NRMLA Launches Entirely New Consumer Reverse Mortgage Website

The National Reverse Mortgage Lenders Association has embarked on the “soft launch” of a new consumer-facing website that will serve as a resource for reverse mortgage borrowers as well as lenders. Launched as part of a new consumer campaign coined “Borrow with Confidence,” the new site, www.reversemortgage.org provides in-depth resources for borrowers who are considering a reverse mortgage. It replaces NRMLA’s former consumer resource with a new design and navigation.

“We view reversemortgage.org as an entirely new site,” says Peter Bell, NRMLA president and CEO. “The look is new, the content is new, and there are many new educational tools included.”

The site’s content is based largely on input from lenders, Bell says.

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“All of this has been created with extensive input from our membership. We asked lenders, originators, servicers, closing agents, what is the information clients most want and need—and we tried to include all of it. Our goal was to make the educational process for seniors and their families and advisors more accessible and more comfortable,” he says.

From advice to children of borrowers to a detailed description of the loan process from application to counseling, closing and disbursement, the site also includes a list of NRMLA-certified reverse mortgage professionals.

Frequently-asked-questions address common borrower concerns regarding servicing, insurance, requirements, loan types and other details regarding the products available today.

“This is a soft launch, a chance for our membership to have a look and feed us suggestions as well as to monitor how the site functions,” Bell says.

NRMLA is currently collecting feedback on the new site and ways that it can best serve the borrowing population as well as members. The association will conduct webinars in the coming month to walk members through the site and is planning a wider public launch for roughly a month from now.

View the Borrow With Confidence site.

Written by Elizabeth Ecker

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  • The look of the website is somewhat improved.   The content is another matter.
     
    For example, under the tab “Borrower Requirements and Responsibilities”, the website states following the heading, “Rights of Non-Borrower Residents at Time of Loan Termination”:  “If you are a non-borrower resident (living in the home but not on title), it’s important that you understand what happens when the owner on title permanently vacates the property, either by death or move out, and the loan becomes due and payable. Either you need to make arrangements ahead of time to pay back the loan when it becomes due, or you need to recognize that you will need to vacate the property.”
     
    First of all what does the heading have to do with borrowers?  Then the information that follows is bogus.  Unless the non-borrower resident has some interest in title, simply paying off the debt will do absolutely nothing.  The first test is does that person now own the property?  If that is the case then paying off the debt might work depending on the ownership structure but if not, wouldn’t that person have to buy the home FIRST?  But that is not the only error.
     
    Here is another example.  Under the tab Features of Reverse Mortgages, the last paragraph states:  “No matter how large the loan balance, you never have to pay more than the appraised value of the home or the sale price. This feature is referred to as non-recourse. If the loan balance exceeds the appraised value of the home, then the federal government absorbs that loss. The government pays for it with proceeds from its insurance fund, which you as a borrower pay into on a monthly basis.”
     
    The section is about reverse mortgages not HECMs.  Reverse mortgages and HECMs are not the same.  Proprietary borrowers are NOT involved in any government insurance program.
     
    The dialogue looks like it was written by someone with very little experience in the industry.  It is full of errors and very distorted, disjointed, and misleading.  NRMLA can do a better job than this!!!!

  • The look of the website is somewhat improved.   The content is another matter.
     
    For example, under the tab “Borrower Requirements and Responsibilities”, the website states following the heading, “Rights of Non-Borrower Residents at Time of Loan Termination”:  “If you are a non-borrower resident (living in the home but not on title), it’s important that you understand what happens when the owner on title permanently vacates the property, either by death or move out, and the loan becomes due and payable. Either you need to make arrangements ahead of time to pay back the loan when it becomes due, or you need to recognize that you will need to vacate the property.”
     
    First of all what does the heading have to do with borrowers?  Then the information that follows is bogus.  Unless the non-borrower resident has some interest in title, simply paying off the debt will do absolutely nothing.  The first test is does that person now own the property?  If that is the case then paying off the debt might work depending on the ownership structure but if not, wouldn’t that person have to buy the home FIRST?  But that is not the only error.
     
    Here is another example.  Under the tab Features of Reverse Mortgages, the last paragraph states:  “No matter how large the loan balance, you never have to pay more than the appraised value of the home or the sale price. This feature is referred to as non-recourse. If the loan balance exceeds the appraised value of the home, then the federal government absorbs that loss. The government pays for it with proceeds from its insurance fund, which you as a borrower pay into on a monthly basis.”
     
    The section is about reverse mortgages not HECMs.  Reverse mortgages and HECMs are not the same.  Proprietary borrowers are NOT involved in any government insurance program.
     
    The dialogue looks like it was written by someone with very little experience in the industry.  It is full of errors and very distorted, disjointed, and misleading.  NRMLA can do a better job than this!!!!

  • The look of the website is somewhat improved.   The content is another matter.
     
    For example, under the tab “Borrower Requirements and Responsibilities”, the website states following the heading, “Rights of Non-Borrower Residents at Time of Loan Termination”:  “If you are a non-borrower resident (living in the home but not on title), it’s important that you understand what happens when the owner on title permanently vacates the property, either by death or move out, and the loan becomes due and payable. Either you need to make arrangements ahead of time to pay back the loan when it becomes due, or you need to recognize that you will need to vacate the property.”
     
    First of all what does the heading have to do with borrowers?  Then the information that follows is bogus.  Unless the non-borrower resident has some interest in title, simply paying off the debt will do absolutely nothing.  The first test is does that person now own the property?  If that is the case then paying off the debt might work depending on the ownership structure but if not, wouldn’t that person have to buy the home FIRST?  But that is not the only error.
     
    Here is another example.  Under the tab Features of Reverse Mortgages, the last paragraph states:  “No matter how large the loan balance, you never have to pay more than the appraised value of the home or the sale price. This feature is referred to as non-recourse. If the loan balance exceeds the appraised value of the home, then the federal government absorbs that loss. The government pays for it with proceeds from its insurance fund, which you as a borrower pay into on a monthly basis.”
     
    The section is about reverse mortgages not HECMs.  Reverse mortgages and HECMs are not the same.  Proprietary borrowers are NOT involved in any government insurance program.
     
    The dialogue looks like it was written by someone with very little experience in the industry.  It is full of errors and very distorted, disjointed, and misleading.  NRMLA can do a better job than this!!!!

  • It was disappointing to click onto the button noted as “How much you can get?” (which is not a question at all) and find the information that webpage contained.  It had three examples of what three different borrowers could obtain in both a maximum lump sum and tenure payouts.  The only information provided are the ages of the borrowers, the value of a home, and the following statement:  “All numbers based on January 31, 2011 LIBOR 1-year interest rates.”
     
    There is nothing said about the margin, upfront fees and costs, the type of reverse mortgage, whether there was any debt against the property, or any other information.  Considering it is no doubt a HECM, it states the lump sum numbers and tenure payouts but how are those based on the 1-year LIBOR rate as of January 31, 2011?  It should have referred to the ten-year LIBOR rate instead and stated if it was a Saver or a Standard.
     
    Someone needs to rewrite the examples giving a little more detailed information.  I am surprised the Ethics Committee has not questioned it.

  • NRMLA, I think you did a fine job. Research shows a visually appealing site brings trust to the visitor, we all benefit from the consumer site. Maybe couple infographics or video presentations to bring things to life but in all it’s a nice step forward 😀

    • allreverse,

      Establishing trust is that shallow?  Perhaps you are right.  What a sad statement about our society.

      However, if that was true, why did Golden Gate Financial fail so miserably?  It also emphasized tehnological appeal over accurate information.  NRMLA has done the same.  It is obvious who oversaw this project, appeal vs. accuracy.

      • I do believe they
        said it was a “soft launch” and that they were inviting suggestions
        to improve the site.

        All efforts
        are to be applauded and any constructive feedback should be directed to the
        developers of the site. I’m sure they would appreciate all the help they can
        get.

  • I think the new site looks fantastic — great job, NRMLA! I know how much work goes into the development of a new site, and it is always an ongoing process. This is a huge improvement! I would like to suggest that viewers of the site who have suggestions forward their comments directly to NRMLA for consideration. Who better to provide feedback on content than our industry experts!

    • Sarah,

      Happy New Year!!!
       
      I would agree except NRMLA never sought input from its full membership BEFORE pubishing the website.  There have been too many rash decisions made in the industry in the last few years that were not well thought out before implementation.  

      Was implementing a new counseling protocol just three weeks before implementing Savers and ignoring Savers in that protocol a great idea?

      There are more but time does not permit. 

  • The new site looks good and it is more informative. It is not that easy to set up a website and I think putting videos and more graphics can make the page load slower. Anyway I appreciate the effort and the big improvement you made. 

  • I think this is great!  I remember when I first joined the RM Industry 9 years ago and there wasn’t any information for the consumer on reverse mortgages except for what NRMLA put together.  You guys always do a great job of making the process easy to understand and you always have the senior’s best interest in mind.  I also appreciate that you are asking for feedback and participation regarding the website.  Hopefully all borrowers will utilize this site as their main source of information since you know that NRMLA members will be consistently checking the website to make sure the content is accurate.  Thanks for all you do and for those of you that haven’t attended the NRMLA conferences; I encourage you to attend the NRMLA legislatative conference so you can see first hand how hard NRMLA works for you and also meet your Congressman and speak to them about your personal concerns relating to the reverse mortgage industry.  It takes all of us to make a difference in a senior’s life! 

  • I think this is great!  I remember when I first joined the RM Industry 9 years ago and there wasn’t any information for the consumer on reverse mortgages except for what NRMLA put together.  You guys always do a great job of making the process easy to understand and you always have the senior’s best interest in mind.  I also appreciate that you are asking for feedback and participation regarding the website.  Hopefully all borrowers will utilize this site as their main source of information since you know that NRMLA members will be consistently checking the website to make sure the content is accurate.  Thanks for all you do and for those of you that haven’t attended the NRMLA conferences; I encourage you to attend the NRMLA legislatative conference so you can see first hand how hard NRMLA works for you and also meet your Congressman and speak to them about your personal concerns relating to the reverse mortgage industry.  It takes all of us to make a difference in a senior’s life! 

  • Peter,

    You are right.  NRMLA is not a lead generation company but that does not mean that “inquiries” are not passed along.  This story is “old news.”

       

  • All in all, a wonderful work effort and product…  I applaud the ‘Road Map’ approach, and presentation of the ‘Borrow With Confidence’ theme.  The site is weil designed for visual navigation, and the content is generally strong.  Development of a site such as this is an ambitious undertaking.  NRMLA couldn’t possibly have invited the entire industry to participate or nothing would have been completed.  So it made the effort to develop and launch, trusting that important clarifications could be made, with the help of its many members, after the launch.  Unfortunately, rather than see the glass as ‘half full’, some have chosen to criticize the entire website and offer ‘gotchas’ rather than simply constructively proposing appropriate improvements.  That remains our greatest challenge, overcoming negativity to unify our industry voice.

    • Bart,
       
      It is good to hear your voice.  Your criticism is welcome as is that of Peter.
       
      If my criticism was just being negative for the sake of being negative then your argument is right.  I do not believe the industry holds back its best from NRMLA projects.  What the website shows is that the website design looks professionally done maybe not to some of our expectations but still its appearance and functionality are definite improvements.
       
      What lacked is its content.  If a dinky portion of it had not been presented then the cry would have risen that the critics just love to hear themselves criticize with no proof to their statements.
       
      So when a dinky piece of the problem is displayed, cries of negativity and divisiveness spring forth.  Critics are not loved; we know that.  The question is whether what we say is right or not.  If what I said was wrong, then point that out.  While you might disagree with my conclusion about the overall content, I do not believe that level of quality in content for the Financial Freedom website would have been received with praise or endured for long at its executive levels during your days with that firm.
       
      I disagree with your assessment of how things should get done.  Is it easier to do something right the first time or read through 1,000 emails all telling you the same thing; you got your facts wrong?  There was little professional pride shown in the original content in the website.  Is it really so negative to say so?

  • Why not cease comments here and save them for NRMLA? That way further comments can go for the good of the industry and not to feed over-inflated egos of social media attention seekers…

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