Acting Star of Mortgage Consultant?

Mortgage and Lending with ClearPath Mortgage Solutions, Inc. NMLS #1394615 NMLS # 423279

Acting Star or Mortgage Consultant - Who do you get your mortgages from?

Should "The Fonz" (Henry Winkler), Alex Trabek, and Robert Wagner be allowed to sell you a mortgage? Last time I checked, Netflix and my online banking haven't merged

Why do you only see commercials for reverse mortgages, but rarely for that 30 year fixed rate mortgage? The dark secret truth is that lenders are making almost five times if not more the amount of income off of one reverse mortgage compared to one regular "forward" mortgage. A forward mortgage is your typical Conventional, FHA, USDA, VA 30, 15, or 10 year fixed rate mortgage that we are all accustom to.

Now I'm not knocking Henry Winkler… He may be licensed as a Loan Officer for all I know. I am however knocking the idea of taking advantage of the uninformed consumer. The reverse mortgage world is still very highly unregulated. When I say unregulated, I mean it is like buying a car. You can negotiate on your interest rate and you can negotiate on a credit you may receive back at closing. Don't be fooled and don't fall for the bait of your childhood hero, Fonz. Trust your entertainment to Hollywood and your mortgage to your Mortgage Consultant.

Get the facts and do your due diligence. Make sure you have an advocate on your side.

-Mortgage Consultant for Life

Posted by

    -Mortgage Consultant for Life


Mike Rankin, NMLS #423279
ClearPath Mortgage Solutions, Inc. NMLS #1394615
950 New Loudon Rd. Suite 231

Latham, NY 12110
Cell:  518-380-4726


Mike Rankin does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comments (2)

Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Mike so true seniors looking into this program need an advocate.   I hope your post will help consumers to see assistance.

Apr 03, 2014 02:42 PM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Mike. You are so right, unfortunately someone will see one of these commercials and thing that is the answer for them and do a reverse mortgage that they should never do without the advice of someone like you.

Apr 03, 2014 08:31 PM