|
In 2004, I was approached by a business acquaintance to market reverse mortgage products. I had spent 30 years in the commercial mortgage banking industry, so considering another type of mortgage business was not “scary” to me. I started thinking, “wow”, maybe I can use my knowledge about the mortgage industry to help seniors.
Considering that I am now a senior myself, I began educating myself about reverse mortgage products. In 2004, the reverse loans were very simple. Today, with all the transparency requirements by the FHA and banks, applications include 100 pages plus or minus. When seniors see an application package this thick, it raises flags in their minds. I have studied the application process and I can explain every section of these documents to be executed by the borrower.
|
My approach, when I visit the homes of prospective clients, is to educate them to the point where they can make an informed decision. I will not pressure anybody into signing an application. Seniors and their families need to understand what their parents are applying for and what it means to their “quality of life” and respective estates. Therefore, I prefer to meet with all parties so that I can answer their questions. With me, no senior will apply for a reverse mortgage unless they are comfortable with their decision….and without any “selling influence”!
My reverse mortgage business is expanding to include referral clients from health care givers, elder attorneys, financial planners, CPA’s, real estate brokers, final rest providers, etc. Reverse mortgage dollars can be utilized to pay for in-home health care, travel, tax free distributions, home purchases (including downsizing), home repairs, health equipment, burial programs, etc.
As the “baby boomers” retire, the availability of reverse mortgage dollars gain in importance. Reverse mortgages are not for everybody, but for those who need one, it definitely improves the quality of their lives.
|
