Reverse Mortgage Changes Offer a New Beginning
- How many times has something in your lives changed? A lot? A little?
- Were you happy with it? Angry?
- What did you do to make it better?
In truth, there are plenty of things those of us in the reverse mortgage industry can do to make the reverse mortgage changes a rewarding endeavor, starting with our attitude. While some have taken to given up and throwing their fists in the air, I’ve taken a more positive approach, seeing the changes as one small step for consumer satisfaction but one giant leap for the reverse mortgage industry as a whole.
Most importantly, the changes are a way to change the “last resort” reputation the reverse mortgage program has gained throughout the years. It’s strange to think that a program that has many options available for homeowners, depending on their personal situation, and can adapt to most situations, was seen strictly as a program to only look into when you’re “forced” to.
Many reverse mortgage industry leaders, however, are prepared to take the bull by the horns and make the reverse mortgage program a viable retirement planning tool once again. It’ll be hard, it may take a while, some people may not believe it, but, in the end, the reverse mortgage will remain an important source of retirement funds that seniors can benefit from in the long run.
According to an article published in Reverse Mortgage Daily, Dr. John Salter, who published a study last year on the merits of a reverse mortgage in the Journal of Financial Planning in regard to the HECM Saver, stated:
“With the new reverse mortgage program…the goal should be to educate people on it.”
I agree. The more people know what the reverse mortgage is REALLY about (not what the Fonz tells you it’s about) the better the industry will be. It’s important that consumers do their own research, talk to professionals, read articles in financial magazines, rely on credible sources that will offer detailed, and correct, information.
It’s the same in any profession, talk to the source, or the person closest to the source, and draw your own conclusions. In the meantime, I’m hoping the changes will–well–change people’s minds on the reverse mortgage program.