There is a new race in our industry. In the last three months we have seen four new fixed rate HECM product variants introduced. Innovation can be a positive force in our industry but it does come with its risks…
Continue readingDealing with Toxic Emotions
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Working Out Negative Emotions in the Workplace
I recently had the privilege to take a cruise to Central America. Beyond the fine cuisine, entertainment and pristine scenery I was most impressed with attitude. The attitude of the ship’s staff who catered to each passenger’s need without complaint. Without hesitation. As a businessman this intrigued me. How could such a level of service be possible? What forces were at work that where one never saw a disgruntled or negative staff member? Intrigued I asked and learned that the cruise line had a strict policy against complaining. Complaining not just to the guests but to one another. Author and business leadership expert Daniel Goleman said “Emotions are contagious from the leader outward”. I would add especially amongst your sales or service force.
Studies have shown that emotions can be transmitted…
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The New Longevity (Part 2): Turning Back The Hands of Time?
In the interim, the upcoming generation of reverse mortgage prospects is reinventing the concept of how and when to die. Just as Boomers have reinvented retirement from a time of withdrawal and relaxation to one of encore careers, they are reclaiming death from fear, pain, and suffering to a time of dignity and control.
Continue readingBack to Basics
If you look at the federally insured reverse mortgage one could say we have come full circle coming closer to the program’s original intent. What intent?
Continue readingThe Tyranny of the Urgent
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It’s Not a Question of Time but Priorities
You have your day planned: Meetings, phone calls, emails, client appointments…then it hits us. Something urgent requires our immediate attention or does it? The phrase “Tyranny of the Urgent” was coined in 1967 by Charles E. Hummel in his short publication. Hummel opens with the question “Have you ever wished for a thirty-hour day?” Perhaps those of us , or should I say most of us would answer yes! But even if possible would a longer day really solve our problem? Most likely not. The issue is so not one of time but priorities. That is where we choose to invest our time. Such a dilemma leads to stress, self doubt and possibly health problems. Why were we never taught this in school? Hummel was inspired by the words of a cotton mill manager who said…
Social Capital, Not Social Media, Is Key to Success
If social networks are information superhighways, social capital is the resulting value of these connections based on the relationships between senders and receivers — the degree of trust, friendship, shared experiences and “give-and-give” that surface over time…
Continue readingThe Young & the Restless
During a January 16th meeting of the National Reverse Mortgage Lenders Association’s Executive Committee, Deputy Assistant Secretary Charles Coulter said to expect a mortgagee letter in the coming weeks regarding non-borrowing spouses. Coulter said “The first ML will essentially require that in the case of a non-borrower spouse, the age of the younger member of the couple will be utilized to determine the appropriate PLF [principal limit factor]. HUD will be modifying the PLF tables to cover ages below 62 for this purpose.”
Continue readingBlind Spots
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Three Fallacies to be Avoided
Blind Spots, or better yet Biases. We all have them. It’s our brain’s ways of taking shortcuts in decision making. A hard wired yet often flawed response. Some may be good as they clarify and reinforce our beliefs and philosophy while others can be destructive. To improve our efficiency and position ourselves for increased success let’s look at three blind spots we should be aware of and avoid. Economically one of our most common blind spots or fallacies is the Sunk Cost Fallacy. Here’s an example…
Download the video transcript here.
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It’s Not About You!
Children who become caregivers for their aging parents often find themselves facing behavioral changes. Sometimes seemingly overnight, or perhaps occurring more gradually, their once calm, loving parent becomes blunt, even mean — or possibly quite fearful.
Continue readingToo Much Too Soon?
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Reexamining Product Design and Use of Proceeds
The recent overhaul of the HECM program was a watershed event for both the reverse mortgage industry and senior homeowners. The elimination of the Standard Fixed Rate, consolidation to one product, two-tiered upfront FHA premiums and first year distribution restrictions all were born from FHA’s attempt to reign in the HECM program back to its original intent while reducing the risk of defaults and payouts from the MMI fund. The idea was to prevent borowers from using all of their proceeds in the first or early years of the loan which could leave them with little or no financial options once they’ve exhausted all their funds. Also, lower upfront withdrawals and deferred or tenure payments or a line of credit reduce the likelihood that the loan balance would exceed the home’s value in the early years of the loan or when the loan ultimately terminated. Most program changes were spurred by the Consumer Financial Protection Bureau’s report to Congress…
