The Use of Reverse Mortgage

I have been helping clients with reverse mortgages for several years now in the NH, Maine and MA markets.  When I started, there were only a hand full of mortgage professionals in the market performing reverse mortgages.  The reverse mortgage market has a huge potential and I'm seeing the number of mortgage companies that offer reverse mortgages increase, this is expected.  What is concerning me is that the mortgage folks that are offering reverse mortgages are treating them like a forward mortgage.  Reverse mortgages are NOT for everyone.  You need to understand the situation and needs of each potential client is different.  When offering reverse mortgages, you need to communicate with the clients family members, financial planner and attorney.  Before you offer a reverse mortgage you must understand how it will impact the client.  You could do more harm to the client than good.  Also, you need to use good judgement.  Do not offer a reverse mortgage to some one who does not need it.  Reverse Mortgages are great products for the right situation and my concern is that there will be loan officers selling reverse mortgages just to sell them.  We see how that attitude impacted the forward side of the mortgage industry.