In today's political climate where most are looking for somebody to blame for the economic downturn, they don't want to let anyone think that the officeholders causing FNMA and lenders to make loans to people to who did not qualify might be the problem. They continue to look for the boogieman in the lowly financial consultants like they made the products and then asked the borrowers to lie about their earnings so they could make a loan.
It is time for everybody to admit to their slice of the problem, these loans should not have been authorized by the govt. , the lenders or the backers buying these loans. The Brokers had to offer the products that were available and if they did not offer some other bank or Broker would.
Here is the rub, offering reverse mortgages allows the Broker to truly make a change in the life of a senior citizen but there's so much negative press that it is freaking out the people that should do this to the point that they're frozen with fear, they do nothing and then many lose their home or continue to just squeak out an existence.
My partner just met with a person in southern California that had a Turkey Farm that was awfully profitable for several years so he made a decision to reward himself with a lovely home now worth $2,500,000 even after prices have dropped. The issue is that shortly after he built this wonderful home the company buying the Turkeys moved their processing plants to the Midwest to flee the high price of engaging in business in California. Now this man who has done so well is on the verge of losing everything because he does not have the money flow to support his home mortgage. We managed to go in and do a Jumbo Reverse Mortgage and save this man from certain disaster, what a superb sensation this gives us to be the only ones in this man life offering a solution instead of asking him to sacrifice or pay out more of his now limited money.
I feel a bit like we are saving seniors from certain destruction and yet we should tolerate the likes of Hilary Clinton asserting the issues in the economy are the Brokers fault, really Hilary, when was the last time you actually helped an older citizen keep their home? The service we are providing actually is a work of love, our industry has gotten harder as home values drop, we need to tell seniors that they may lose their home because they waited too long and their home value is not enough to solve their problems.
The positives still out weigh the negatives in our industry, keeping a senior in their home gives you a great sense of satisfaction. Providing the money needed for these people to continue to provide for themselves allows the Loan Officer to give real service to those in need, not just concentrating on making money. This is a business for those who like that special feeling you get when you help another in need, if you can see yourself making a living helping seniors live a higher quality life then you should think about getting into a reverse mortgage career.
.
