Comments on: Reverse Mortgage Loan Originations Caught up in New State Law Changes

By: Rand Wood

Rand Wood — Sat, 03 Jan 2009 02:49:03 +0000

It is not practical to have RM’s regulated by CLA as well as the current reg’s we have as mortgage lenders. RM’s are often misunderstood, by the industry as well as the public. RM’s have safeguards in place to protect seniors. These loans have been a saving grace to many.In the future I feel they will become more prominant and will become a major part of one’s estate planning.

By: Cheryl J Barr

Cheryl J Barr — Tue, 30 Dec 2008 17:19:27 +0000

Reverse Mortages can be beneficials to some seniors but I believe must be caredfully examined for each individual. With the new licensing laws there is no real market for Brokers/Loan Originatiors to offer Reverse Mortgages. My company in the past has not ever offered the product but always referred older clients to obtain counsel and a specialist in the reverse mortgage field. I believe the licensing will help “weed out” our industry and in the end benefit all, including those who work in the reverse mortgage arena.

By: Mark Johnson

Mark Johnson — Sat, 27 Dec 2008 22:00:54 +0000

510-LO-44600
509 457-1978

I think that Reverse Mortgages can be a nice way for some people to get some income as the age. However, they can be expensive (fees) and they should be looked at very carefully by the L.O. to make sure that he/she is looking after the best interest of the borrower. There might be some better alternitives. I do think that the provider should be trained and qualifed to offer the product.

By: Navie

Navie — Tue, 23 Dec 2008 21:07:57 +0000

As far as I know about the reverse mortgagest-are not being offered through brokers.(the mortgage lenders I’ve worked with in the past)

By: Garry Carlin

Garry Carlin — Fri, 07 Nov 2008 21:45:33 +0000

I’m just not involved enough in reverse mortgages to comment on the above. It sounds as if those that are better contact their lawmaker.

By: Bridgette Verna

Bridgette Verna — Sat, 20 Sep 2008 03:57:57 +0000

Not to plagarize, but I feel the same as Susan Lohse. I think that a reverse mortgage can be beneficial to seniors. I do not think it a “bad thing” for seniors to use the equity they have accumulated, as they like. It is not like they take the house with them when they pass on. I think it should be handled ethically like any other financial transaction regarding real estate. In essence it is their property, whether or not they use “their” money (equity) or leave it to their decendants.
Again tying back to our first article it is a fiduciary transaction and needs to be held to the same code of conduct.

By: Susan Lohse

Susan Lohse — Fri, 19 Sep 2008 02:18:00 +0000

Although I believe many seniors benefit from being able to utilze their equity through reverse mortgages, I don’t have 100% faith that they are in the clients best interest.