A Chinese proverb admonishes “When the winds of change blow, some people build walls and others build windmills.” More than ever before we should ask ourselves if we are building walls to protect against the evolution of our industry or are we preparing to harness the momentum of change?
Continue readingWhat Do You Think?
Do you always take the same route to work, eat the same breakfast, etc? Changing an aspect of your daily routine — even something as minor as putting the other pants leg on first — can catapult your mind into new territory.
Continue readingJust Whose Home Is it Anyway?
Have you ever had a loan shot down by the borrower’s children? Yet this is a common issue encountered by most reverse mortgage professionals: senior homeowner’s needing relief from mortgage payments or increased cash flow and children who block the loan to protect their own self interests.
Continue readingStand Apart
Competition is up and volume is down. We’ve been here before as an industry so the real question is how will we differentiate ourself in the marketplace?
Continue readingSafe at Home (Part 1): Before the Fall
The reality is, over half of those 80 or older fall every year. Even if a senior falls and is uninjured, if he or she can’t get back on their feet, they’re in trouble.
Continue readingWhere Do We Go from Here?
Henry David Thoreau said “However mean your life is, meet it and live it.”. That sounds great in theory but what practical steps can we take to weather the current winds of change in the HECM industry?
Continue readingWhen You Feel Like Giving Up
From time to time we all can feel like giving up, throwing in the towel and walking away. It may be the challenges of our profession, a relationship or business venture.
Continue readingThe Mavens of Creative Aging
Are your reverse mortgage prospects mavens? Are you? According to Wikipedia, a maven is “a trusted expert in a particular field, who seeks to pass knowledge on to others”.
Continue readingNew HECM Products Nixed
There was a rush to market by a handful of lenders to offer fixed rate variant products which still fell within the guidelines of the federally insured reverse mortgage or HECM program. While FHA has not directly addressed these new products Ginnie Mae has.
Continue readingEvery Problem Once was a Solution
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What once worked may be problematic today
Oddly our topic that every problem once was a solution reminds me of the now extinct standard fixed rate HECM. It was a solution to borrowers seeking maximum funds or a guaranteed interest rate which became a problem loan for FHA when assessing risk and performance. This is a prime example of how behaviors, business models or marketing may become problems once they are not up to date anymore. On a personal level we can become angry with ourselves wondering why we act a certain way in a given circumstance. On the surface it may appear to be irrational. But is it? It’s not so much that a current behavior or pattern is irrational but rather that it no longer works. What was once a solution is now a problem.
You may have adapted a new strategy or way of doing business based on…
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