When I first began in the reverse mortgage business I was embarrassed to tell friends and family what I was doing because of the negative perception of the product. I did not want my friends and family to believe that I was "preying" on senior citizens with a predatory loan product. I truly believed in my heart that this was a great product for many, it was just easier to avoid the conflict rather than constantly arguing and educating the masses. I often told people I was originating mortgages when asked. I just left out the minor detail of "reverse" mortgages. However, this all soon changed.
One day while talking to a friend I learned that his Mother had ran into some financial trouble and lost her home to foreclosure. I learned she had nearly $75,000 equity in her $160,000 home and had lost it all due to her inability to make her monthly payments after her husband's death and now lacking his Social Security income. To make matters worse, to take care of his mother, now with limited income, no home, and tainted credit, he saw no other option than to welcome her into his home. Six months later, this is not going well for the family, which is mom, husband & wife, and a 15 year-old son in a three bedroom home.
After hearing this my heart sank and I was immediately filled with guilt. Reverse mortgages, the product I specialize in, could have helped this family. We could have prevented the foreclosure, saved her credit, and kept her in her home all without a monthly payment. If only my friend and his mother knew about this solution. If only I'd had mentioned it in passing before. If only...If only...If only... The very next day I composed a letter to every friend, family member, or acquaintance I could think of explaining my new profession and the benefits of the program. I vowed to proudly explain what "I do" when some one asks. And now there is no sweeter question in the world than, "What do you do for a living?"
Allow me to speak from experience. There IS someone you know that would benefit from a reverse mortgage. Don't allow this solution to go undiscovered any longer. Whether it be a news story, a business card, or a polite suggestion, talk to the people you love about the benefits of reverse mortgages today.
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You know, I have difficulty imagining people whose needs are competely different than mine and it sounds like you are in the same "box." It would really benefit both of us to just present the information and let people decide for themselves what works for them! Good luck spreading the word.