190
Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

No we don't

Mar 17, 2017 05:21 AM
Rainmaker
1,546,392
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

I have been promoting it as a way to become a Snowbird

Mar 17, 2017 05:17 AM
Ambassador
3,471,398
Praful Thakkar
eXp Realty - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

John Wiley - never used it. Do not work with seniors.

Mar 16, 2017 10:39 PM
Rainmaker
711,765
Troy Erickson
Diverse Solutions Realty www.ChandlerRealEstate.weebly.com - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

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.

Mar 16, 2017 10:37 PM
Rainmaker
3,236,343
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding and Marketing

John,

We are not a fan.

Mar 16, 2017 08:30 PM
Ambassador
3,161,348
Debbie Reynolds
Berkshire Hathaway HomeServices PenFed Realty, Your Clarksville Real Estate Professional - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

It is not used much in my market. Most of the use is at refinance.

Mar 16, 2017 06:46 PM
Rainmaker
3,182,525
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Never heard of it.

Mar 16, 2017 03:34 PM
Ambassador
734,483
John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Costa Mesa, CA
#MortgageMadeEasy Costa Mesa, CA 484-680-4852

 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.

 

 

Mar 16, 2017 01:09 PM
Ambassador
2,918,378
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams fox cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Not a fan of reverse mortgages or FHA.

 

Mar 16, 2017 01:00 PM
Rainmaker
847,986
Corinne Guest, Managing Broker
Barrington Realty Company - Barrington, IL
The Choice of Professionals

Not common in my area at all.

Mar 16, 2017 12:50 PM
Rainmaker
3,766,896
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

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....

Mar 16, 2017 11:35 AM