The reverse mortgage industry has been made up of a relatively small nascent group of caring professionals that have a special affinity toward contributing toward making the lives of our seniors better….That is until recently.
With the demise of the forward mortgage markets, many companies have joined our ranks. Sadly, these companies see the reverse mortgage as a commodity; something to be sold. Caring about our elders has become secondary. Establishing a life-long bond with the client could never happen. . Saying a “last goodbye” to a favorite client would never be a consideration. Providing the best referral sources to the client, as their circumstances change would likewise not happen. These companies would never know about these things because the loan officer never took the time to establish a bond. To the client and to the family these companies and LOs (loan officer) are a mere provider of a product. To the company and to the loan officer the senior is merely a file with a number. They miss the essence of the client’s wonderful story of life. In addition to this, many loan officers are ignorant about the program. They couldn’t explain it to a room of empty chairs.
To seniors and their families I say, "Do not abrogate your right to choose the best loan officer and reverse mortgage company you can". After all, it is your decision. Choose wisely.
Under the proposed FHA Modernization bill , the origination fee is capped. Perhaps this will discourage some from entering this field. After their curiosity about the hottest topic in the mortgage industry is satisfied, hopefully they will leave through the same “door” that they used to enter this field. To these companies I say, "Don’t forget to lock the door behind you".
Dennis, I echo your comments. It seems sadly ironic that as the U.S. works through the affects of a forward industry gone wrong, simultaneously, the reverse industry appears to be headed in the same direction.
Posted by: Mike Gruley | July 25, 2008 at 11:06 AM