How Do You Deal With Changes (to the Reverse Mortgage Program)? There is no right or wrong way to deal with change. Every time the reverse mortgage program has changed in the last year I haven’t had an exact blueprint on how I would need to change myself, or my business, in order to continue to be successful in a new landscape. As far as the changes that were implemented on September 30 of 2013, it was more about helping as many people as I could before the change and then adapting accordingly afterwards. Fact of the matter is, those changes came swiftly, unexpectedly and the reverse mortgage industry was forced to make the best of it. This is what we’ve been doing for the time being. However, the financial assessment sill looms close and many, including myself, are wondering how the industry will change after this component is implemented. The industry is bracing itself for some difficult times ahead, even if we come out on top in the end. According to an article in Reverse Mortgage Daily, the chief executive officer of American Advisors Group, Reza Jahangir, stated the annual NRMLA conference: “There is no denying the next six months will be challenging to adapt to the changes being made to the program […] A lot of loan officers [in the industry] are down and frustrated, but they need to change their mindset.” Easier said than done, but not impossible by any means. I think we will need to gauge consumer reaction and interest in the upcoming months and adjust strategies accordingly. First and foremost, are consumers still looking into the reverse mortgage program despite the changes? I think they are, but probably with a different mindset than they should be. Often seen as a “loan of last resort” the reverse mortgage program will have to change its reputation before any progress can be made. Consumers need to see (and understand) that the reverse mortgage loan is more than a temporary fix…it’s a lifetime guarantee that you can age in place comfortably. The sooner the reverse mortgage is seen as a suture and not a band-aid, the sooner the industry will start to see a spike in reverse mortgage growth. Like Colin Cushman, chief executive at Generation Mortgage said, “we don’t have a product problem, we have a public perception problem.” Interested in a reverse mortgage or simply want more information? As a retirement planning tool the reverse mortgage program is top of the line. Consider your ability to age in place comfortably and give PS Financial Services a call at (888) 845-6630 or email us at We do not pressure those who inquire.