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Reverse Mortgages aren't Right for Everyone, but for some it's Awesome

By
Mortgage and Lending with Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 NMLS ID# 158606

Reverse mortgage counseling remains steady, indicates data from Ibis Software Corporation, released in February. The data, which tracks monthly RMA counseling ... shows the number of people receiving counseling using Ibis's software, has leveled above 10,000 per month with an average of roughly 11,500 over the past six months.

In counseling, there's definitely an uptrend," says Ibis CEO Jerry Wagner. The industry can see the trend as a positive one as counseling has gained recent attention with new HUD requirements and use of the Financial Interview Tool (FIT), introduced last year. Nationwide, HUD lifted the counseling fee cap after counseling sessions became more in-depth with use of the FIT.

Reverse Mortgage Counseling is a necessary and required step Senior Homeowners must take when considering a reverse mortgage. Contact your local 1st Reverse Mortgage USA Account Executive with questions or to learn more about reverse mortgage counseling.

This only protects the senior and, in truth, is necessary if we're going to have excellent credibility in the Reverse Mortgage Industry!

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Comments(5)

Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Larry -- interesting that you wrote on this today, my associate and I were reviewing Reverse Mortgages just a few minutes ago.

Sep 24, 2012 07:23 AM
Linda K. Mayer
License # 01767321 - La Verne, CA
Realtor, SRES, SoCAL, A REALTOR YOU CAN TRUST

Larry, Love reverses, put my mom in one and she is so happy.  Besides, reverses are a no brainer for real estate agents, almost as good as an all cash offer!

Sep 24, 2012 08:40 AM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Larry

You make a great point seniors should have consulting before they commit to a reverse mortgage.

Good luck and success.

Lou Ludwig

Sep 24, 2012 10:14 AM
Sussie Sutton
David Tracy Real Estate - Houston, TX
David Tracy Real Estate for Buyers & Sellers

I too think they are good for some of the elderly. I have yet to get enough long term effects information on a reverse mortgage to really make an evaluation.

Sep 24, 2012 11:18 AM
David Shamansky
US Mortgages - David Shamansky - Highlands Ranch, CO
Creative, Aggressive & 560 FICO - OK, Colorado Mtg

I honestly get tired of discussing them. Most want to shut you down when you bring it up and the ones who truly appreciate the info and express interest go talk to their kid (the only one getting any impact from a reverse) and then its shut down. I know people who swear by them but unless asked, sorry meant begged, I am done with those

Sep 24, 2012 03:08 PM