Why Reverse Mortgages are the most rewarding aspect of my life

Why Reverse Mortgages are the most rewarding aspect of my life.

I have been in the mortgage business for over ten years. I have been honest and I have helped many people buy and refinance their homes and it has been great. BUT, for the past two years, I have been specializing in Reverse Mortgages and it has made a dramatic change in how I look at what I do and what it does for me. Let me explain why Reverse Mortgages are so different:

1) Reverse Mortgages are for seniors who have a financial need. This can be as simple as not having any savings and wanting a "cushion" or it can be as serious as they're about to be evicted due to foreclosure. When you can help someone out in a meaningful way, it is unbelievably rewarding.

2) The Reverse Mortgage process is much longer and intimate than most forward mortgage transactions. I have gotten much closer and deeper into many of my Reverse Mortgage clients lives. Many of them have taught me a lot about life and what is important to all of us in our later years.

3) There is usually much less negotiation or bargaining in the Reverse Mortgage process. While the fees may be perceived as high (see my earlier post on why they are worth it) but they are pretty uniform throughout the industry. This allows for more time to connect with my clients on a personal level and this stands in constrast to of some of the inherent distrust that exists for some forward mortgage transactions where the clients are looking to get a better rate or lower their closing costs and are comparing you to your competition. 

4) The latest survey shows that over 90% of Reverse Mortgage borrowers are satisfied. This is light years ahead of any kind of response for forward mortgages. Having happy clients who contact you well after the closing is really a great thing.

I'm sure there are more reasons, but that's all I have for today. Tune in tommorow.