Obama or McCain: Who Is Better For The Reverse Mortgage Business?

With the first debate between Obama and McCain over, I’m curious who RMD readers think will be a better President for the reverse mortgage business.  Personally, I think the candidate who will do a better job managing the financial crisis will be the best choice for the reverse mortgage business.  In order for the reverse mortgage business to continue growing at the current pace we need some sort of a functioning forward business.  But what candidate is the better choice to manage the housing crisis?


According to a recent survey which polled 2,016 U.S. adults found that 58% of Americans think that Obama will better address the current state of the housing market than McCain (42%).  However, the survey which was conducted by Harris Interactive on behalf of Zillow was heavily influenced by whether respondents own a home.

For example, the spread between the two major candidates is much wider among those who have yet to become homeowners: 67% of non-homeowners think Obama will better address the housing market than McCain (33%). Among current homeowners, there is far less of a difference: 52% of homeowners think Obama will better address the market versus the 48% who think McCain will.  See the chart below.

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Who do you think will be better for the reverse mortgage business?  Vote in the poll below and feel free to leave comments.

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  • I believe that when people understand the truth, they will see that Democratic candidate for President is all rhetoric, with a history of no substance who is interested only ascending to the next career level.

    The Republican candidate for President is one who has a history of rolling uphis sleeves and working to get a job done. I trust John McCain and Sarah Palin (a proven worker for the people).

  • Bob Barr, the Libertarian Party candidate is easily a better choice then either the Demopublican or Republicrat candidate. We need a President that KNOWS economics.

  • Senator McCain has no clue regarding the economic engine of this country. Remember he was involved in the S&L debacle and barely escaped indictments. If he is elected it will be more of the same or worse a throw back to his good old days where he still remembered where he lived.
    Senator Obama may not be the “perfect” choice but who is I do believe he has the capacity to listen to all sides of an issue before moving forward. He does not seem to be stuck in the ’80s.
    Good luck and may God help us all.

  • I agree with Art (#1 above).
    My biggest concern overall is that Obama has no real qualifications! He is intelligent and a good speaker. But hot air does not get it done, especially in the most powerful position in the world. McCain is definitely not perfect, but at least he has “been there done that.” Unless a better person steps forward we are stuck with our choices.

  • Knowing the history of their proposed legislation, anyone who thinks a democrat would be a better choice for the reverse mortgage business is simply not paying attention.

  • Obama would not be better for ANY business

    He is Socialist. Please, dont get me started!

    I am voting for Bob Barr as I believe he would be the best choice for our business, but I could live with McCain

  • While neither Obama or McCain clearly understand the economic crisis we are in or how to solve it, Obama has made it clear that he is anti-business.

    Obama’s plan for solving this crisis is to raise taxes on citizens and corporations and add more cumbersome regulations to our industry. The LAST thing our industry needs is more regulations and tightening of credit.

    I fear an Obama presidency would put our country into a depression, not just a recession.

  • Since the creation of HECMs, we have had three Republican Presidents with a Republican dominated Congress, a mixed dominated Congress, and then a Democratic dominated Congress. We have had only one Democratic President and he had both a Democratic and a Republican dominated Congress.

    The rise in the volume of our business seems to have been best in the first three years of the second term of the Bush Administration. It has not been good in the last year of the Bush Administration during which he is clearly a “lame duck.”

    All that we really got in the Clinton years was legislation that HUD never implemented — no upfront MIP if all proceeds were spent on LTC insurance. The Bush HUD administration gave us principal limit lock, a real game changer. Legislatively, we have a mixed bag during Bush’s last year including facing lower origination fees on higher limit loans but the market has held our fees down anyway.

    On the proprietary side what a contrast in two short years both of which are Bush years. It is hard to say who will be best for these products.

    Fundamentally it is unlikely either candidate will veer that far from what the Presidents in recent history from their own parties have done. It is not a matter of style but rather a diligent look at those who advise them and who potentially controls the Congress during their Administrations.

    It seems Obama’s Administration will be dominated by Clinton era economists and McCain, Bush’s. We will most likely have a Democratic Congress during 2009 and 2010. Based solely on an admittedly very short history, it seems our best choice for an increase in HECM business is Senator John McCain.

  • It does not matter who wins because Barney Frank in the House and to a lesser degree Chris Dodd in the Senate (both Democratic leaders) control housing agenda. Their both pushing for more foreclosure bailouts and affordable housing funding. The MIP premiums of the FHA HECM program was targeted at one time by Franks to help fund the affordable housing program. Now Fannie/Freddie profits (if any) will go into this affordable housing fund. Under the current Democratic controlled Congress the reverse mortgage borrower was left off the “Temp. Stimulus Package” and now are the last to get loan limits raised in order to purchase or refinance.

  • For the record former Republican congressman from Georgia, Bob Barr did cosponser a bill along with 155 other members. HR1776 “To expand homeownership in the US”. Section 208 does mention help for HECM borrowers. He does not have anything better to offer then the other presidential hopefuls regarding reverse mortgage borrowers. It does not matter who wins, Barney will decide.

  • People…anyone who still believe the whole “Republicans are good for business” line of BS is living in some kind of Ozzie and Harriet past that never existed. Wake up! Don’t be fool enough to believe the phoney promises that a vote for the Republicans means anyone in business will be on easy street. Are we on easy street NOW? We’ll still be able to make plenty of money under a Democratic administration, and the rest of the American public won’t be in economic freefall in exchange for that privelge. This is the most dysfunctional economy I have EVER seen in my life and I am 56 years old. Obama is one smart cookie and clearly has the ability and motivation to listen to input from advisors and experts. I have every confidence that, if elected, he will be a very quick study on mortgage issues. Let’s make sure to communicate the needs of the reverse mortgage industry as he formulates his economic program. Stay active and be heard. Don’t expect Obama, or anyone, to magically know what’s going on in a particular industry. Let’s make it OUR priority to educate him. Get on his website and email him often.

  • While neither is perfect,nor ideal, I believe that McCain will do a better job of bringing both parties together. He has a record of doing that. Obama does not.

    I’m afraid that Oboma will toe the party line and rubber stamp every socialist agenda that comes out of the House and Senate.

    I’m also afraid that the Republicans will do the same thing that the Democrats have done during the entire Bush era, vote the party line and disrail any meaningful legislation.

    I would think that if the Democrats really thought about it, they would want McCain. If legislation that passes works, they can claim credit and if it fails they can blame the new “This Administration”, like they have with every other problem in this country.

    As an example, I seem to recall that it was Bush who said over and over that Fannie and Freddie should NOT take on more risk and Barny Frank and others who stated over and over that home ownership should be available for more disadvantaged borrowers and that Fannie and Freddie should shoulder more of the burden that Wall Street didn’t want. Well, they won and now Govt. is bigger. Gee, maybe that’s what they wanted all along…

  • Although I know you all make more than $250K, so you will vote for McCain to reap the tax benefits, We all know that the sub-prime crisis was caused by capitalism run wild. We cannot allow the mortgage industry or Wall Street geniuses loose to invent new ways to screw up the system. We need regulation, which Obama is for. By the way his financial advisors are Paul Volker and Robert Rubin, two highly respected people, vs. McCain’s Carlie Fiorina, a failed CEO? Give me a break.
    You don’t make $250K! Wake up we can’t take more or this no-regulation policy.

  • FHA Reform (including Hecm loans) was introduced in 2006 by House Republicans. In 2007 reintroduced by House Democrats. Finally in July 2008 it passed. Both sides have shaped things. Without the bipartisan support this bill would not have passed. The reverse mortgage program can thank, Barney Frank, Chris Dodd, Richard Shelby, Mel Martinez and a host of others in both the House & Senate.Obama or McCain does not matter, cooperation between Dems & Republicans on issues concerning seniors does.

  • What the President can do anywhere? When a cycle of a market come to an End. Greed is the final stage of a market. This is coming for 15 years in the Clinton’s years. So why not blame Clinton for the mess we are in! Now we have ride it out you can tell me the president of the bank can’t figure this out the real estate value will goes down and stop reverse mortgage or reduce the value!

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