Comments on: AARP Showing More Support for Reverse Mortgage Industry

By: MN Lender

MN Lender — Thu, 19 Nov 2009 04:56:00 +0000

I’m not sure that AARP really supports reverse mortgages… AARP supported last year’s MN Legislation 100% and through the legislation commended the MN AG for implementing the bill. AARP would not even listen when it was brought to their attention how the bill would have negatively impacted seniors and likely mean that reverse mortgages would not be offered in MN. In fact they sent a message to their membership to contact Governor Pawlenty to sign the bill stating, u201csenior homeowners deserve to be protected from financial fraud that may lead to loss of equity or even foreclosure.u201d rnrnHas AARP now gotten a better understanding of RMs and that they don’t lead to “loss of equity” (borrowers actually have the access to their equity to use NOW) and that they don’t lead to foreclosure but help seniors out of foreclosure? Also, have they stopped stating that they should be a last resort? Do they understand that the closing costs compare to conventional loans, the difference is the FHA mortgage insurance?rnrnUntil they get the facts right, I’m not sure how supportive they are of reverse mortgages.rnrnI do however appreciate their recent informative video u2013 it is a step in the right direction.rn

By: Anonymous

Anonymous — Thu, 19 Nov 2009 04:00:00 +0000

James Veale,rnrnWell put my friend, very well put. I am glad but cautious to see AARP’s position and support. We need them now more than ever. If they truly join forces with NRMLA, we as an industry will have strength on our side.rnrnJohn Smaldone

By: Anonymous

Anonymous — Thu, 19 Nov 2009 03:59:00 +0000

By: Anonymous

Anonymous — Thu, 19 Nov 2009 03:24:00 +0000

Our CPA firm audited hundreds of nonprofits. There is an old adage among nonprofits, “the only nonprofits which last are ones which make profits.” Nonprofits, tax-exempts, and charitiable organizations are complex and a field unto their own. AARP encompasses them all plus some taxable activities. It is a diverse and sometimes loosely connected group of entities.

By: Anonymous

Anonymous — Thu, 19 Nov 2009 03:06:00 +0000

Genworth has always thought they were the perfect partner for AARP.

By: MN Lender

MN Lender — Thu, 19 Nov 2009 02:56:49 +0000

I'm not sure that AARP really supports reverse mortgages... AARP supported last year's MN Legislation 100% and through the legislation commended the MN AG for implementing the bill. AARP would not even listen when it was brought to their attention how the bill would have negatively impacted seniors and likely mean that reverse mortgages would not be offered in MN. In fact they sent a message to their membership to contact Governor Pawlenty to sign the bill stating, “senior homeowners deserve to be protected from financial fraud that may lead to loss of equity or even foreclosure.”

Has AARP now gotten a better understanding of RMs and that they don't lead to "loss of equity" (borrowers actually have the access to their equity to use NOW) and that they don't lead to foreclosure but help seniors out of foreclosure? Also, have they stopped stating that they should be a last resort? Do they understand that the closing costs compare to conventional loans, the difference is the FHA mortgage insurance?

Until they get the facts right, I'm not sure how supportive they are of reverse mortgages.

I do however appreciate their recent informative video – it is a step in the right direction.

By: jsmaldone

jsmaldone — Thu, 19 Nov 2009 02:00:21 +0000

James Veale,

Well put my friend, very well put. I am glad but cautious to see AARP's position and support. We need them now more than ever. If they truly join forces with NRMLA, we as an industry will have strength on our side.

John Smaldone

By: jsmaldone

jsmaldone — Thu, 19 Nov 2009 01:59:12 +0000