Newspaper Mailbag: Nice Change From the Typical Coverage

201004042036.jpgOregon’s Democrat Herald published a letter from a reader which is a nice change from the typical reverse mortgage opinions we see published in newspapers. See below.

Mailbag: An adviser you can trust

I would like to offer a bit of friendly advice based on a recent personal experience. Financial difficulties have become all too common of late for many people in all walks of life. In my situation, it followed the accidental death of my husband of nearly 30 years.

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I was in need of professional assistance. Through my lawyer, Mr. J. Phillips, I was introduced to the senior loan officer at U Max Mortgage, Mr. Gary Baker.

A thorough evaluation of my situation was made and a reverse mortgage was suggested. I needed more information and Gary patiently provided it. He carefully wrote down everything right in full view.

I quickly saw that Gary valued his time and mine. He made appointments in a timely manner and kept them. I was impressed, not only by his obvious knowledge of the subject matter, but his ease responding to my questions.

Gary has a special gift that allows him to keep his focus on the issues at hand. His clear thinking helped me see my complex situation from a more positive perspective. There was never any pressure as he stayed right with me all the way.

Gary is a veteran of the USMC. I don’t need to tell you they know how to keep the cadence and they have the ability to go until they have reached their goal.

My stress-filled life has settled down. I can tell you with all confidence that if you are considering a reverse mortgage or if you simply need some good financial advice, give Gary a call at (541) 258-7687. I think you will find all that I have shared with you true to the letter.

JoAn Wilcox, Lebanon

Mailbag: An adviser you can trust

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  • While one wishes the emphasis of the story would have been more focused on the product rather than the originator, it is great to see a newspaper printing a story of this nature.

    • There's a lesson to be taken from Ms. Wilcox' focus on her originator: While WE may be product-focused, most of our senior customers are more focused on how they feel at the end of the transaction, and that's largely a reflection of the quality of their personal relationship with their loan officer.

  • Cynic,

    I tend to disagree with your assessment of the story. What makes this industry so great and so unique – and SO different than subprime – are the quality of the people on the front lines working with the borrowers.

    It was nice to see a great loan officer highlighted in this way (and no, I am not Gary Baker!).

    • ReverseGuy,

      Is that what makes the industry great?? In one regard you are right but in another….

      I remember hearing from many who got burned in the subprime crisis that they trusted the originator to do the right thing, etc. Most did not blame the product because they claimed they did not know what they were getting into; instead they blamed the originator and the lender.

      In our industry trust should result in product education and appreciation. If all there is is trust, then when the HECM or proprietary product does not work as imagined, guess how the story will change. Ms. Wilcox may still be in the honeymoon stage with her reverse mortgage but eventually reality should set in. If she was properly prepared and educated then all is well. If not, those who provide such could be saying something much different.

      That is why I trust the testimonies of those who speak more about their appreciation of the product than testimonies which laud the originatior.

  • Cynic,rnrnI tend to disagree with your assessment of the story. What makes this industry so great and so unique – and SO different than subprime – are the quality of the people on the front lines working with the borrowers.rnrnIt was nice to see a great loan officer highlighted in this way (and no, I am not Gary Baker!).

  • There’s a lesson to be taken from Ms. Wilcox’ focus on her originator: While WE may be product-focused, most of our senior customers are more focused on how they feel at the end of the transaction, and that’s largely a reflection of the quality of their personal relationship with their loan officer.

  • ReverseGuy,rnrnIs that what makes the industry great?? In one regard you are right but in another….rnrnI remember hearing from many who got burned in the subprime crisis that they trusted the originator to do the right thing, etc. Most did not blame the product because they claimed they did not know what they were getting into; instead they blamed the originator and the lender.rnrnIn our industry trust should result in product education and appreciation. If all there is is trust, then when the HECM or proprietary product does not work as imagined, guess how the story will change. Ms. Wilcox may still have been in the honeymoon stage with her reverse mortgage when she wrote her testimonial but eventually reality should set in. If she was properly prepared and educated then all is well. If not, those who provide such testimonies about originators could be saying something much different.rnrnThat is why I trust the testimonies of those who speak more about their appreciation of the product than testimonies which laud the originatior. Who is a good guy today might be a very bad guy tomorrow based on a changing view of the product because they were not properly educated before acquiring it. Just check out the impressions stated in the testimonies of subprime borrowers; they are very educational.rnrnProduct education based on trust is both fundamental and crucial.

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