Comments on: Affluent Using Reverse Mortgages to Take Advantage of Distressed Property Values http://reversemortgagedaily.com/2009/08/12/affluent-using-reverse-mortgages-to-take-advantage-of-distressed-property-values/ Reverse Mortgage News and Information Sat, 26 May 2012 06:42:00 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Anonymous http://reversemortgagedaily.com/2009/08/12/affluent-using-reverse-mortgages-to-take-advantage-of-distressed-property-values/comment-page-1/#comment-38443 Anonymous Fri, 14 Aug 2009 00:55:00 +0000 http://reversemortgagedaily.com/2009/08/12/affluent-using-reverse-mortgages-to-take-advantage-of-distressed-property-values/#comment-38443 rnMr. Veale,rnAs I have posted elsewhere, it might be useful if Continuing Education (CE) course(s) were available on RMs. We insurance licensees also need CE credits, and most financial planners are insurance licensed. This could at least peak the interest of the more open minded FPs. All you need is a foot in the door, we are a little like lemmings with new products. Also, a little information I have found out about FP's thinking. I think, they are not calling RMs toxic, but rather the industry. They are afraid that the association with the RM industry, which they perceive to be under attack, could be catching. We FPs are a little skittish since we have been under attack many times. And, unfortunately, they hear the McCaskill untruths, and don't have the time or the inclination to ferret out the truth.rn rnMr. Veale,rnAs I have posted elsewhere, it might be useful if Continuing Education (CE) course(s) were available on RMs. We insurance licensees also need CE credits, and most financial planners are insurance licensed. This could at least peak the interest of the more open minded FPs. All you need is a foot in the door, we are a little like lemmings with new products. Also, a little information I have found out about FP’s thinking. I think, they are not calling RMs toxic, but rather the industry. They are afraid that the association with the RM industry, which they perceive to be under attack, could be catching. We FPs are a little skittish since we have been under attack many times. And, unfortunately, they hear the McCaskill untruths, and don’t have the time or the inclination to ferret out the truth.rn

]]> By: Anonymous http://reversemortgagedaily.com/2009/08/12/affluent-using-reverse-mortgages-to-take-advantage-of-distressed-property-values/comment-page-1/#comment-38444 Anonymous Thu, 13 Aug 2009 23:34:00 +0000 http://reversemortgagedaily.com/2009/08/12/affluent-using-reverse-mortgages-to-take-advantage-of-distressed-property-values/#comment-38444 dduck12,rnrnWe need to separate this type of abuse from insurance licensees and securities licensees into two sources . Cross selling seems to be very limited because there are so few such licensees who also originate reverse mortgages. As to the other licensees, the amount of abuse is simply unknown. rnrnI have yet to hear anyone suggest a number of abusive transactions that can be substantiated. Maybe that info exists but if it did, I am sure Senator McCaskill would have been promoting it if it supported her side and NRMLA if it supported our side.rnrnAs a CPA I am required to attend a minimum of 80 hours of continuing education every two years. Not once at a single event I have ever attended (most have an audience of over 150 people) even one person who has spoken positively about reverse mortgages. The best I have heard (and many instructors opine) is that if your client cannot do anything else well then maybe a reverse mortgage -- but have them exhaust all of their other alternatives before looking at a reverse mortgage.rnrnThere a wide array of financial professionals at the tax events, CFPs, CPAs, Securities Licensees, tax preparers, bankers, lawyers, company accountants and auditors, bookkeepers, paralegals, etc. In evaluating whether ot not to use the word "toxic" I could not find a better word for expressing how speakers and attendees react to the subject; it is as if they were subprime mortgages. Not all feel this way but the overwhelming sentiment is found in that word, "toxic".rnrnThe interesting thing if we have time to talk, the comments usually run: "I didn't know that," "that's not how I heard it," I don't personally know about them, I am just going by how my buddies say about them," "Are you sure about that," "well why would the instructor say that if it wasn't true," etc. dduck12,rnrnWe need to separate this type of abuse from insurance licensees and securities licensees into two sources . Cross selling seems to be very limited because there are so few such licensees who also originate reverse mortgages. As to the other licensees, the amount of abuse is simply unknown. rnrnI have yet to hear anyone suggest a number of abusive transactions that can be substantiated. Maybe that info exists but if it did, I am sure Senator McCaskill would have been promoting it if it supported her side and NRMLA if it supported our side.rnrnAs a CPA I am required to attend a minimum of 80 hours of continuing education every two years. Not once at a single event I have ever attended (most have an audience of over 150 people) even one person who has spoken positively about reverse mortgages. The best I have heard (and many instructors opine) is that if your client cannot do anything else well then maybe a reverse mortgage — but have them exhaust all of their other alternatives before looking at a reverse mortgage.rnrnThere a wide array of financial professionals at the tax events, CFPs, CPAs, Securities Licensees, tax preparers, bankers, lawyers, company accountants and auditors, bookkeepers, paralegals, etc. In evaluating whether ot not to use the word “toxic” I could not find a better word for expressing how speakers and attendees react to the subject; it is as if they were subprime mortgages. Not all feel this way but the overwhelming sentiment is found in that word, “toxic”.rnrnThe interesting thing if we have time to talk, the comments usually run: “I didn’t know that,” “that’s not how I heard it,” I don’t personally know about them, I am just going by how my buddies say about them,” “Are you sure about that,” “well why would the instructor say that if it wasn’t true,” etc.

]]> By: Anonymous http://reversemortgagedaily.com/2009/08/12/affluent-using-reverse-mortgages-to-take-advantage-of-distressed-property-values/comment-page-1/#comment-38445 Anonymous Thu, 13 Aug 2009 23:01:00 +0000 http://reversemortgagedaily.com/2009/08/12/affluent-using-reverse-mortgages-to-take-advantage-of-distressed-property-values/#comment-38445 For some experienced real estate investors in some parts of the country (caveat, caveat, caveat), times could not be better for investment. But for most HECM borrowers, using funds in this manner seems very, very risky at best. For some experienced real estate investors in some parts of the country (caveat, caveat, caveat), times could not be better for investment. But for most HECM borrowers, using funds in this manner seems very, very risky at best.

]]> By: dduck12 http://reversemortgagedaily.com/2009/08/12/affluent-using-reverse-mortgages-to-take-advantage-of-distressed-property-values/comment-page-1/#comment-33493 dduck12 Thu, 13 Aug 2009 22:55:09 +0000 http://reversemortgagedaily.com/2009/08/12/affluent-using-reverse-mortgages-to-take-advantage-of-distressed-property-values/#comment-33493 Mr. Veale,<br>As I have posted elsewhere, it might be useful if Continuing Education (CE) course(s) were available on RMs. We insurance licensees also need CE credits, and most financial planners are insurance licensed. This could at least peak the interest of the more open minded FPs. All you need is a foot in the door, we are a little like lemmings with new products. Also, a little information I have found out about FP's thinking. I think, they are not calling RMs toxic, but rather the industry. They are afraid that the association with the RM industry, which they perceive to be under attack, could be catching. We FPs are a little skittish since we have been under attack many times. And, unfortunately, they hear the McCaskill untruths, and don't have the time or the inclination to ferret out the truth. Mr. Veale,
As I have posted elsewhere, it might be useful if Continuing Education (CE) course(s) were available on RMs. We insurance licensees also need CE credits, and most financial planners are insurance licensed. This could at least peak the interest of the more open minded FPs. All you need is a foot in the door, we are a little like lemmings with new products. Also, a little information I have found out about FP's thinking. I think, they are not calling RMs toxic, but rather the industry. They are afraid that the association with the RM industry, which they perceive to be under attack, could be catching. We FPs are a little skittish since we have been under attack many times. And, unfortunately, they hear the McCaskill untruths, and don't have the time or the inclination to ferret out the truth.

]]> By: James_E_Veale_CPA_MBT http://reversemortgagedaily.com/2009/08/12/affluent-using-reverse-mortgages-to-take-advantage-of-distressed-property-values/comment-page-1/#comment-33492 James_E_Veale_CPA_MBT Thu, 13 Aug 2009 21:34:55 +0000 http://reversemortgagedaily.com/2009/08/12/affluent-using-reverse-mortgages-to-take-advantage-of-distressed-property-values/#comment-33492 dduck12,<br><br>We need to separate this type of abuse from insurance licensees and securities licensees into two sources . Cross selling seems to be very limited because there are so few such licensees who also originate reverse mortgages. As to the other licensees, the amount of abuse is simply unknown. <br><br>I have yet to hear anyone suggest a number of abusive transactions that can be substantiated. Maybe that info exists but if it did, I am sure Senator McCaskill would have been promoting it if it supported her side and NRMLA if it supported our side.<br><br>As a CPA I am required to attend a minimum of 80 hours of continuing education every two years. Not once at a single event I have ever attended (most have an audience of over 150 people) even one person who has spoken positively about reverse mortgages. The best I have heard (and many instructors opine) is that if your client cannot do anything else well then maybe a reverse mortgage -- but have them exhaust all of their other alternatives before looking at a reverse mortgage.<br><br>There a wide array of financial professionals at the tax events, CFPs, CPAs, Securities Licensees, tax preparers, bankers, lawyers, company accountants and auditors, bookkeepers, paralegals, etc. In evaluating whether ot not to use the word "toxic" I could not find a better word for expressing how speakers and attendees react to the subject; it is as if they were subprime mortgages. Not all feel this way but the overwhelming sentiment is found in that word, "toxic".<br><br>The interesting thing if we have time to talk, the comments usually run: "I didn't know that," "that's not how I heard it," I don't personally know about them, I am just going by how my buddies say about them," "Are you sure about that," "well why would the instructor say that if it wasn't true," etc. dduck12,

We need to separate this type of abuse from insurance licensees and securities licensees into two sources . Cross selling seems to be very limited because there are so few such licensees who also originate reverse mortgages. As to the other licensees, the amount of abuse is simply unknown.

I have yet to hear anyone suggest a number of abusive transactions that can be substantiated. Maybe that info exists but if it did, I am sure Senator McCaskill would have been promoting it if it supported her side and NRMLA if it supported our side.

As a CPA I am required to attend a minimum of 80 hours of continuing education every two years. Not once at a single event I have ever attended (most have an audience of over 150 people) even one person who has spoken positively about reverse mortgages. The best I have heard (and many instructors opine) is that if your client cannot do anything else well then maybe a reverse mortgage — but have them exhaust all of their other alternatives before looking at a reverse mortgage.

There a wide array of financial professionals at the tax events, CFPs, CPAs, Securities Licensees, tax preparers, bankers, lawyers, company accountants and auditors, bookkeepers, paralegals, etc. In evaluating whether ot not to use the word “toxic” I could not find a better word for expressing how speakers and attendees react to the subject; it is as if they were subprime mortgages. Not all feel this way but the overwhelming sentiment is found in that word, “toxic”.

The interesting thing if we have time to talk, the comments usually run: “I didn't know that,” “that's not how I heard it,” I don't personally know about them, I am just going by how my buddies say about them,” “Are you sure about that,” “well why would the instructor say that if it wasn't true,” etc.

]]> By: Anonymous http://reversemortgagedaily.com/2009/08/12/affluent-using-reverse-mortgages-to-take-advantage-of-distressed-property-values/comment-page-1/#comment-38446 Anonymous Thu, 13 Aug 2009 21:16:00 +0000 http://reversemortgagedaily.com/2009/08/12/affluent-using-reverse-mortgages-to-take-advantage-of-distressed-property-values/#comment-38446 No, but you could start on a professional designation, such as CFP, CLU, ChFC or equivalent, for the bigger picture view, and not just to push products. Not that some with designations don't just push product, it just lessens the abuses. rnAs an industry- the Financial Services Industry- it feels like we are fragmented. Some posters here feel that "planners" view RMs as "toxic". To the extent that that is true, planners are the losers and so are the seniors we are all trying to help.rnTo my view proper financial/estate planning should be comprised of many elements: accountants, bankers, lawyers, insurance and securities persons, reverse mortgage people and social workers (not a complete list, just alphabetical). We can't all be experts in all areas, but I think it is foolish to ignore certain products/tools/documentation. Mainly due to abusers and over zealous regulators, we are all over sensitive and guarded. I don't know, its a conundrum. No, but you could start on a professional designation, such as CFP, CLU, ChFC or equivalent, for the bigger picture view, and not just to push products. Not that some with designations don’t just push product, it just lessens the abuses. rnAs an industry- the Financial Services Industry- it feels like we are fragmented. Some posters here feel that “planners” view RMs as “toxic”. To the extent that that is true, planners are the losers and so are the seniors we are all trying to help.rnTo my view proper financial/estate planning should be comprised of many elements: accountants, bankers, lawyers, insurance and securities persons, reverse mortgage people and social workers (not a complete list, just alphabetical). We can’t all be experts in all areas, but I think it is foolish to ignore certain products/tools/documentation. Mainly due to abusers and over zealous regulators, we are all over sensitive and guarded. I don’t know, its a conundrum.

]]> By: James_E_Veale_CPA_MBT http://reversemortgagedaily.com/2009/08/12/affluent-using-reverse-mortgages-to-take-advantage-of-distressed-property-values/comment-page-1/#comment-33491 James_E_Veale_CPA_MBT Thu, 13 Aug 2009 21:01:17 +0000 http://reversemortgagedaily.com/2009/08/12/affluent-using-reverse-mortgages-to-take-advantage-of-distressed-property-values/#comment-33491 For some experienced real estate investors in some parts of the country (caveat, caveat, caveat), times could not be better for investment. But for most HECM borrowers, using funds in this manner seems very, very risky at best. For some experienced real estate investors in some parts of the country (caveat, caveat, caveat), times could not be better for investment. But for most HECM borrowers, using funds in this manner seems very, very risky at best.

]]> By: Anonymous http://reversemortgagedaily.com/2009/08/12/affluent-using-reverse-mortgages-to-take-advantage-of-distressed-property-values/comment-page-1/#comment-38447 Anonymous Thu, 13 Aug 2009 19:43:00 +0000 http://reversemortgagedaily.com/2009/08/12/affluent-using-reverse-mortgages-to-take-advantage-of-distressed-property-values/#comment-38447 I suppose that if I love annuities I could justify cross selling with RM proceeds, but we all know that we are not supposed to do that and it only hurts the industry. Maybe I've been naive and should go get my insurance license and let the good times roll? I suppose that if I love annuities I could justify cross selling with RM proceeds, but we all know that we are not supposed to do that and it only hurts the industry. Maybe I’ve been naive and should go get my insurance license and let the good times roll?

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