The Big Squeeze

Equity-rich homeowners find themselves squeezed between inflation and a volatile stock market

We should never forget that today’s economy isn’t just a hardship for retirees, for many it’s an outright nightmare. Older Americans are seeing their purchasing power evaporate as they ratchet up retirement withdrawals in the effort to stay afloat. Older renters who don’t have a nest egg of home equity built up are feeling the worst effects of inflation. 

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1 comment

John A. Smaldone July 5, 2022 at 5:27 am

Shannon,

hearing what you have said is sad, even thought I am aware of what you have outlined, it is very sad! We should NOT be in the position we are in today. More suicides, more foreclosures, seniors savings are depleting, prices of everything continually going up!

What is so frustrating and depressing is there are ways out to what we all are facing today!

Yes, a reverse mortgage can be a way out for many seniors, seniors are still confused about what a reverse mortgage (HECM) really is! We in the industry are failing our seniors, we need to be out there every where we can to properly educate our senior population on the in’s and out’s of a reverse mortgage! To many in the industry today look at a senior in the form of a $, Dollar Bill, so sad. It used to be we would hold educational workshops, team up with Elder Law Attorneys or Home Health care providers or both. Many times the workshops would last 2 hours or more, depending on questions from the audience. Wonder if that is done any more?

WE would take time at the Table in front of our seniors and spend as much time as it took to get them to fully understand everything they needed to know about the HECM. And, what was so important is that we spent the time to discover what their real need was! If a reverse mortgage was not right for them, we would advise them properly! The senior always came first!

Shannon, I wonder if that is a majority of the philosophy of originators of today? Your broad cast was great as usual, I didn’t mean to go on so long, but your broad cast inspired me!

Thanks Shannon,

John

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