There is only one word I can use to describe the reactions I sometimes receive regarding the topic of Reverse Mortgages. It is resistance.
I would also say that at times, people don't even know or completely understand why they are resisting. All sorts of internal alarms seem to be set-off regarding this topic and I meet a roadblock. Perhaps because of the age group utilizing these mortgages, special precautionary defenses get called into play emotionally. Everyone has heard a horror story of a predatory vulture stalking an unsuspecting senior. And unfortunately, too many times it has been true.
But we must guard against painting the entire Reverse Mortgage program dark. Because of the very fears mentioned above, extra measures have been taken within many of these lending programs to offer protections to seniors weighing their benefits. FHA Reverse Mortgages in particular contain many safeguards that address the concerns of seniors, their families, or counsel. They are the only kind of Reverse Mortgage that I personally offer for that very reason.
In a previous blog, I acknowledged that Reverse Mortgages are not an answer for all seniors. Pros and cons must be weighed against the personal scenario and needs of each individual senior considering this financing. Also needing to be considered is the present economy and whether waiting for a possible future economic rebound would be beneficial. The extent of the present and future need of each senior must be determined and reacted upon wisely. Each case must move ahead or falter upon its own merit. But how do we get the message out to seniors and their loved ones that this form of lending should not be rejected prematurely before determining if any merits exist?
I have been trying to find outlets for informational sessions regarding this lending within a variety of places. Places of worship, community organizations, governmental services, bookstores, and seniors homes themselves have been a focus. I search for outlets that will provide a comfortable, safe forum that are also seen as being unlikely to profit from the venture. Groups and their leaders must be open-minded and courageous enough to host these opportunities for informational exchange with seniors, unfettered from pre-determined opinion.
Please encourage organizations you know to host an informative session regarding Reverse Mortgages. These sessions could hold the key to determining the quality of life for many seniors and their families.
Gene Mundt, www.genemundt.com