‘Twas the night before settlement, I thought about Sam
My favorite uncle, was ‘bout to close on his reverse mortgage program.
I compared how easy things were when Aunt Gussie got her HECM money
Years ago things were so different, it’s not even funny.
Back then the government and the industry focused on getting the loan closed
Today its about compliance stuff, and paperwork, and preventing the lender from being hosed.
The reverse mortgage originators care about this group in need,
Today, the lawmakers refuse to believe .
The industry is viewed as a disingenuous bunch,
So laws, rules and regulations are created to protect those who have lost their punch.
But the industry is not full of a bad group of guys and gals
It is full of caring and loving individuals who turn into pals.
There are stories being told all across this great land
So numerous to tell –just count the grains of sand.
You can find these tales in NRMLA’s December Reverse Mortgage rants
Or in Sam Collins’ book 62 Senior Moments.
Some say the program is bad, it’s sordid and stinks
Can this be true? I ask with that smile and that wink.
“Gotcha there” you retort with a firm tone of voice
But I remark, “how can this be so when the program is approved by a 92% choice”.
Look, the program is a baby at 20 years old,
Its future once secured, is unsure as things unfold.
It seems that the government wants to control every itty-bitty piece,
Its grasp around the program is destroying a senior’s comfort and peace.
Lower amounts, constant budget reviews,
HERA’s removal of the program from the General Insurance Funds earns it some boos.
Effectively “eliminating” condos, then co-ops and who knows what is next
Make the underwriting impossible, are we hurting our elders? Many would say the answer is yes.
Come yea agencies come one and come all , come hither, come now----------------Come NRMLA, Come AARP, Come FTC, Come OTS, Come HUD, Come OCC, Come OIG, Come FDIC ------- There is alot we can do together to maintain a great program for all to see.
Seniors need our help. The industry is here.
So Let’s work together, there is no time to spare.
Great piece, Dennis! Your points are so true and this is a great way of pointing them out. We should all be working together, not against each other.
Posted by: Beth Paterson | November 30, 2009 at 02:42 PM