During this past year more articles than ever before have been written about the topic of reverse mortgages. Some articles were factual; some articles were plain wrong; some articles were misleading; and Some articles left one wondering why the writer intentionally used “objective deception” to purposely obscure the benefits of the program. I have coined the term “objective deception” to mean that the writer, under the guise of being totally objective, twists the facts, or misstates concepts, so the reader is lead to believe that something is true that is not true.
I would suggest that 75 per cent of all articles written had at least one factual error. When our elders read such drivel, they do not know who or what to believe. This uncertainty breeds a disease I call Thoughtsclerosis, or hardening of the thought process. We can see a similar process happening in the print (& electronic) media today when it comes to the economy. Some experts say “stay away from the stock market”. Other pundit’s say, if you’re going to commit money into the stock market, now is the time”. Who is right? Which path should one follow?
The purpose of this article is to discover the right path to follow. As it relates to reverse mortgages, I will provide a foundation that will allow our elders to find their “reverse mortgage north star”; a path that will help them become comfortable with their final answer. This path is actually the elixir for Thoughtsclerosis.
All of us have to come to grips with the fact that life is full of problems. We all know about those life gaps that represent the difference between where we are and where we want to be. Unfortunately we often start off asking the wrong question. And yes, that question is “WHY ME”?
It seems to me, that when things just aren’t going as we wish, the real question is, “What can I do about it”? And that is so true when it comes to reverse mortgages. The discourse I have with my clients center around the various actions that may be appropriate. Typically discussion focuses on choices/options/perspectives/results. When a loan officer can assist his/her borrower to challenge beliefs, it can foster a different level of awareness. Often when this happens, the daunting problem loses its potency. However, when those ubiquitous misconceptions take on the immutable aura of truth, borrowers will succumb to Thoughtsclerosis. It is over. They will never find that new level of awareness.
The same task applies to the cherished advisor. Often, I think you will agree, they have a one dimensional or disjointed view of reverse mortgages. They see closing costs and summarily decide the program is no good. They see this one thing, closing costs as representing the whole in a negative way. It provides them with a ready excuse to halt their examination of the program. Unfortunately, the senior borrower often mirrors the viewpoint of the advisor. They see what they look for and believe what they find. Often a prejudice becomes a possession they just can’t let go of. False beliefs become stronger when they are not prudently confronted. And they cannot properly be confronted, unless and until the borrowers trust their loan officer.
I believe that many of our elders forget that ultimately, the power of choice lies with them. They have the power to re-write their story; they have the power to reframe the movie of their life; they have the power to chart their next course. Only the power of choice can make this happen.
One thing I know. Wishful thinking will not change anything. It takes action. Not any action, but the right action. I urge every senior of reverse mortgage age to CONSIDER whether a reverse mortgage is appropriate. I will tell you, it is not right for everyone.
So author the next chapter in the book of your life. Direct the next scene in the movie of your life. Plot your current course on your life’s map. Here you are today. Figure out where you want to be tomorrow. Then ask, “How can I get there”? What do I need to do? What options do I have? Which works best? “Have I covered all the bases? What questions have I not asked? And Why, Mr. /Ms loan officer, should I trust you?
Reminding your borrowers that they have the power of choice and enabling them to use the power to ask the right questions will save them from the terminal reverse mortgage illness of thoughtsclerosis.
Now there are lot of companies are working in this field. But it is really difficult to choose a reliable one. I think its better to go for any established firm. A lot of online resources are also available. Recently I came across one widget called BillsIQ, an online tool to measure financial health by simply answering some questions. It was really interesting and useful.
Posted by: Zoe Sera | January 02, 2009 at 12:29 PM