Reverse Giving Closes Before it Officially Launches

With the potential of new reverse mortgage regulations coming from financial reform legislation, Reverse Giving announced it’s shutting down before it has formally launched.

We covered the company and its goals earlier this month, which hoped to provide a safe way for seniors to give to churches through the proceeds of a reverse mortgage.

“Regardless of how you feel about the idea of reverse giving, it is my feeling that we would have been used as a scapegoat to set and enforce new tighter regulations on the use of reverse mortgages,” Lyn R. Link, CSA, Founder and President of Reverse Giving said. “This could have included restrictions on how seniors may use their reverse mortgage funds, including giving to their church.”

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Adding, “Given the mood in Congress and the bias in the media, Reverse Giving could have been used to bring negative publicity on reverse mortgages. I also feel that it might have put Reverse Giving’s sponsors at undue risk as the government flexes their new sweeping powers. The last thing I would ever want to do is cause any harm to the reverse mortgage industry, which I love and have been dedicated to for the past 20 years,” Link said.

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  • A classy move by a classy guy. It is sad that something filled with good intentions could be used against the industry, but Lyn is correct.

    I would have preferred he hung on a little longer but I think he deserves a lot of credit for making such a magnanimous gesture.

    There are a lot of people in this world who so flippantly say, “I take full responsibility”, but then do nothing after making that statement. Lyn is someone who did “take full responsibility” and I applaud his integrity and ethics.

    Good luck Lyn, I know you will be back with us very soon!

  • A classy move by a classy guy. It is sad that something filled with good intentions could be used against the industry, but Lyn is correct.

    I would have preferred he hung on a little longer but I think he deserves a lot of credit for making such a magnanimous gesture.

    There are a lot of people in this world who so flippantly say, “I take full responsibility”, but then do nothing after making that statement. Lyn is someone who did “take full responsibility” and I applaud his integrity and ethics.

    Good luck Lyn, I know you will be back with us very soon!

  • The reversemaniac is right on point.

    Having spent time corresponding and talking to Mr. Link since he first announced the creation of Reverse Giving, it was surprising to receive an email and an attached press release announcing the termination of Reverse Giving. In speaking with Mr. Link it was obvious he took in the comments of RMD readers and others and carefully weighed them in light of pending legislation, the recent activity of regulators, and his personal convictions and desire to benefit seniors, churches, and our industry. He concluded that stubbornly moving forward at this time had more potential for harm than the good it was designed to foster.

    I have never had higher regard for the motives, character, and honest integrity of Mr. Link, than I do right now. Mr. Link has provided a standard few achieve and he deserves our commendation for what he has done to avoid any potential problems for us and the industry despite its personal cost and loss to himself.

    Thank you, Mr. Link.

  • The reversemaniac is right on point.rnrnHaving spent time corresponding and talking to Mr. Link since he first announced the creation of Reverse Giving, it was surprising to receive an email and an attached press release announcing the termination of Reverse Giving. In speaking with Mr. Link it was obvious he took in the comments of RMD readers and others and carefully weighed them in light of pending legislation, the recent activity of regulators, and his personal convictions and desire to benefit seniors, churches, and our industry. He concluded that stubbornly moving forward at this time had more potential for harm than the good it was designed to foster.rnrnI have never had higher regard for the motives, character, and honest integrity of Mr. Link, than I do right now. Mr. Link has provided a standard few achieve and he deserves our commendation for what he has done to avoid any potential problems for us and the industry despite its personal cost and loss to himself.rnrnThank you, Mr. Link.rn

  • Thank you all for the very kind comments.

    It broke my heart to have to shut down Reverse Giving, but it was the right thing to do. I felt it could have really made a difference in supporting churches who are also suffering. However, the potential negative impact on the industry and resulting regulations on the use of reverse mortgages made this the wrong time for Reverse Giving.

    Speaking as a 20-year veteran in the reverse mortgage industry, always remember that the service you provide to seniors is very important and worthwhile. You are making a difference!

    God bless,

    Lyn R. Link

  • Thank you all for the very kind comments.rnrnIt broke my heart to have to shut down Reverse Giving, but it was the right thing to do. I felt it could have really made a difference in supporting churches who are also suffering. However, the potential negative impact on the industry and resulting regulations on the use of reverse mortgages made this the wrong time for Reverse Giving.rnrnSpeaking as a 20-year veteran in the reverse mortgage industry, always remember that the service you provide to seniors is very important and worthwhile. You are making a difference!rnrnGod bless,rnrnLyn R. Link

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