Spreading the Word
When Lisa Di Pasquale, a realtor at Silvercreek Realty Group in Idaho, first learned about HECM for Purchase, it was through a class taught by Curtis Mangus, branch manager at Premier Mortgage Resources. Di Pasquale saw the potential for this program among people relocating to Idaho, especially those moving from California.
She found that offering educational materials about HECM for Purchase to seniors moving from California to Idaho not only benefited her business but also made her clients happier. The program allowed them to utilize their equity to buy homes in Idaho.
Ronnie Hale, managing broker at Century21 North Homes Realty in Oregon, noted that many real estate agents are receptive to HECM for Purchase but lack a full understanding of the process and its benefits. He emphasized the importance of framing the program as a solution for clients who may no longer be working full time and need financing to purchase a home.
Attention to Detail
Di Pasquale mentioned that her success rate with clients after introducing them to HECM for Purchase ranges from 50% to 70%, particularly due to higher home values in California. She has helped clients purchase homes they couldn’t otherwise afford and still have some cash leftover.
She stressed the importance of working with knowledgeable and reliable partners in the process, like Mangus. Hale echoed this sentiment, emphasizing the need for all parties involved to fully understand the program and how to structure deals that benefit the clients.
Understanding the needs of seniors, educating oneself, and having a good team are essential components of successfully utilizing HECM for Purchase. Hale emphasized that agents must adopt an educational mindset to effectively navigate such transactions.