The Kids are All Right


Six Tech Startups to Help Seniors Age in Place

From robots to wearable safety detectors, end-of-life decisions to daytrips for dementia patients, 20- and 30-somethings are turning their immense drive and creativity towards helping seniors and their family members as never before. These young entrepreneurs are filling senior market gaps, some of which we might not have conceived of until the visionary company appeared.reverse mortgage news

Such as a ride service for patients with early stage Alzheimer’s disease. Yes, Silver Sedans offers rides to all older adults in need of transportation. But they also offer a specialized ride service for Alzheimer’s patients that provides mental stimulation along with the ride.

Or Attendant, an aptly-named platform that aggregates tasks for the family of a just-deceased loved one, from funeral arrangements to death certificates and beyond — “from social security to social media” says the site — so families can focus on grieving rather than on details at a time of loss. The startup team is young enough to be a reverse mortgage client’s grandchildren — which may be precisely why they understand the importance and value of such a service.

Robots to the rescue

We’ve written before about how robots are infiltrating the senior landscape to make life easier, such as with household chores. Now Luvozo is developing SAM, a robot who’ll be able to roam senior living communities, assist residents with non-medical tasks, and participate in activities. For those who may be lonely, with few people to talk to, SAM might be a welcome friend. Hopefully he’ll be programmed to be a good listener and scintillating conversationalist.

Women are often at the helm of disruptive health care technology startups, such as Caremerge, a health tech company that’s revolutionizing care coordination and communication for seniors by providing a HIPAA-compliant, web- and mobile platform that allows family members to communicate in real time with their loved ones’ doctors and other health care providers.

Humetrix puts medical intelligence in a senior’s hands, literally: the company’s mobile applications give consumers their own health IT systems for improved patient safety and cost control, from a customizable ICEBlueButton (In Case of Emergency) to an iBlueButton, a patient-controlled button that enables consumers to easily and securely pull, receive, aggregate, store and share their emergency medical records summary at any point of care or in a telemedicine scenario.

Finally, when a senior needs to move, the very thought of sorting through and packing up a lifetime of memories can be overwhelming. Senior Move Success helps manage the transition to assisted living or independent housing, providing the compassionate support that can smooth the way to an older adult’s next, and likely final, place of residence — by planning, finding, arranging, coordinating, and managing all of the resources necessary.

All of these startups and many others point to the extensive support both youth and the healthcare IT sector are devoting to an aging population, welcome news for both reverse mortgage professionals and the seniors you serve.

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

Counseling Survey Reveals Borrower Motivations

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Pre-Assessment Survey Sheds Some Light on Borrower Perspectives

reverse mortgage news

While the survey didn’t account for recent borrowers challenged with the Financial Assessment, the research does pull back the curtain on the motivations behind older homeowners who seek out a reverse mortgage.

At the NRMLA annual meeting in San Francisco this month, Stephanie Moulton, associate professor at the John Glenn College of Public Affairs gave industry participants a sneak peek of the survey.

The project was funded in part by the MacArthur Foundation and HUD seeking to uncover the factors leading older homeowners to get a HECM, terminate their loan or ultimately decide against proceeding with the loan. Enlisting the help of ClearPoint Credit Counseling, a leading HECM counseling agency, researchers tracked the responses of over 1,700 individuals who received

HECM counseling in the years 2012-14 with an average age of 70. The sample was divided into three segments: those who got a reverse mortgage and currently hold the loan, those who got a HECM and terminated the loan and those who decided against…

Download a transcript of this episode here.

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

The Pursuit of Happiness

The Declaration of Independence promises all Americans the right to life, liberty, and the pursuit of happiness — the last a fine distinction that’s all too easy to overlook. Like the proverbial carrot on a stick, we are encouraged by the Founding Fathers to follow our hearts, even if we never quite attain a state of contentment and joy.joy-world

But there are some surprisingly simple steps all of us — especially seniors who may be feeling low during the upcoming holiday season — can take to increase our level of happiness, say neuroscience researchers at UCLA. Here are four tips you can share with the seniors you serve:

  1. Ask, what am I grateful for? When we’re unhappy, the brain spirals into guilt, shame and worry — which activate the brain’s reward center, but in a negative way (worrying at least makes you feel like you’re doing something.) Going to gratitude boosts the neurotransmitter serotonin, which provides the same feel-good response as Prozac, without the side effects.
  2. Put the bad feeling into words. According to researchers, labeling our negative emotions as sad, anxious, angry, etc., actually reduces their impact. This is why psychologists have long encouraged people to express rather than suppress what they feel.
  3. Decide. Many people are so flummoxed by major life decisions that they waffle until the choice either gets made for them, or the time to make any decision passes. Instead, it’s smarter to make a decision that works for now; you can always tweak it down the road. The perfect moment hardly ever arrives, in any aspect of life: relationships, jobs, whether to get a reverse mortgage now or later…
  4. Reach out and touch someone. Embrace the old phone company slogan, only this time, do it in person. Ask for a hug. Hugs release the hormone and neurotransmitter oxytocin, a natural antidepressant that sends negativity plummeting in the brain. In fact, research shows that receiving five hugs a day for a month generates a huge happiness boost.

Can remote friendships fill the gap? Possibly; at least partially. Retirees 65+ are flocking to Facebook, both to stay connected with grandchildren and to connect with friends who may live far away – or who are less mobile than they once were. But even with video available, touchscreens are a poor substitute for face-to-face human contact. So while the growing senior movement towards technology is a boon for loan originators who now have an additional way to reach reverse mortgage prospects and clients, an office or kitchen table meeting might still be the most beneficial gathering for all.

For more reverse mortgage information, tools and technology visit ReverseFocus.com today.

Have We Turned the Corner?

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HECM Fund’s Economic Outlook Improves Despite Challenges

If you’ve lost any sleep in the last year wondering if the Home Equity Conversion Mortgage program will be further restricted you may be able to put that worry to rest in the coming year.

reverse mortgage newsThe long-awaited FHA Annual Actuarial Report was released coincidently on the same day that National Reverse Mortgage Lenders Association’s annual meeting began in San Francisco, November 16th. The HECM’s report begins with these encouraging words in the letter to the Deputy Assistant Secretary of Housing Edward Golding, “We estimate that the HECM Fund’s economic value as of the end of fiscal year 2015 was positive $6,778  million ($6.7 Billion) and the insurance in force was $106.23 billion ($10.6 Billion). We project that at the end of fiscal year 2022 the HECM Fund’s economic value will be $13,665 million ($13.6 Billion) and the insurance in force will be $184.49 billion.”

It appears that after several principal limit factor reductions, the enactment of first year distribution restrictions and the new financial…

 

Download a transcript of this episode here.

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

Why Should They Trust You?

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The Principle of Social Contracts

reverse mortgage newsTrust. It is the foundation upon which all sales must be built upon. Consider for a moment the level of trust required for the homeowner to get a HECM loan. In most instances they have just met you, yet ultimately they sign several pieces of paper in the promise that their existing mortgage will be paid off or that they will have access to a considerable sum of money. No widget or tangible product on the shelf to take to the register, just an intangible product, concept or benefit.

In the art of sales we can fall into the trap of second-guessing why people should trust anyone, or more precisely us. Perhaps this is not a struggle yet we should revisit the concept of trust as it will strengthen our confidence to effectively approach, communicate and ultimately close more loans. At the core of trust in today’s society is the concept of what I call a social contract…

Download a transcript of this episode here.

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

Nobel Laureate: “The Promise of Reverse Mortgages”

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Nobel Laureate Economist Robert C. Merton Challenges Target Date Funds and Asserts “The Promise of Reverse Mortgages”

Robert C Merton
Robert C Merton

Nobel Laureates are a rare breed. It’s a very exclusive collection of experts, humanitarians and scientists. Robert Merton is an American economist and professor of economics at M.I.T. who won the Nobel Prize in 1997. Surprisingly he espouses the promise of reverse mortgages in his November commentary in Advisor Perspectives.

First Merton begins by exposing the perils of Target Date Funds, a typical investment strategy utilized in retirement planning. What is a Target Date Fund? It is an investment strategy that adjusts one’s retirement portfolio mix to become more conservative as the investor nears their retirement age. Basically an adjustment to the portfolio’s risk profile over time.

Merton states that technology underlies the promise of reverse mortgages, a financial innovations as he calls it, that can solve problems across the globe. Another challenge is consumption coupled with longevity…

Download a transcript of this episode here.

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

Stopping the Insanity

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Mental Overload & How to Stop the Insanity

Mental sludge. It’s the stuff that gums up our though process leading to a mental vapor lock or worse, the paralysis of being overwhelmed. Quite honestly this is something that I have strove to master for years and even though I’ve won several battles I have realized it’s an ongoing war.

Here are a few tips I have put to use in recent years that have freed up my mental capacity for greater efficiency, productivity and happiness.

1. Restrict decision making: Have your ever come home to say “I don’t want to have to make another decision today”? Perhaps you’re on to something. Every small decision we have to make in our daily routine taps our mental energy reserves needed for major decisions. Some examples are: what should I wear? What am I having for dinner? Am I working out enough? Planning, structure and routine can eliminate these unnecessary daily quandaries…

 

Download a transcript of this episode here.

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

21st Century Health Care

House calls, skin cells, bad genes and good music


In August we explored some of the new aging apps that bring medical help to seniors, rather than the other way around. Now, instead of just doc-in-a-box via Skype, several startups are re-creating old-fashioned house calls — and they’re not just for the graying set.

Companies such as Heal, founded by a board-certified internal medicine doctor, bring background-checked, licensed primary care physicians to your doorstep — even if that means a hotel or a senior’s daughter’s house, if, say, your reverse mortgage client has a health emergency while visiting relatives out of town.

Health-mindAnd at a $99 flat fee per visit _ no matter how long the doctor spends with the person needing care — these reimagined house calls may be both affordable to aging loved ones, and a boon for someone who needs a doctor to listen to a complicated medical history without the stress of a ticking clock.

When the doc isn’t needed, there’s Care|Mind, a newly launched, customizable dashboard that allows you to track a loved one’s health status in real time, from heart health to physical activity to sleep, and much more. It’s just one of the latest health-focused mobile apps that are in high demand as the aging population mushrooms. One study found that some doctors have already begun prescribing apps as part of patient treatment — and the retention rate among those who acquired an app via prescription was ten percent higher than among those who got the app on their own.

Delete genes as easily as social media posts

At the same time we’re turning on the apps, we’re getting ready to turn off certain genes, say scientists. A ten-year research project conducted by the Buck Institute for Research on Aging and the University of Washington “has identified 238 genes that, when silenced, increase the lifespan of yeast cells.” One of these genes is linked to “a genetic master switch that has long been associated with calorie restriction through fasting and increased lifespan.” The same result can also be achieved by fasting for three days, which regenerates the entire immune system.

Scientists are discovering how to turn skin cells into healthy brain tissue, and SingFit is staving off dementia by turning music into medicine. Clearly, we’re living in a new alchemical age, where skin and music can boost mental health, with lasting results.

Have these nonagenarian stars turned off errant genes or taken the skin-tissue-for-brain-health cure? While they haven’t yet shared those secrets with the public, their vigor may serve as inspiration to reverse mortgage clients and the loan originators who serve them.

For more reverse mortgage information, tools and technology visit ReverseFocus.com today.

Will Task Force Embrace & Endorse HECMs?

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Task Force Seeks Solutions for Aging in Place: Will HECMs Be Considered?

Task forces are formed to address critical issues requiring a solution. The question is, with the Bipartisan Policy Center Health and Housing Task Force promote the use of Home Equity Conversion Mortgages?

imagesThe Task Force includes some heavy-hitters in public housing and mortgage lending, primarily former Housing and Urban Development Secretary Henry Cisneros. The group is seeking input from stakeholders seeking viable solutions to help older adults remain in their homes and communities. The primary focus is on cost-effective and innovative solutions to modify homes and communities, along with heath programs, making them more suitable for seniors.

Download the full report here

“We are now taking the opportunity to solicit feedback from knowledgeable stakeholders and colleagues in three priority areas of interest: financing modifications at home and in the community for aging in place; accessing affordable housing for seniors; and integrating housing and health programs for seniors,” the BPC Task Force stated last week.

As a unique segment serving older Americans, the reverse mortgage industry should most certainly be a stakeholder…

Download a transcript of this episode here.

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

5 Tips to Prepare for a Conference

reverse mortgage news

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Preparation is Key to Maximizing Your Conference Experience

Conferences or annual meetings. Most of us enjoy the opportunity to break away from the typical workweek grind, expand our horizons, learn and network with other like professionals. The question is are you prepared to maximize the value you take away? A good question as many of you will be attending NRMLA’s Annual Meeting in San Francisco November 16th – 18th.

Here are 5 tips prepare:

1. Tie up loose ends. You may have to work harder the week prior to your conference. Get a handle on unfinished projects, call borrowers with pending applications and clear as many conditions on your loan pipeline as possible. That last thing you want is to be distracted when you finally arrive.

2. Email autoresponder. Use your email’s vacation autoresponder during your absence. Let those emailing you know when you will be out of town and the response times they should anticipate.

Download a transcript of this episode here.
reverse mortgage news

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