As a tax volunteer for AARP, training and testing were required; supervision was thorough and strong. The level of tax returns distributed to the volunteers at our location was well monitored and overall the program did a very decent job of trying to help taxpayers.

The monitoring program described above on the other hand has no training. Anyone who fills in the checklist qualifies to be a monitor? This means potentially even competitors can become AARP monitors and fill in the checklist. What about those who are unreasonably disgruntled with one firm attempting to irrationally harm others? Who thought up this idea?

Monitors who attend meetings are instructed not to identify themselves as AARP monitors or to bring anything that would identify them as such. Anyone who cannot attend is encouraged to send in their invitations to AARP for review. One of the items on the checklist is reverse mortgages.

By the tone of the instructions and the checklist plus the statement of former SEC Chairman Cox, the whole program seems weighted towards finding some type of problem in the presentation whether anything significant is wrong or not. While it only seems right for government agencies to monitor those they have oversight and responsibility for, this program seems to be an attempt by AARP to gain an inappropriate foothold in the oversight of the investment community.

Can AARP be unbiased? What will they do with the information they receive? Will you be paying for one or monitors to attend your next seminar? Get ready; AARP monitoring is here.

Free lunch monitors?

My reverse mortgage company abandoned free lunch (and dinner) seminars long ago because we were being victimized by “plate lickers” — seminar attendees who are there only for the free meal and had absolutely no interest in the subject matter of the seminar.

Perhaps we should have had these free lunch monitors attend our seminars and chase away the “plate lickers.” Oh, I get it! Those weren’t “plate lickers” at our seminars — they were free lunch monitors!!

In NY when they hold Continuing Education (CE) seminars, the presenter can ask if any one is from the NY State Ins. Dept., and they then must identify themselves. I can envision an AARP monitor, not being a fly on the wall but instead attempting to entrap the presenter or otherwise asking questions or making statements that otherwise alter the tone or direction of the original presentation. We all have been at seminars where some know it all or a highly negative person might disrupt the intended educational flow. In other words: please, no unidentified “monitors”.

To dduck: You mentioned “hidden” costs in a reverse mortgage. What are those hidden costs. I was unaware of any hidden costs. Please respond.

It sure gets tiresome being accused of ripping off or misleading seniors. There aren’t any “hidden costs”. It is what it is, things are fully disclosed, this program is SO regulated, and everyone must attend counseling to confirm the facts. I’ve been in the RM business for 7 1/2 years and got into it to help people, just like most of the others I know that are in this business. Sometimes I wonder if it’s worth all the misdirected criticism.