I wish more people would have more of an open mind

By
Mortgage and Lending with First Meridian Mortgage

I get a lot of comments at this blog and more than 95% of them are either strongly positive or strongly negative about Reverse Mortgages. I get very few people saying to me that they want to learn more about the product, or about the housing market or about the new housing bill. There is so much for all of us to learn. It took me MONTHS to fully understand Reverse Mortgages.

I wish more people had an open mind. It is so hard to change people's existing perceptions.

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Rainmaker
544,894
Shirley Parks
Sands Realty 210-414-0966 - San Antonio, TX
Broker, 210-414-0966, San Antonio TX Real Estate

Michael, what are the pros and cons of a reverse mortgage?  Most people just aren't very familiar with reverse mortgages.

Aug 12, 2008 01:10 AM #1
Rainer
108,048
Karl Peidl
Moorestown, NJ
Accredited Loan Consultant

Having gone through some reverse mortgage training, it is a very complex product.  One of the biggest challenges is completely changing someone's thought process.  This product is the complete "reverse" of your typical mortgage.  Making it more challenging, the customer must be 62 or older.  The older the person, the more set they are in their ways and the less accepting they are to new ideas.

Aug 12, 2008 01:16 AM #2
Rainer
84,417
Michael Pinter
First Meridian Mortgage - Brooklyn, NY

Shirley, Thanks for Asking!

Here is a link to an earlier post of mine that explains the cons:

http://activerain.com/blogsview/558916/Back-to-Reverse-Mortgage

and the pros:

http://activerain.com/blogsview/564154/Back-to-Reverse-Mortgage

Aug 12, 2008 01:19 AM #3
Rainer
179,731
Erik Hitzelberger
RE/MAX Alliance - Louisville REALTOR-Luxury Homes - Louisville, KY
Louisville - Middletown Real Estate

Michael - Your conclusion reminded me of an article I read earlier this year.  I could not find it, but the context was that it is significantly harder to get someone to believe something once they are predisposed against it.  On the other hand, people will willingly accept almost anything as long as it correlates to their views. 

 

Aug 12, 2008 01:19 AM #4
Rainer
84,417
Michael Pinter
First Meridian Mortgage - Brooklyn, NY

Karl,

Thanks for the comment. You are absolutely correct.

Aug 12, 2008 01:19 AM #5
Rainer
84,417
Michael Pinter
First Meridian Mortgage - Brooklyn, NY

Erik,

Thanks for the comment. Unfortunately, there is a tremendous bias against the product in the media that we are trying to overcome.

Aug 12, 2008 01:22 AM #6
Rainer
108,048
Karl Peidl
Moorestown, NJ
Accredited Loan Consultant

I do not think the media is bias against the product, I believe they are bias against the industry.  A few days ago I saw a story on that is blaming the mortgage industry for an outbreak of West Nile Virus in California.  As homes go into foreclosure, no one is taking care of the swimming pools, which are becoming a breeding ground for mosquitoes. 

Aug 12, 2008 07:12 AM #7
Rainer
84,417
Michael Pinter
First Meridian Mortgage - Brooklyn, NY

Karl,

I agree completely. We are blamed for a lot of things that are not our fault. Mortgage Bankers and brokers had a very small part of the credit mess.

 

Aug 12, 2008 07:19 AM #8
Rainer
1,241
Therese Burgueno
TB Notary Services - Oakley, CA
Mobile Notary -Loan Signing Agent

Michael- I couldn't agree with you more.  I have been signing RM's for the past three years and when people hear that I am busy because of RMs they are so negative.  Its really hard to have someone see the positive side especially since the reputation this product has gained in the past two decades. Its funny though I see the bias amongst the younger generation compared to the older. On the other hand the one who have benefited from this product couldn't be happier and our living a much more peaceful life.

Aug 17, 2008 03:19 AM #9
Rainer
84,417
Michael Pinter
First Meridian Mortgage - Brooklyn, NY

Therese,

Thanks for the comment. I know of no other product that commands as high an approval rating as Reverse Mortgages. Over 90% satisfaction is unheard of, especially in the financial services field. 

Aug 18, 2008 01:59 AM #10
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Rainer
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Michael Pinter

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