Atare E. Agbamu continues his HECM at 20 Series of interviews with Sarah Hulbert, chief executive officer of Senior Financial Corporation by discussing the changes she has seen over her 17 year career in the reverse mortgage industry.
Reading the interview makes you realize how far the industry has come from its inception. While many complain about today’s cap on the origination fee, when Hulbert entered the business, origination income was limited to $1,800.
In addition, Hulbert says the overall awareness and acceptance of reverse mortgages has improved as a result of industry participants dedicating many years to educating the public.
I remember being asked, time and time again over the years, “Why aren’t any of the large banks offering reverse mortgages?” For obvious reasons, that question is no longer being asked. The product has evolved and matured to the point where banks and other financial institutions who do not offer reverse mortgages find themselves at a competitive disadvantage. They now see the value of offering this product to their client base as part of their efforts to serve their customers throughout the various stages of their lives.
Nice work Atare!