HECM Reverse Mortgage Purchase Loans Increase With Hot Las Vegas & Reno Housing Markets!
A recent article in the Las Vegas Review Journal reports Las Vegas as the most undervalued home market in the U.S. According to Trulia, local home prices are 24% below what's justified by market fundamentals. Also, fewer homes will be underwater allowing more owners the opportunity to sell without a shortsale.
Reverse Mortage purchase loan volume has increased in Las Vegas, Henderson, Reno & Sparks as determined by the number of new reverse purchase transactions processing in my reverse mortgage branch. Finally, real estate agents, at least here in the western states of Nevada, California, Oregon and Washington are beginning to notice the HECM for purchase loan. My new agents are surprised how smooth the reverse purchase process can be when the contract and reverse mortgage application are set up properly from the start. Stories about how difficult HECM's are to close are being replaced with stories of how easy it is for senior and boomer borrower's to qualify and how quickly the transaction closes.