In an effort to bring together reverse mortgage information into one common resource, a new book was published this month that aims to help people better understand reverse mortgages—professionals and consumers, alike.
“Understanding Reverse—Answers to 30 Common Questions – Simplifying the New Reverse Mortgage” was written by Open Mortgage branch manger Dan Hultquist, who formerly led training for Generation Mortgage and noticed throughout the course of his reverse mortgage career that the same questions came up again and again among originators as well as consumers.
“I started with about 50 questions that I was getting on a repeat basis, and when I replied via email I would copy and past the answer into a file. I found that many could be lumped together, and then I narrowed it down to the top 30,” Hultquist tells RMD.
The 138-page book, being sold on Amazon, comprises those answers as a reverse mortgage resource, including citations for where the information can be found in its original form, such as the Department of Housing and Urban Development’s website, mortgagee letters and HUD’s Home Equity Conversion Mortgage handbook.
A blog accompanies the book as an ongoing reverse mortgage resource for originators and to serve as an information hub for up-to-date rules, regulations and program updates.
While the book may serve to generate a few sales leads, says Hultquist, who is licensed in Georgia where he is based, the goal for the book is to serve as a guide for originators.
“The best reverse mortgage originators are educators because older homeowners don’t want to be sold something—they just want to understand,” Hultquist says.
Written by Elizabeth Ecker