"You may not make every shot, you may not make every dribble, you may not make every pass, but hustling for loose balls, working and giving your heart will always, always get you through, Riddick said from the stage."
"Traditional mortgage lending, such as cash-out refis or home equity lines of credit (HELOCs), they're beginning to fail the older homeowner more today than they ever have before, Hicks said."
"We're talking about folks who we might even call the mass affluent, people who have a lot of equity. They look good on paper, but they're liquidity constrained, and that's a real challenge today."
"In fact, when it comes to HELOCs, for older Americans today, we're seeing about 40% to 60% being rejected."
Riddick emphasized the importance of leadership in the reverse mortgage industry, especially as home equity for seniors approaches $15 trillion. He highlighted the challenges faced by older homeowners in accessing this equity, noting that traditional lending options are increasingly inadequate. Hicks pointed out that many seniors, despite having substantial equity, are liquidity constrained and often face rejection from traditional mortgage products. He stressed the need for mentorship and support in navigating these challenges, underscoring that success in the industry requires dedication and teamwork.
Read at www.housingwire.com
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