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EPISODE #796
Most People Say They Want to ‘Age in Place.’ But What Does That Really Mean?
[Moringstar] “People toss around that phrase,” says Jennifer Molinsky, project director of the Housing an Aging Society Program at the Joint Center for Housing Studies of Harvard University. “But what does it really mean? And what do you need to be considering if that’s your plan?”
Other Stories:
- [RMD] How reverse mortgage marketing can challenge product myths
- [CNBC] The Housing Industry Urges The Fed to Stop Raising Interest Rates or risk an economic hard landing
4 Comments
Shannon – Nice to see you live; it adds to the message, for sure.
When I got my license, the Prime Rate was 21%. The FED was trying to stop inflation It worked; we fell into The Great Recession. It happened again in the early 2000s and it’s happening again now. I’m sure 2024-2026 will be recessionary, rates will fall, housing will become affordable, and we’ll start the cycle again. The Prime seems to ebb-and-flow like the tide.
One of the major voids in the real estate and mortgage lending industry, is lack of professional sales training. I was very fortunate to join a company that offered/required two-weeks of Xerox Professional Sales Training before we could go to work. It changed my life. Professional sales is benefit selling, plain and simple. Provide a solution to a problem and rest tends to fall into place. Too many think they are selling when, in reality, they are pitching “a solution in search of a problem”. That’s not selling, that’s advertising! Big difference.
Again, Great Podcast. Thanks for letting me vent.
See you next week,
Tom Caruthers
My Reverse Mortgage, Inc.
Tom- good stuff. Thank you for taking the time to provide a historical perspective of the lending cycle. Sales training is invaluable to those who apply it.
Tom,
Since the NMLS did not come into existence until after the passage of HERA of 2008, to what license are you referring? The last time the prime was 21% was about 4 decades ago.
Like Tom, I prefer the video presentation. Now on to the content.
When it comes to AIP (Aging in Place), who knows what changes the existing principal residence might need or when. Most seniors talk about AIP as if it were the perfect solution to aging. This mantra might be the solution to aging for some seniors but for many it is nothing more than another form of Elysium. So rather than preparing the home for their later years, many believe their intentions will meet their need. “… after all, this house has met the needs of our family for over (fill in the number) years now. Why won’t it keep doing that?” I have seen both seniors and especially, their unpaid caregivers regret those words.
Yet that mantra helps RM originators, like me, sell RMs. Like the saying goes: “Never let the truth get in the way of a good story, particularly when it helps close RMs.” In recent years, I have heard of more and more seniors tripping in a house they have had for decades, falling down, and severely hurt themselves with some even dying because of how they fell and what they fell on.