The reverse mortgage product is prone to a great deal of misunderstanding with the general public according to most industry observers, which has directly led to initiatives at leading industry companies that are focused on product education. However, one industry participant has a new opportunity to change reverse mortgage perceptions, this time at the government arm which oversees the Federal Housing Administration (FHA)-sponsored Home Equity Conversion Mortgage (HECM) program: the U.S. Department of Housing and Urban Development (HUD).
Carol Dujanovich, the VP of Operations at Michigan-based 1st Nations Reverse Mortgage, was recently honored with an appointment to HUD’s Housing Counseling Federal Advisory Committee, making her the first reverse mortgage industry representative to sit on such a committee. To discuss the significance of the appointment and what the committee will aim to do under the direction of HUD Secretary Marcia Fudge, Dujanovich sat down with RMD Editor Chris Clow for this episode of The RMD Podcast.
Here’s a short preview of the interview you can find in the episode, lightly edited for concision and clarity:
Chris Clow: Why do you think a representative from the reverse mortgage industry joining this particular committee is important for this moment, and what do you think the motivation was to invite you specifically, but also more broadly a reverse mortgage representative to join at this time?
Carol Dujanovich: Well, what the entire committee is about is to maintain homeownership. The reverse industry [is a] very small segment of mortgage lending, but in my conversations with Secretary [Fudge], [we’re aiming to] broaden people’s understanding of the reverse industry. We do counseling for potential homebuyers, [and for people who are] facing foreclosure. We do counseling for homelessness for homeless veterans. And here’s another segment now that has been really, I think, overlooked: the senior borrower. So, I guess I presented the opportunity to have someone represent the reverse world.
The RMD Podcast speaks with reverse mortgage business leaders, professionals, government officials, and thought leaders to provide listeners with the pulse of the reverse mortgage industry, and all of the business and regulatory realities which affect it. Hosted by Chris Clow and produced by Alcynna Lloyd.