Overcoming the ‘Language Barrier’ Between Forward and Reverse Mortgages

There’s a shift under way toward more originators offering both reverse mortgage and forward mortgage products. Yet a complicating factor in this transition out of forward mortgages is the fact that the two industries use different terms to discuss similar concepts. This is a complicating factor identified by Michael Banner, president of Professional Mortgage Alliance, […]

Pfau Debunks Reverse Mortgage Critics’ Misconceptions

When examining the totality of negative press that reverse mortgage products have to endure, many of the most persistent reputational hurdles faced by the products arise from people viewing the products themselves in isolation as opposed to a single part of a larger retirement strategy. This is according to Dr. Wade Pfau, professor of retirement […]

What Originators Should Know About Taxes and Reverse Mortgage Borrowers

Reverse mortgage originators are not typically in a position to answer tax questions from their clients, but that doesn’t mean borrowers won’t have tax questions to ask, and it can help for originators to know where to point borrowers for the information they will need should those questions arise. While the following information could be […]

Forbes: Details on Reverse Mortgage for Purchase

The Home Equity Conversion Mortgage (HECM) for Purchase program was initially designed in such a way so that a previously more complicated process involving two mortgage transactions could be simplified, according to Dr. Wade Pfau, professor of retirement income at the American College of Financial Services, in a new piece at Forbes. “The government saw […]

Tips to Avoid Talking Too Much to Reverse Mortgage Borrowers

While reverse mortgage originators are likely to agree that they need to give potential borrowers all the information they need in order to make an informed decision, talking too much about reverse mortgage product features and details could actually work far more against a loan officer’s efforts. This was the main argument made by Craig […]

‘It’s Not Rocket Science:’ How Reverse Mortgage LOs Can Talk to Trusted Advisors

For reverse mortgage originators, marketing themselves to trusted advisors like Certified Public Accountants (CPAs), estate attorneys or financial planners can be a difficult prospect. On top of the reputational issues that plague reverse mortgage products on a persistent basis, reverse mortgage loan officers themselves can often get bogged down in the details of the product […]

Fox Business: What Seniors Should Know Before Taking a Reverse Mortgage

Citing a 2015 study by the Consumer Financial Protection Bureau that revealed consumers’ lack of understanding about reverse mortgage products, a new article at Fox Business written by reporter Linda Bell aims to address what potential borrowers “need to know” about taking a reverse mortgage. “While reverse mortgages can help some older homeowners meet their […]