Be Brief. Think in Tweets


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reverse mortgage newsCan you think in tweets? Even better can you communicate with others as you would if you sent a twitter post? It’s a skill that warrants examination as our society is increasingly distracted. Even our prospective senior homeowners have increasing demands for their attention from various media.

When Twitter was born in 2006 it was engineered to work with a user’s wireless text messaging service. SMS text messages were limited to 160 characters so the now iconic startup reserved 20 characters for a user name, and the remaining 140 for the post. Twitter’s revolutionary approach to online communication and social networking forced users to communicate their messages in a clear, and concise manner. No fluff, no frills, just the facts ma’am.

Are your e-mails too long? Probably. Have you considered your email communication with prospective borrowers and applicants?

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Aging? There’s an App for That



PRC Title settlement reverse mortgages 

senior-aging-appThe emerging field of geroscience aims to extend the length of time a senior is healthy and active, so that feeling like you’re in your fifties when you’re actually in your nineties will become commonplace. For instance, research shows that calorie restriction (CR) may increase longevity and delay death. In animals, CR appears to reduce the risk of cancer and heart disease, as well as slow nerve degeneration.

Living in good health for as long as possible is, of course, a positive. But is the potential life extension worth day-to-day privations? While telomere research indicates we may indeed be able to turn back the hands of time at some future date, such longevity breakthroughs could make funding these additional decades problematic.

Rather than attempting to slow the inevitable, there are smarter moves seniors can take to augment aging.

Reverse aging or reverse mortgage?

Instead of attempting to reverse their years, older adults can capitalize on their seniority with a reverse mortgage, which will add life to their years (if not necessarily years to their life) with a sense of financial security, knowing their home equity can provide cash as needed in later life.

As science investigates the grander issues, the tech community is equipping aging with apps for every eventuality. Baby Boomers are the hottest startup market: the youngest Boomers are already 52; the oldest are turning 70. Many have already retired, or will soon.

Apps that do for mom what mom used to do for you

Hot services include senior move managers, who help older adults downsize perhaps a half-century of belongings, to meal kits for people with diabetes or heart conditions, to comfortable and stylish electric bikes built with older bodies in mind. One ambitious designer envisions bots that can handle both household budgets and “buttinski” neighbors.

As we’ve explored before, Millennials are typically the force behind these entrepreneurial ventures — the children and grandchildren of those now retiring or already retired. In fact, a popular witticism driving innovation in Silicon Valley is, “What is my mother no longer doing for me?”, which has fueled numerous startups that offer food, laundry and cleaning services.

One article focused on elder care on-demand states, “The time has come to ask not what another mommy app can do for you, but what an app could do for your mommy.” Creative digital natives are answering the call.

For example: is arthritis making it more difficult for a senior to enjoy her morning coffee? Jamber developed an ergonomic mug made for elderly hands that allows people to grip the handle in a relaxed position, so seniors can confidently lift the mug — even with arthritis or other physical challenges — and be assured of fewer spills.

Hearing aids not helpful here? Use your iPhone

One of the most welcome senior apps is an engineering marvel that supplants hearing aids when someone is in a noisy public space (such as a restaurant) and needs to be able to converse. In lieu of typical hearing aids, the user needs only an iPhone, today’s ubiquitous earphones, and a good quality microphone.

While most personal sound amplification products (P.S.A.P.s), are unregulated by the Food and Drug Administration and tend to do little more than amplify, rather than clarify, sound for the hearing impaired, the Jacoti ListenApp is an FDA approved medical device that functions as a standalone software hearing aid. Coupled with the iPhone’s outstanding audio specifications, a plug-in directional microphone and quality earphones, “you can hear really well in situations where even a hearing aid doesn’t work so well,” says Richard Einhorn, a 63-year-old composer who lost most of his hearing due to a virus in 2010.

Whatever science may ultimately do to extend life, technology is already light-years ahead in extending quality of life, so your reverse mortgage clients and prospects can enjoy their elderhood with more of the ease and comfort they remember from their younger years.

A Perversion of the HECM?


AARP Frowns Upon Strategic Use of HECM in Portfolio Management

aarp-1Creativity unlocks potential markets and opens up possibilities. It also makes you a target of critics. In recent years the long overlooked principal limit growth factor (or as many refer to it as the line of credit growth rate) has garnered a second look by financial professionals and our industry as a potential means of managing risk in a retirement portfolio.

“The use of reverse mortgages to hedge investment portfolios is a perversion of the original intent of the HECM Program, a misuse of FHA insurance, and puts the FHA insurance fund,” wrote AARP in a recent post. “HUD should take steps to ensure that homeowners who need money have access to HECMs, but should prohibit the use of HECMs for portfolio hedging.”

A perversion of the HECM program’s original intent? We have revisited the Home Equity Conversion Mortgage’s intent citing the language in which the program was created. Nowhere does it mention…

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Your PRC Team is Here for You!



PRC Title settlement reverse mortgages 

Heather Moulden
Heather Moulden

It’s the end of summer, and as I write this, I’m in the middle of another heat wave hitting the West Coast. I can’t help but reflect on the changes that my company, Premier Reverse Closings (PRC) has made this summer.

Anneta Pope
Anneta Pope

If I haven’t had the pleasure of meeting you yet, my name is Heather Moulden and I’m the senior vice president of sales for PRC. I started with PRC back when it began years ago, and returned to the company in May.

It’s with great pride that I can say this summer has been one of positivity at PRC. We’ve implemented new programs, met new productivity goals and hired new staff — including our vice president of sales, Anneta Pope,veteran settlement officers and our new president, Ami Kellogg.

Ami Kellog
Ami Kellogg

Our newest program, ordering 24-month tax certifications for our clients, has proven successful and a welcomed addition to our settlement services. We found that there was a strong need for our expertise in navigating the different taxing entities across the nation, and thankfully our relationships have proven successful in helping clients close their loans quickly.

Because of new services like these, along with our busy title and settlement departments, we have been able to increase vendor ratings from our lenders. We’ve streamlined title commitment delivery, closing cost turn-times and improved final title policy performance.

Throughout the history of PRC we’ve always been committed to our senior borrowers, and making their needs our utmost priority while following the closely-regulated policies set forth by not only our governing entities, but those regulating the HECM and proprietary programs. Customer service has always been the backbone of our company, and we are committed to this industry indefinitely.

We’ve experienced the elation of borrowers getting enough money to save their homes, and we’ve also shared in sorrow when borrowers experience life events that occur among this segment of the population. Because PRC feels so strongly about helping seniors, we engage in a community service campaign within our local area, and have several events planned throughout the next few months.

Though Financial Assessment is still settling out, and more regulations loom, PRC is here, committed to building relationships that are strong for years to come, and I’m excited to be back with a company that is dedicated to making clients feel like family.

Not All Agree



Despite Increased HECM Acceptance Some Reject Use of Home Equity in Retirement

thumbs-up-downPreparation and research are key when addressing those who may oppose your closely held beliefs. This requires us to approach opposing arguments with an open mind and intellectual honesty to accurately assess the opposing argument. In recent years, much has been written in both the media and professional financial publications on the benefits of strategically using a reverse mortgage as part of retirement income planning. However not all agree.

While the tide of opinion has turned in our favor amongst financial professionals, some stand opposed to the use of home equity for their client’s financial needs. Daniel Kern and Renee Kwok of TFC Financial Management in Boston, are two such individuals who recently presented their position in a recent article in Financial-Planning.com.

The co-authors cite three common ways their clients can extract home equity,

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The Value of Small Talk


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reverse mortgage newsWhen I reflect on my most successful and profitable sales I’ve closed there is one common denominator. Small talk. In our take-charge, Type-A personality world many have forgotten or even avoid small talk. The question is are we missing out?

Sales are built on more than need, they are built on relationships. Can you imagine living in a world without small talk? How would we size up someone we just met? How can we uncover a person’s dreams, goals…

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Drinking from a Firehose



The anticipated slowdown in HECM changes has yet to materialize

firehoseIs our industry drinking from a firehose? Consider the last eight years that have left our industry in a continual state of flux as we grapple with the ever-increasing pace of change for the Home Equity Conversion Mortgage program. For perspective let’s examine the deluge of changes each of you and our industry has endured.

2008: Enactment of the SAFE Act requiring national licensing and registration of all mortgage loan originators. Reverse mortgage professionals struggled as tests were overwhelmingly weighted toward traditional mortgage product knowledge and regulation.

2009: The HECM for Purchase was introduced along with a nationalized lending limit of $625,500. A brief refinance boom followed as homeowners in areas with previously low county lending limits benefited.

2009: FHA slashed the Principal Limit or lending ratio factors reducing the amount of money homeowners can access…

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Enduring Despite the Circumstances


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reverse mortgage newsIt’s no secret. No matter how you slice it our industry is in a state of flux. The truth is negative situations present themselves to us all the time. Even worse negative attitudes can linger long after an upsetting event has ended. The trick is how do we manage our emotions and attitude.

A wise friend of mine said, “I don’t get upset about things I can’t control”. I wish I had that phrase in my head last summer when…

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