Sometimes it is not a question of if but when a borrower should take a reverse mortgage. As reverse mortgage loan originators we must be careful of straying into giving financial planning advice, however we should be aware of the factors that come into play when borrowers decide to get a reverse mortgage now or later.
Continue readingWhat’s On Your ‘List’?
What is on your list? I have already begun my list and categorized it by vacation destinations, restaurants, landmarks, personal goals and professional business ideas. Professionally what are some items we could add to our list for 2015? Here are just a few ideas…
Continue readingBecoming the Older Generation / Part 2: Caring for the Caregivers
“Three out of five caregivers also are in the labor force. Working-age people under age 65 provide 22 billion of those 30 billion caregiving hours, and they often lose income due to reduced work hours,” reports the study. Not to mention losing sleep, quality of life and relationships, and often their own health.
Continue readingWhere Reverse Mortgages Fit in Modern Retirement Planning
“The idea that people can retire at 62 and walk around holding hands on the beach is not realistic”…
Continue readingTaking Control of Your Thought Life
Scientists estimate the average individual has about 50,000 thoughts per day. If that’s true I would venture to say the average reverse mortgage professionals has 70,000. It is not the thoughts we have that cause us to struggle but what we do with them.
Continue readingBecoming the Older Generation / Part 1: Who’s That In the Mirror?
“You don’t stop laughing because you grow old. You grow old because you stop laughing.”
~ Michael Pritchard
Once our parents die, we’re the elders. It’s a sobering thought for mid-lifers who are energetic, enthusiastic, and don’t remotely feel as if they are approaching “old age”. Many reverse mortgage professionals, as well as the clients they serve, are or soon will be facing this gateway.
How to prepare for a life stage transition when you’re 25 inside is the rub. (Years ago, on his 75th birthday, my Dad exclaimed, “I look at the number and I can’t believe it. There’s a little boy in there!”)
Maybe aging really is all in the mind. An intriguing article in The New York Times Magazine describes how, in 1981, a Harvard psychologist took eight men in their 70s back to 1959. She didn’t have a time machine, so she created a time warp by bringing her volunteers to a house that had been retrofitted in every way to resemble 1959, from the books on the shelves to Ed Sullivan on the black-and-white TV.
Before arriving, the men were assessed on various biomarkers such as hearing, vision, memory and cognition, dexterity, grip strength and flexibility. The psychologist postulated that after a week’s immersion 22 years in the past, the men would improve in many of these metrics — and she was right.
After imagining themselves two decades younger in everything they said, thought and did during the experiment, when the subjects were retested they showed greater manual dexterity, more flexibility — and improved eyesight. Independent judges said the men looked younger. Best of all, echoing the ethos of the seniors in the movie Cocoon (produced four years after this experiment — which was not published), a spontaneous touch-football game erupted among the test subjects as they waited for the bus to take them home. While the Cocoon seniors supposedly gained their rejuvenative capacities via a life-force charged swimming pool, the Harvard experiment seems to suggest they might have achieved the same effect simply by believing they were young again.
Since most of us are going to live a lot longer than we think, it behooves us to make our later years as positive and energized as possible.
The residents of Ikaria, a remote Greek Island for whom the mythical Icarus is named, are among the longest-lived people on Earth. Yet there’s no great mystery to their longevity: they have strong community ties, eat a healthy Mediterranean diet, eschew processed foods, and are insulated from most modern conveniences. They also get plenty of exercise every day doing the kinds of chores most Americans wouldn’t dream of (such as milking goats). They take naps, and enjoy a relaxed, relatively stress-free lifestyle.
Short of moving to the Greek islands, we can emulate their vital aging secrets by refusing to complain and living each life stage with grace and joie de vivre.
What can reverse mortgage professionals do to support clients and prospects in fostering this kind of attitude, especially among those seniors who may need their spirits lifted? One longtime loan originator who sees his role as broader than just business says, “When a client perceives you as being open and honest, with their best interest at heart, it paves the way for acceptance of what you have to say and offer. It also opens doors to more friendships.”
Consider, too, that service serves the one reaching out as much as the one who is helped. To last month’s post about some very elderly people who are working at dream jobs, add this 99-year-old seamstress who sews dresses for impoverished African children, turning out a dress a day! Until the media discovered her she did this work anonymously, out of the simple desire to use her exceptional sewing skills to benefit the less fortunate. Is it a coincidence that she’s supple enough to sew a dress a day at age 99?
This live painting portrayal of a woman’s life demonstrates in four minutes how beautiful a person really is — at every age and life stage.
November Top 100 HECM Lenders Report
Download your November Top 100 Retail HECM Lenders Report Here.
This report was compiled from data courtesy of Reverse Market Insight.
Social Impact Bonds and Aging in Place
A viable social impact bond for aging in place needs the right metrics and benchmarks, such as doctor visits and a quality of life index, in order to gauge its success. As six people a minute turn 60, it’s an idea whose time is now. We’re ripe for a new story about how to age at home more effectively.
Continue readingThe HELOC to HECM Dilemma
With the recent release of HUD’s Financial Assessment guidelines our focus was primarily centered on the new requirements future borrowers will have to walk through to qualify for a federally-insured reverse mortgage or Home Equity Conversion Mortgage…
Continue readingDo it Scared
Fear. At some point in your career it will raise it’s ugly head. We should not judge ourselves for having fear but rather by what we do with it.
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