Beyond the top reverse mortgage stories for this year there are some greater lessons to be gleaned from what is sure to be noted as a watershed year for the Home Equity Conversion Mortgage program. Here are a few take aways for us to consider…
Continue readingThe Holiday Spirit: How to Show You Care
To a senior whose life partner may have passed on, or to someone who is ill and alone, or too frail to travel, the holidays can be simply one more reminder of mortality. A look at ways to extend your reverse mortgage mission of senior service to encompass the holidays…
Continue readingShaping the Message: Extreme Summit
Controlling Our Market Brand and Perception
Marketing experts see plenty of companies begin a public relations campaign and then leave it in the hands of the media. When it comes to reverse mortgages one can safely say the media has done its share of harming the reverse mortgage’s reputation with half-truths, inaccuracies and outright misleading statements. Sure some media outlets have given balanced or positive coverage but are we controlling and shaping the message. The good news is that our industry is taking action. The National Reverse Mortgage Lenders Association in cooperation with several lenders is launching the “Extreme Summit”. Its a PR effort focused on geo-targeted advertising, driving positive impressions in the news and rebranding the HECM product itself.
The idea was born from a brainstorming session held at NRMLA’s 2012 annual meeting in San Antonio led by Liberty Home Equity Solutions CEO Otto Kumbar. Lender participants are putting there money where their mouth is committing over $2 million dollars to date. Such a campaign is critical since the perceived typical reverse mortgage borrower is becoming more scarce in light of reduced lending ratios and the financial assessment. If we let the media and general public push the erroneous notion the loan is only for the house rich and cash poor our marketshare stands to take another cut. Rather than playing damage control…
Harsh Truths
Harsh Truths for Increased Success
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One of cinema’s most memorable quotes came from the film “A Few Good Men” in which Jack Nicholson’s character retorts “You can’t handle the truth!” In an age where many in society see truth as relative and subjective there are a few truths about life we should embrace for greater happiness and productivity.
1- Life isn’t fair. It seems obvious but our minds often subconsciously trick us asking ‘why is this happening to me?!
2- First steps are always the hardest. Whether it’s a diet, a new marketing plan or parenting making a substantial change requires that first leap of faith…actually just a small step.
3- Good things don’t happen overnight. Think back on any great accomplishment you’ve made. Did it happen instantaneously? No. Great rewards require great commitment and accomplishment and good old hard work.
4- Everyone is not on board. Just because you have a great idea…
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Stay Warm! Winterizing Senior Housing
Yet a winter-worthy home is not only essential for a senior’s health and well-being; one of the underwriting requirements for a reverse mortgage is a permanent source of heating.
Continue readingAgainst The Wind
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2014 Presents Challenge & Opportunity for HECM Industry
The classic Bob Seger song laments, “Against the wind. I’m older now but still running against the wind.” Both retirees and our industry are pressing against the resistance of retirement funding and a more restrictive product for us to offer. The good news is that the reverse mortgage industry and the HECM product have proven their staying power having endured one of the worst housing crashes in history, an economic crash and numerous product changes. Also increasing home values have buoyed production with an increase of 15% through November.
The next headwind will be felt once HUD enacts the financial assessment in it’s effort to reduce risks of borrower defaults and subsequent claims against FHA’s insurance fund. But are some of these recent developments a blessing in disguise? Columnist Phil Hall in the National Mortgage Professional Magazine says yes. Hall says, “A new oversight regimen may finally help to erase the lingering doubts surrounding the product.” If we look at the true obstacle for market growth it’s not the 15% reduction in principal limits, the elimination of the Standard Fixed rate or increased insurance premiums. It’s our industry’s reputational woes. Hall cites one originators experience…
Speak, Memory
Memory is a powerful pathway into deep sourcing; manifesting has to do with public accountability, and, once we embody (live) what we are creating, sustaining it is an ongoing process of learning and personal growth.
Continue readingNovember 2013 Top 100 Retail HECM Lenders
Download your November Top 100 Retail HECM Lenders Report Here.
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See how your company & your competitors’ overall HECM endorsements were for the month of November.
For more reverse mortgage news, training and technology visit www.ReverseFocus.com
Tightening HECM Guidelines Opens Door for Private RMs
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Increasing Restrictions & Possible Lower Lending Limits May Spur the Return of More Proprietary Loans
Having absorbed the recent elimination of federally-insured reverse mortage products, principal limit reductions and increased underwriting requirement many ask “when will we see proprietary reverse mortgages again?”. Good question. Presently our national lending limit remains at $625,500 through the end of this year thanks to HUD’s mortgagee letter in December 2012. Will HUD continue to extend this lending limit? Perhaps but unlikely. In the wake of a record 1.7 billion dollar bailout from the treasury and unrelenting scrutiny from lawmakers due to projected losses in FHA’s insurance fund, many may feel little sympathy for seniors with higher valued homes. In a risk-adverse and financially insecure political climate few will advocate for retirees they consider well-off. Additionally many industry leaders expect a return to a $417,000 national lending limit in 2014. Politics and budgets aside it comes down to the pivotal role of money. Mike McCully with New View Advisors said…
Get more reverse mortgage news, tools & technology at www.ReverseFocus.com.
What Are You Thankful For?
Gratitude Opens Doors
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What We Can Be Grateful For In The Reverse Mortgage Industry
Now that we’ve eaten our last bites of Thanksgiving turkey and pumpkin pie it’s a good time to reflect on gratitude. The essence of yesterday’s holiday. But first I want to personally express our gratitude to you, our loyal viewers and members of Reverse Focus. YOU helped what began as a small idea in 2007 grow into an industry resource and backstop for reverse mortgage professionals. It’s our honor to work with each of you through the good and bad years of reverse mortgage lending. One person near and dear to me said, “Be grateful for something. Always be grateful”. As simple as it sounds this exhortation made me consider my typical state of mind. Am I mindful of what blessings are in my life or do I focus on what I want or lack? We all know of those who are financially wealthy yet live in their own internal prison of want, lack and constantly feeling impoverished. It boils down to our own internal compass or attitude. So what are a few things we can be thankful for as reverse mortgage professionals? #1- A mission driven industry. Many can claim their mission in their company’s letterhead, but how many can claim they help seniors enjoy their golden years with less worry, lack and want? Having worked in several industries I can say ours is the most mindful of our mission to help than any other I’ve encountered. #2- Untapped potential…
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