there are a lot of interesting things happening in the Reverse Mortgage industry, but as a Reverse Mortgage Planner I keep a close eye on the advisors, the Loan Officers, the Reverse Mortgage Planners...the me's so to speak, as I am a Reverse Mortgage Planner.
so here's the question?
Who exactly are you dealing with anyway? do you know?
the first group;
many companies that were previously strictly reverse mortgage lenders are now expanding their product line to include, essentially, all mortgage programs . the question is will this create a situation where the up front advisor is not keeping up with the changes, and their education, and knowledge in regards to reverse mortgages, and the obvious is that the companies, in almost all cases, are now dedicating fewer resources to this segment of the market.
the second group;
this is the polar opposite, this group has/had little knowledge of reverse mortgages, but now in a declining traditional market, are sending out their not so well trained traditional LO's to solicite reverse mortgages. Let me know how that works out for you.
then there's the Fairway model; we have a totally separate Reverse Mortgage Division/Department who is solely dedicated to educating, and supporting the Reverse Mortgage Planners. We originate, process, close, and fund our reverse mortgages. we don't hand you off to someone else. Personally I also have an LOA, which is essentially an additional assistant to help our seniors, when and if needed.
so who do you want to deal with?
to me part of the decision is simply find someone who is knowledgable, and trustworthy.
and to all the Reverse Planners, LOs or whatever you may be called just remember what good olde Teddy Roosevelt once said
no one cares how much you know till they know how much you care