In a recent article, I outlined some of the possible hindrances of the HERO Program for certain clientele. I am happy to report some updates that the HERO program has sent me.
After the article was published, Senior Manager Chris Peterson contacted me to inform me of the changes the program had undergone. In addition to a new disclosure statement that is modeled after “know before you owe,” they have been working closely with C.A.R (California Association of Realtors) leadership to amend AB 2693, to include this type of disclosure as a requirement to all PACE (Property Assesses Clean Energy) providers. It appears the best is yet to come for the HERO Program, with future plans to call all applicants before they sign their contracts to confirm terms.
We believe that this is the way to protect the industry from less than favorable players, and make sure the consumers are protected.
“It is important that our clients be informed, and fully understands our program and how it works. We believe this (calling each client before signing) is a great way to solve the issue of uninformed or misinformed clients,” Chris Peterson, Sr. Manager, HERO Program said.
It appears that the HERO Program team is hard at work, developing more refined standards to improve their program and aid in the consistency in the secondary market. They feel this is a big deal for their clients, who are looking to refinance or sell their property without paying off the assessment.
Thank you, Mr. Peterson. We appreciate you keeping us informed and look forward to the future development of the program.
While I still believe that this program may not be for everyone, I do believe it is worth a look. I encourage those interested do their due diligence and research the program to see if it is what is best for them. As always at WLM Financial, we are here to assist you with all of your real estate and mortgage needs. From buying and selling to refinancing your home, we can help you along. Our goal and my dream is to teach people how to get in a position to be financially free, and with a little bit of hard work and endurance, you can get there.