Comments on: AARP & Financial Services Industry Duel Over Housing Bill http://reversemortgagedaily.com/2008/07/10/aarp-financial-services-industry-duel-over-housing-bill/ Reverse Mortgage News and Information Wed, 23 May 2012 19:20:00 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Terry http://reversemortgagedaily.com/2008/07/10/aarp-financial-services-industry-duel-over-housing-bill/comment-page-1/#comment-4762 Terry Fri, 11 Jul 2008 16:08:56 +0000 http://reversemortgagedaily.com/2008/07/10/aarp-financial-services-industry-duel-over-housing-bill/#comment-4762 The majority of financial advisers and reverse mortgage originaters are good honest people looking out for the well-being of the senior homeowners. It is only a few rotten scum bags that have marred the image of either industry. I agree that we cannot throw the baby out with the bath water. My own personal belief is that, as the originater of a Reverse Mortgage, I should not be involved in the selling of any other financial product using the proceeds of the reverse mortgage. If, however, another member of my same firm is in the business of selling other products, and it is deemed to be beneficial to the borrower, then I should be able to do the reverse mortgage and the financial adviser should be able to serve the client also. In this case I am not selling the other financial product and the adviser is not orignating the reverse mortgage. If it is ever found that the fiduciary responsibility was breached by either party, then both parties should be held accountable even to the extent of being prosecuted under elder abuse laws. Make the penalty stiff. The majority of financial advisers and reverse mortgage originaters are good honest people looking out for the well-being of the senior homeowners. It is only a few rotten scum bags that have marred the image of either industry. I agree that we cannot throw the baby out with the bath water.

My own personal belief is that, as the originater of a Reverse Mortgage, I should not be involved in the selling of any other financial product using the proceeds of the reverse mortgage. If, however, another member of my same firm is in the business of selling other products, and it is deemed to be beneficial to the borrower, then I should be able to do the reverse mortgage and the financial adviser should be able to serve the client also. In this case I am not selling the other financial product and the adviser is not orignating the reverse mortgage.

If it is ever found that the fiduciary responsibility was breached by either party, then both parties should be held accountable even to the extent of being prosecuted under elder abuse laws. Make the penalty stiff.

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