Malcolm “Mac” Tennant, CRMP, co-founded Access Reverse Mortgage Corp in 2005 with his wife Pamela (also a CRMP) and has overseen its continued growth since that time. Mac has established himself as a leading reverse mortgage expert and was one of the first Certified Reverse Mortgage Professionals in the state of Florida. In a recent interview with Weekly Report, Tennant discussed proprietary reverse mortgages, the benefits of radio and where he sees the reverse mortgage program headed.
Weekly Report: What is one (positive) take away for the coming year?
Mac Tennant: The proprietary products are a real positive but most significantly I think we may have finally reached the tipping point of respectability and mainstream applicability for reverse mortgages in general. President Trump recently ordered an examination of the HECM program. I think any objective analysis will show the HECM’s being written today will prove to be enormously profitable to the MI fund in future years and that there is room to restore some of the PLF’s lost in recent years.
WR: How are you approaching proprietary reverse mortgages?
MT: There are some great products out there. Competition is making them more attractive and I hope we’ll see the trend continue.
WR: What has been your most effective way to generate reverse mortgage leads? Social media? What else?
MT: Personal referrals are our best lead source. The market is over-saturated with so many companies targeting the same demographic.
WR: How has the conversation with reverse mortgage borrowers changed from a year or two ago?
MT: Lack of flexibility to offer reduced closings costs, coupled with increased IMIP on low draw loans along with lower PLF’s has driven HECM back to a more need based product.
WR: You appear regularly as an expert contributor on several radio programs. What types of programs are these? How did you get invited to participate on these programs? What advice could you give to someone who may be interested in getting involved in local radio?
MT: I have been on shows focused on real estate, legal and financial planning. Solicit the people hosting these shows and offer to speak. You will find many charge an ‘appearance’ fee as that is how most derive their revenue. Our best exposure was an ABC Action News I-Team Investigative Reporter segment. It started as an expose (as almost 100 percent of their programming is), but aired as a very positive piece on HECM for Purchase. That show was not solicited, they came looking for us.