Reverse Mortgage Funding To Sponsor National Association Of Home Builders’ Survey That Examines The Housing Preferences Of Baby Boomers
Results to be revealed at International Builders' Show® (IBS), January 19–21
BLOOMFIELD, N.J. (November 16, 2015) — Reverse Mortgage Funding LLC (RMF), a leading lender of FHA- insured1 Home Equity Conversion Mortgages (HECMs), today announced it will sponsor a National Association of Home Builders’ (NAHB) survey titled, “Housing Preferences of the Boomer Generation: How They Compare to Other Home Buyers.” The results of the survey will be presented at the NAHB International Builders' Show® (IBS) scheduled to take place from January 19–21, 2016 at the Las Vegas Convention Center.
“This survey will provide a unique look at the buying preferences of our core customer, and serving as a title sponsor will help strengthen our brand awareness among the conference’s participants, which include many of the nation’s largest, most respected homebuilders as well as leading economists and personal finance professionals,” said Jean Noble, Chief Marketing Officer of RMF. “Our presence at this marquee event will serve to help these parties understand and appreciate how a Home Equity Conversion Mortgage for Purchase loan can increase the buying power of older Americans, providing them with the financial flexibility to purchase the home they really want, including the amenities they need or desire.”
HECM for Purchase, nicknamed “H4P,” is a federally insured loan program specifically designed to help people age 62 and older purchase a new primary residence that better fits their needs. With an H4P loan, older Americans have the flexibility to purchase a new home by combining a one-time investment of available funds—typically about half the purchase price—with the loan’s proceeds to complete the transaction. The home the buyer purchases secures the H4P loan, which does not require monthly mortgage payments2 throughout its life. Interest and fees are simply added to the loan balance so that it increases over time, rather than decreasing.3 The borrower can also make partial prepayments in any amount at any time without any pre-payment penalty.
“With an H4P loan, homeowners are no longer forced to live in a residence or location they have outgrown,” added Ms. Noble. “This program provides older Americans with the freedom to relocate to a new home of their choosing – whether it’s closer to their family and friends, easier to maintain, or in a climate that better suits their lifestyle – without having to tap into their nest egg.”
The survey will be conducted online in two phases using a consumer research panel maintained by Home Innovation Research Labs, a wholly-owned, independent subsidiary of the NAHB. The first phase will use screening questions to identify recent home buyers (who purchased a home in the last three years) and prospective home buyers (those expecting to buy a home in the next three years). The second phase will involve a detailed questionnaire sent to the recent and prospective buyers identified in phase one.
1 This material has not been reviewed, approved or issued by HUD, FHA or any government agency. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency.
2Borrower is responsible for property taxes, homeowners insurance and property maintenance. A HECM is a home-secured debt payable upon default or a maturity event.
3An H4P loan becomes due when the last borrower passes away; if the homeowners decide to sell the home; if the borrowers leave the home for 12 consecutive months; or if the homeowners fail to pay property taxes, homeowners insurance, any homeowners association fees, and for the upkeep of the property (default events).
About Reverse Mortgage Funding LLC
Reverse Mortgage Funding LLC (NMLS ID #1019941) was established in July 2012 and is led by industry veterans Craig Corn, Robert Sivori, and David Peskin. These executives have an average of more than 15 years of experience in building and, most importantly, growing firms in the industry. The company is headquartered in New Jersey, with corporate offices in New York and California and field offices throughout the U.S. Learn more by calling (877) 820-5314 or visiting www.reversefunding.com.