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How to Unleash the HECM Reverse Mortgage Market - Part 2

Last week's article indicated that the HECM market is not a shoppers market because the product is not well-defined, the prices charged are obscure, and HECM borrowers have no reason to be confident that the product selected will be delivered at the agreed-upon price. HECMs are offered in a gotcha market. Characteristics of a Gotcha Market The objective of HECM lenders is to attract potential borrowers into making contact with them, then collecting the information needed to entangle the prospect in a process that discourages them from looking elsewhere - "gotcha!" Prices are disclosed only after a senior discloses the property address, their email address and in some cases their social security number.
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