In the latest in a series of reverse mortgage “fly-ins” members of the Coalition of Independent Seniors (CIS), an advocacy group focused on ensuring seniors’ ability to remain financially indpenendent, recently spent the day on Capitol Hill to meet with members of Congress and staff in an effort toward educating Washington on the important role of reverse mortgages during retirement.
The meeting served as the most recent fly-in as members of the coalition met with 14 offices in the U.S. Senate and gave a briefing in the U.S. House of Representatives, with 33 attendees and 19 Congressional offices in attendance. Also attending the Congressional briefing were representatives from the National Council on Aging, the Mortgage Bankers Association and the National Reverse Mortgage Lenders Association.
During the briefing, the groups explained the dynamics of the program as well as the important roles the Federal Housing Administration and the Department of Housing and Urban Development played.
“The give and take with the audience was exciting, productive and informative. It was a very efficient way to educate and we certainly plan to do more of these perhaps even at a larger scale,” said Reza Jahangiri, CEO of American Advisors Group (AAG).
Other lenders and companies from the industry included Reverse Mortgage Solutions, Reverse Vision, and 1st Reverse Mortgage U.S.A.
“Beyond educating the audience on reverse mortgages, we also had the time to explain some of the dynamics around the industry ecosystem including origination, counseling, servicing, the role of HUD/ FHA and even HMBS, etc.,” said Bob Yeary, CIS Board Secretary and Chairman of Reverse Mortgage Solutions (RMS).
During the meeting, the groups also made sure to focus on the human side of the industry and its impact on seniors.
“The Congressional briefing was a chance for us not only to explain how a reverse mortgage worked but to share powerful real life scenarios where we were able to change lives for the better, and that was meaningful. In the end it was the heart-warming stories that captivated the audience,” said Dan Harder, President of 1st Reverse Mortgage U.S.A.