What a joke this program has been. Here in California any real estate person can do mortgages. No further license is required. With originators restricted from doing real estate transactions requiring a real estate license how could real estate people be compensated for providing information on reverse mortgages. What irony!

I know some believe they are being punished for the irresponsible actions of others, but are even the majority of these individuals willing to be subjected to the errors committed by their “advisors”? When even felons can be originators or their managers, how is it that anyone really believes that even a majority of these “advisor” programs were being properly monitored. I heard of fees of 50% for mere introductions and other spurious levels of compensation for little or no services rendered.

While I sympathize with those who are losing revenues, I do not sympathize with the continuation of this program. Good riddance.

To the Great American Philosopher:

The facts are the so-called HECM Advisor Program was terminated by Congress and HUD acted quickly to rescind the mortgagee letter allowing it. It seems that not only does a lowly California originator not have the benefit of your insights as to the values of this program, neither did Congress when they terminated it.

If you want it back, you should seek redress through Congress. Perhaps NRMLA or even HUD itself will champion your legislation. I know you are not the only person who supports it.

Apparently more than just this lowly California originator wanted it terminated. Even a few people who live outside of California helped end it.

I apologize if my celebration offends you. But, sir, please spend less time on your philosophy and more on spelling, writing, grammar, and typing.

An less than average American Jim