Generating Senior Holiday Spirit



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6 Tips to spread holiday cheer

reverse mortgage newsEggnog and mulled wine, a groaning table of goodies, family and friends visiting from afar, heartfelt gifts to share along with the love. That’s the Hollywood version of the holidays (perhaps because both words begin with “hol-“). But it’s often a far cry from what seniors experience at this time of year.

Even if the elders in your sphere are in good health, they may be grieving a spouse or other loved one, concerned about dwindling finances if they’re unaware of the reverse mortgage option, or remembering holidays past, when life was very different.

Here are half a dozen simple, effective ways you can enhance a senior’s quality of life during the holiday season:

  1. Reach out and connect, or reconnect. It sounds almost too basic, yet is the easiest to overlook: call or visit a senior who could use the company. This might be someone who received a reverse mortgage loan several years ago, whom you haven’t spoken with in awhile. Be sure to bring a gift relevant to the person or couple in question, such as the pecan pie you know s/he loves, or a book by an author they enjoy. A half-hour visit might be a drop in the bucket in your busy day — and could be the highlight of the senior’s week or month.
  2. Talk about the past. Exploring happy memories not only reconnects elders with who they used to be in a positive way, it actually helps brighten the brain, and can be especially useful for people with mild cognitive impairment, who may more easily recall what transpired forty years ago than what took place last week.
  3. Send humorous greetings. Do you receive email forwards of bad jokes or cute animals? Email forwards have become increasingly popular among the silver set, now that technology is second nature, even for people in their 80s and 90s. In addition to sending snail-mail cards to your current reverse mortgage clients and prospects who aren’t (yet) online, consider sending e-cards to those prospects and clients who are digitally adept. A number of sites offer e-cards both as a paid subscriber and at no cost. American Greetings offers a free trial, and 123 Greetings offers some cards for free.
  4. Host a gathering. A holiday open house is a delightful way to show appreciation for clients, potential clients, referral resources and friends. Keep it simple and hold it during daylight hours, so it’s easier for seniors to get there (many no longer drive after dark). If possible, arrange for pick-up and return for those who would like to attend but do not have transportation. Your community may offer a Paratransit bus, or senior car service. Aim to serve healthy (and denture-friendly) finger foods, so you contribute to senior nutrition  — which has an effect on mood.
  5. Volunteer. Community service is especially welcome during the holidays, when extra hands and attentive ears are greatly valued. Your local senior center, or another community group that caters to older adults, will be grateful for any time you can devote to their members. Simply showing up and listening to seniors talk for an hour is a gift.
  6. Reduce your own stress. Finally, remember that we’re all affected by one another’s emotional state — particularly seniors who may already be feeling lonely, or who may have early-stage dementia. The more you can uplift your own state of mind during this season (meditation? yoga? walks in the park? playing with your kids or your dog?), the more peace and joy you’ll be able to bring into the lives of the seniors you serve.

Happy holidays!

The HECM May Have to Move Out of FHA’s MMI Fund

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Will the HECM move back to the General Insurance Fund?

HECM & General FHA MMI Fund
HECM & General FHA MMI Fund- Click to enlarge

While the overall FHA MMI (Mutual Mortgage Insurance) Fund is showing positive signs of recovery, the HECM portion of the fund has been much more volitaile than the traditional mortgage segment. With the latest actuarial report showing a negative  economic value some are calling for the HECM to be separated into its own fund

FHA Fund Update Reveals Longterm Projected Losses

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FHA’s Recent Report Paints a Sobering Picture

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While it may have been unwelcome news, the recent announcement of FHA losses for the HECM portfolio should come as no surprise as loans terminate from the bygone era of a more generous HECM program. FHA’s Annual Report to Congress, published November 15th, coincided with last week’s gathering of industry professionals in Chicago at the National Reverse Mortgage Lenders Association’s annual meeting.

As the Federal Housing Administration began substantial reforms to reduce the risk of the HECM program, many industry participants were critical of the changes which restricted access to the program with lowered lending ratios, fist-year distributions limits, and financial assessment underwriting guidelines. However, looking at the cohort of HECM loans in 2009 through 2010, it becomes readily apparent why the agency took such rigorous measures to change the underlying assumptions of the reverse mortgage as the report shows the forward mortgage portfolio is shows an economic value of $35 billion, while the HECM portfolio is a liability with its economic valuation of a negative $7.7 billion. The actuarial review, upon which the report is based upon…

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Are you prepared?

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Tips to prepare for the NRMLA Annual Meeting in Chicago

Any business trip warrants considerable attention to preparation. If you will be attending the National Reverse Mortgage Lenders Association annual meeting in Chicago, here are some tips to help you get the most from the conference.
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See You in Chicago!


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Come visit us at booth #13 in the Exhibition Hall

Premier Reverse Closings (PRC) is excited to see you at NRMLA! This year PRC is taking it back…back to basic values.  Where a handshake, conducting business with integrity, and giving your word truly means something. We are dedicated to earning your business and your trust one transaction at a time, one customer at a time. Here’s a sneak peek of what you can expect from PRC at NRMLA. Please stop by our booth (#13) and see us!

Where Others Fail, The HECM Delivers

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As other lending options fail, the HECM delivers solutions

A banker lends you his umbrella when it is sunny and wants it back when it rains. So says the well known joke about the sad state of consumer lending.

reverse mortgage news“After the recession, our clients called, telling us that their banks had canceled their lines of credit, even for people who had good credit. That’s the time when you need it most.” These are the words of John Salter, notable financial expert and principal at Evensky & Katz as quoted in a recent CNBC article “Putting it in reverse, advisors warm to reverse mortgage”.

As unprepared American retirees face dwindling options to access credit or home equity, the reverse mortgage continues to deliver. Hard learned lessons are usually embraced as a cautionary tale. Unfortunately, the American consumer has an exceedingly short memory when it comes to the lessons taught by the 2008 financial crises. Few understand or remember the significance of artificially low interest rates, the false security of rising home values, HELOC payment resets and the fallout of rising interest rates. Fortunately, older homeowners have some remaining viable options to access cash in their non-working years. One option remains while many march on, unaware of the potential financial time-bombs that lie ahead. The Home Equity Conversion Mortgage.

Every senior homeowner should take a hard look at their financial state…

Download a transcript of this episode here.

Looking for more reverse mortgage news, commentary, and technology? Visit ReverseFocus.com today

Examining the Underserved HECM Market

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MIT study reveals more detail about potential HECM market

reverse mortgage newsWe’ve heard for years that the Home Equity Conversion Mortgage has only been utilized by 2% of retired homeowners. We also know that reverse mortgage volume has fallen dramatically from its historic high endorsement volume of 114,000 units in 2009 to  48,900 units for the fiscal year 2016. What is our true market potential of not only age eligible homeowners but those who could potentially qualify.A recent study released by M.I.T. this summer provides a clearer picture of our missing market potential.

This summer, MIT released a 92-page study to estimate the percentage of retired households with sufficient home equity that could best use a reverse mortgage. The study analyzed 3,730 retired households with…

Download a transcript of this episode here.

Looking for more reverse mortgage news, commentary, and technology? Visit ReverseFocus.com today

Questions you should be asking


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Here’s why some qualified prospects are saying ‘no’

When you meet with a prospective reverse mortgage borrower what do you want? Facts, figures, account balances? Or in addition to the necessary information you must gather, do you want something more revealing?reverse mortgage news

The truth is even if you find a qualified, or even ideal reverse mortgage candidate who looks great on paper they may choose to put off getting a reverse mortgage. Why would an ideal candidate do such a thing? I’m certain most of you have found yourself asking that question when leaving an appointment. If qualified and possibly motivated borrowers are saying no it could be because you’re not asking the right questions.

With the increasing requirements to gather additional financial information as evidenced in the Financial Assessment we can find ourselves missing the opportunity to ask open-ended questions that uncover motive, state of mind, values and more. Here are just a few potential questions we can add to our sales toolset today.

  • What’s going on in your financial life today?
  • Have things changed?
  • You mentioned that you want to…

Download a transcript of this episode here.

Looking for more reverse mortgage news, commentary, and technology? Visit ReverseFocus.com today

A Tribute to Monte Rose

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Industry Veteran Monte Rose’s Passing

IMG_4317-e1398706848382It is with great sadness we announce the passing of Monte Rose. Monte is a well-known industry veteran who touched the lives of many both in and outside our industry. He passed away unexpectedly in bed Wednesday, September 21st.

Monte was one of the founding reverse mortgage professionals in our industry. He worked as a loan officer under Financial Freedom founder Jim Mahoney. His talents did not stop at origination as Monte published a popular book called “Go Sell, Go Serve” which passed on his decades of experience of selling at the kitchen table.

Monte passed on his immeasurable experience and ethical approach for several years with his personal coaching company.

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I was privileged to spend time with Monte when Reverse Focus was just a fledgling start-up company. His sage advice, wisdom and mentoring were invaluable but more valuable was his friendship.

Monte is survived by his wife Debbie and several family members. Please consider contributing to Debbie and her family during this most challenging time. You can contribute here.

Please comment with your memories, stories, and condolences which we will gather and pass onto his family below.


What Kind of Leader Are You?


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leader-heroIt’s easy to criticize those in leadership positions. However, we should each consider and acknowledge the fact that each of us are leaders in our own right. You may be leading a sales team, a volunteer group, a sports team or your own children and family. The question is, what kind of leader are you?

Our society is in a leadership vacuum as many prefer to stand along the sidelines and lament the failings of so-called leaders in business, politics or religious circles. The good news is that you can help fill that void of leadership in a unique and powerful way, as a servant leader. Servant leadership requires strength. Weak leaders rely on bullying, shaming, and name-calling. Strong leaders rely on building consensus and seeking to get others to engage in a cause.

Here are a few traits of servant leaders.

1. Listening. Servant leaders have the strength and self-confidence to seek…

Download a transcript of this episode here.

Looking for more reverse mortgage news, commentary, and technology? Visit ReverseFocus.com today