Give Up & Give In?

Yes…to change. Acceptance & Adapting for Success
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Reverse Mortgage Business News

Giving Up & Giving in are immediately seen as negative but let’s look at it from another angle. Giving up resistance to change and giving in to our new reality. Change is often difficult, messy, and unselttling. It’s natural as humans to fear change as we crave comfort and avoid pain. There are some changes we should be resistant to…those that violate our personal boundaries or bring harm. But the rest of it…embrace. Resisting change can leave us stuck, frustrated and fearful. Embracing change may be uncomfortable for a time but the rewards outweigh our temporary tribulations. Something we all face as we read reverse mortgage news.

Some of today’s largest companies are successful because they changed their business model. Paypal began as a company which encrypted financial data sent from PDAs  (that’s personal digital assistant, the predecessor to smartphones). They discovered…



Warren Strycker September 20, 2013 at 3:31 am

Obamacare is here. I’m going to try nursing. Change is good. It makes us consider quitting.

OK Shannon. You came all the way through the week and didn’t blow a fuze.

How many ways can you thank people who get in the way of progress?

The_Cynic September 20, 2013 at 8:13 am


It seems some need to leave the industry. Change is just too much. Why in the world nursing? Talking about change!

Walt Gephart September 20, 2013 at 6:07 am

This is my 10th year in reverse mortgages and I have seen so many changes it is hard to keep track. For me these changes bring an opportunity to utilize this program as it was originally intended! I am excited about that prospect. Some of my best years in the Industry where from 2005 to 2010 when the line of credit program was all I used.
As a matter of fact in the last few years when the fixed rate was being used about 85% of the time I was still only using it in a dire need situation to payoff a large mortgage. I look forward to these changes especially the lower upfront MIP charges for those loans that stay under the 60 % draw. I really see a bright future for our chosen profession.

The_Cynic September 20, 2013 at 8:46 am

There are many predicted results of the changes we will see just on September 30, 2013 for HECMs with case numbers issued on that date or later which make the changes hard to swallow. The first is an expected drop in UPBs at funding of over 49% which will mean lower revenues for lenders and thus originators. Second is the loss of a significant portion of needs based borrowers. The latter comes at a time when we have seen a slight turn around in new endorsements.

Then we must prepare for the coming changes on January 13, 2014. Financial assessment will not only result in substantial tax and insurance set asides for some borrowers but will directly eliminate others. The result will be a much less potent HECM due to lower net proceeds for some seniors and also another hurdle for endorsements, meaning fewer closings.

Digesting all of this right now is somewhat of a bitter pill producing a very sour stomach. Yet on the other hand a sour stomach is much better than the alternative, the loss of the HECM program as found in Section 292 of the pending PATH bill (HR 2767).

What I cannot understand is why so many are clamoring for HUD to leave things the way they are now. They want a social welfare program but lack the stomach and the will it takes to change the HECM program into that. Their idea takes far more than the actions of HUD alone. It will require the action of Congress.

Yet my question is why stay in something that makes you bitter? Yes the medicine is bitter but why should you be? Being continually bitter profits no one particularly the seniors we are supposed to be helping. If the outlook to you is so bleak that you are turning bitter, then it sounds like it just might be the time to move on. Of course, those who leave in that way may just have adopted a quitting mentality which will resurface again and again with changes in a new career as well. As a close friend once told me, you can quit a job and find a new one but you will take yourself with all of your concerns and fear of change to the new job. So it is better to deal with those things right where you are now before you get that next job.

CLIFF RIDDLE September 20, 2013 at 1:29 pm

when the snow gets to deep you have to learn how to walk on top of it,,,,,,cliff


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