reverse mortgage benefits: Generation Mortgage to Exit Reverse Mortgage Business - 10/08/14 05:09 AM
Generation Mortgage to Exit Reverse Mortgage Business
Generation Mortgage, according to an article published on Reverse Mortgage Daily, will cease reverse mortgage originations in both its wholesale and retail departments effective October 9.
The company's decision to cease operations has been attributed to highly regulated environment which has affected the industry in the past year.
Colin Cushman, CEO of Generation Mortgage stated:
“The decision to exit the origination business was not an easy one, but was made inevitable by the wave of recent regulatory changes. As a result of those changes, the industry has seen a reduction in the number of units, as … (0 comments)

reverse mortgage benefits: The Reverse Mortgage Industry Teams Up with Financial Planners - 06/09/14 02:39 AM
 The Reverse Mortgage Industry Teams Up with Financial Planners
There's been a push for financial planners to team up with lenders as soon as the reverse mortgage changes were implemented. Personally, I think financial planners will provide a big boost to the reverse mortgage program. The program has changed, in a way that has made it more suitable for affluent seniors looking to plan their retirement fund for the proverbial rainy day.
However, while working with financial planners may be the next frontier for reverse mortgage professionals, and the industry in general, that's not to say that all financial planners will be one … (4 comments)

reverse mortgage benefits: There are Two Sides to Every Story: The Truth Behind HECM Pitfalls - 03/28/14 07:01 AM
There are Two Sides to Every Story: The Truth Behind Reverse Mortgage Pitfalls
A recent article in The New York Times, Pitfalls of Reverse Mortgage May Pass to Borrower’s Heirs, detailed the story of heirs whose parents took out a reverse mortgage on their home and have since passed away, making the reverse mortgage they took out on their home due and payable. 
However, not only is the story one-sided, focusing on the “possible” consequences for heirs whose parents got a reverse mortgage, it is also vague in explaining how and why the homes were foreclosed on after the borrowers’ passed … (18 comments)

reverse mortgage benefits: The Misunderstood Mortgage: Changing the Reputation of HECM Loans - 03/24/14 04:31 AM
The "Misunderstood Mortgage": Changing the Reputation of HECM Loans
One of the biggest misconceptions about the reverse mortgage is that the program should just be used as a last resort. From financial planners to borrowers, many looked into the reverse mortgage for themselves or their clients if they were in a financial crisis. 
This could not be further from the truth.
Even before the changes to the reverse mortgage program in October, it was never meant to be used as a loan of last resort. Like any other loan, the reverse mortgage has financial obligations that must be be adhered to. However, a … (5 comments)

reverse mortgage benefits: Rising Senior Home Values Make Reverse Mortgages More Advantageous - 03/20/14 03:57 AM
Rising Senior Home Values Make Reverse Mortgages More Advantageous
Things are looking up for senior homeowners who have been struggling to rebuild their retirement plans after the Recession.
According to the latest Reverse Mortgage Market Index released by NRMLA and RickSpan, published along with an article in Reverse Mortgage Daily, senior home equity rose $83.5 billion in the last quarter of 2013, bringing total values closer to the 2006 peak level of $4 trillion.
This is good news for baby boomers that have been thinking of getting a reverse mortgage in order to supplement their retirement but have decided to wait … (0 comments)

reverse mortgage benefits: Why Get a Reverse Mortgage? The Benefits of a HECM Loan - 02/10/14 12:50 AM
Why Get a Reverse Mortgage?
The Benefits of a HECM Loan
A better question would be: why not?
A reverse mortgage is the complete antithesis of a home equity loan. The biggest difference is the fact that you do not have to make monthly mortgage payments on a reverse mortgage. In fact, a reverse mortgage pays you monthly (dependent on the program the borrower choses) and the loan is repaid when the borrower passes away, no longer lives in their primary residence or fails to pay their financial obligations. 
Is a reverse mortgage still a loan? Yes. 
However, consider living off your home … (2 comments)

reverse mortgage benefits: "What Can I Do For You?" - 02/02/14 11:56 PM
"What Can I Do For You?"
We all know that good customer service is essential to the survival of any business. In the reverse mortgage industry, "what can I do for you?" is one of the most important questions you can ask a potential client.
You need to know a client's personal situation in order to be able to help them accurately. Everything brings something different to the table, everyone is going through something different, everyone hopes for something different in retirement. In short, there are many factors that seperate a present client from a future one.
For this reason alone, the … (9 comments)

reverse mortgage benefits: Competence or Confidence? - 01/27/14 04:16 AM
Competence or Confidence?
Which is more important? Which one wins over clients? Which one is more effective? Do you need a little bit of both? Can you get by with a lot of one and a little of the other?
I like to think I have both and, if my work speaks for anything, is that I'm confident in my competence and I am competently confident. 
Basically, I am confident in my ability to do my work in the best possible way so that my clients come out on top, satisfied and ready to begin their retirement anew but I am not so … (2 comments)

reverse mortgage benefits: Good Customer Service is Good Business - 01/24/14 01:26 AM
Good Customer Service is Good Business
We interact with consumers on a daily basis. Whether it'd be with consumers we hope become clients, consumers who are already clients or clients that we helped in the past and hope we can help again.
In hopes of turning a leads into a client we first have to build consumer relationships. The keyword being "relationship."
This is one of the reasons why meeting face to face, after the initial phone call is so important for me. I want to meet my potential clients face to face.
The minute some stops being a voice in your hear or … (0 comments)

reverse mortgage benefits: Consumers Share Their Experiences (If They Chose To) - 01/21/14 11:31 PM
Consumers Share Their Experiences (If They Chose To)
The National Reverse Mortgage Lenders Association is taking the necessary steps to make sure consumers are able to share their positive experiences when obtaining a reverse mortgage.
According to an article published by Reverse Mortgage Daily, NRMLA's outreach program will consist of a consent form, which NRMLA suggests lenders include in closing packets, that consumers can fill out at their discretion. The form asks for the borrower's name, phone number, email address and the city and state they live in.
The information will be kept strictly confidential and only those with authorized access … (2 comments)

reverse mortgage benefits: Reverse Mortgage FAQ: "Should I Get a Reverse Mortgage If I'm Moving…? - 01/13/14 11:19 PM
Reverse Mortgage FAQ: "Should I Get a Reverse Mortgage If I'm Moving...(Eventually)?
A reverse mortgage or a home equity conversion mortgage, is a mortgage that pays you based on your age, home equity and is contingent on whether or not you live in your primary residence.
Some homeowners, however, question their decision to get a reverse mortgage, especially if they have plans to move in the near future. It's a valid question considering the loan will become due and payable if they are no longer live in their primary residence, for whatever reason, because the amount a borrower can potentially receive is also … (10 comments)

reverse mortgage benefits: In the Content War, is the Disinterested Buyer Your Biggest Enemy? - 01/12/14 11:15 PM
In the Content War, is the Disinterested Buyer Your Biggest Enemy?
The disinterested buyer is a formidable enemy. They are smart, cunning and unwilling to take the time to hear or what you have to say. If content is the name of the war in this day and age, then the disinterested buyer is your biggest opponent. Once you defeat them, you've overcome the biggest hurdle you have to face.
Enjoy and reap the rewards because your talents are immense.
Seriously though, how many messages do you ignore daily? Hourly? Minutely? (I know that's not a word but you get the idea).
In truth, … (0 comments)

reverse mortgage benefits: "When You Teach a Homeowner to Fish…" - 01/08/14 01:30 AM
"When You Teach a Homeowner to Fish…"
We are bombarded with a lot of messages daily, courtesy of advertising, but I sometimes wonder if advertisers ever consider educating consumers first before throwing their "message" out there. 
Turns out there is a discrepancy between financial advertising and financial education, and the gap shows no signs of slowing down.
According to an article published in Reverse Mortgage Daily, a recent study by the Consumer Financial Protection Bureau found that for every $25 dollars spent on financial marketing, only $1 is spent on financial education.
I don't know how we expect to guide the public, and … (2 comments)

reverse mortgage benefits: Reasons Why You Shouldn't Get a Reverse Mortgage...Part 2 of 2 - 10/17/13 12:11 AM
Reasons Why You Shouldn't Get a Reverse Mortgage...
Part 2 of 2
I've heard them all.
The point of these posts, however, is to tackle them head-on and demonstrate how they're either false, or reveal an in-complete truth.
I can only get up to 50% of my current appraised home value. It's true a reverse mortgage won't get you 100% of your home value but 50% of it is not a bad deal either. It is the equivalent of a couple hundred thousand dollar loan that you do not have to make payments on for as long as you live in your primary residence. … (6 comments)

reverse mortgage benefits: Reasons Why You Shouldn't Get a Reverse Mortgage... Part 1 of 2 - 10/16/13 02:04 AM
Reasons Why You Shouldn't Get a Reverse Mortgage...
Part 1 of 2
I've heard them all.
The point of these posts, however, is to tackle them head-on and demonstrate how they're either false, or reveal an in-complete truth.
Reverse Mortgage are too expensive. Are they? Mortgage Insurance Premiums, interest, closing costs and origination fees are all part of regular home mortgages as well. The difference? Reverse mortgages are more upfront about what you're paying...namely, interests cannot be altered, fees associated with obtaining a reverse mortgage are capped and the borrower has to go to mandatory counseling to ensure everything is disclosed beforehand. Someone told me … (2 comments)

reverse mortgage benefits: Do You Retire with a Forward Mortgage or Get a Reverse Mortgage? - 10/04/13 12:47 AM
Do You Retire with a Forward Mortgage or Get a Reverse Mortgage?
Despite the recent changes, the reverse mortgage program will continue to be a beneficial program for the growing baby boomer generation as well as future borrowers. In fact, the new, consolidated reverse mortgage will bring the program back to basics, providing a secure retirement planning tool for retirees who want to age in place with an extra boost of cash flow for the proverbial "rainy day."
Financial Planner, Michael Kitces, is in firm agreement: 
“…while reverse mortgages have typically been viewed primarily as a ‘loan of last resort for those who … (2 comments)

reverse mortgage benefits: Your Home's Best Kept Secret... - 09/18/13 12:03 AM
Your Home's Best Kept Secret...
A Reverse Mortgage
Who knew your home was guarding a secret?
A secret that can mean the difference between a comfortable retirement and a less-than-perfect retirement?
In truth, your house has been less than honest with you and it's time to take full of advantage of your biggest financial asset to help you during retirement.
What am I talking about? A HECM loan, frequently called, a reverse mortgage.
Why is it reverse? Well, because you don’t have to make monthly payments on it as long as you live in your primary residence.
Why even consider … (0 comments)

reverse mortgage benefits: You Want the Best Service But... - 09/13/13 12:07 AM
You Want the Best Service But...
You Don't Want to Pay for It?
It's a fact that the people who get the bet deals or "bang for their buck" are the ones who shop, and shop WELL. However, there are times when you think that just because you are paying less, you are getting the better deal. 
The truth is something else entirely.
This is something I have to consistently tell my clients.
As the saying goes: "YOU GET WHAT YOU PAY FOR..."
When clients shop around for the mortgage that will mesh with their situation, they have this assumption that … (0 comments)