Realistically, where does the reverse mortgage industry stand today?
It’s been a staple in most industry news and blogs lately: reverse mortgage lenders diversify, private loans incorporated into sales strategy, how to reach financial professionals- all while ironically, reverse mortgage loan volumes have fallen despite the ever growing needs of seniors. But here’s the good news. You are still needed, desperately in some cases, by tens of thousands of older homeowners.
Just this week I received a call from a relative who wanted me to speak with their daughter who was considering a reverse mortgage. A second opinion to provide some peace of mind. That conversation reminded me that there are still many who would stand to benefit by eliminating their mortgage payments. In her case a $400,000 home with a $150,000 mortgage balance and a $745 P&I payment. Her situation is not uncommon.
So what is the world in which we live as reverse mortgage professionals? Before you answer…