Jan-Feb2020

Talking Heads VW: The needs of homeowners in North Carolina differ from people living in New Jersey. Recognize what’s going on in the communities you serve. Understand the basic stress points. In New Jersey, it’s high taxes. I know people who got a reverse mortgage and used the funds just to pay their property taxes. When you visit someone’s home, don’t show up and throw up. Listen to people. People called you for a reason. Find out what that reason is. Tailor the reverse mortgage to meet that need. We’re not trying to put a square peg in a round hole. We can modify and make the program what they need it to be. RM: How have proprietary reverse mortgages, like RMF’s Equity Elite®, changed the marketplace? Describe the typical Equity Elite® borrower. VW: I see proprietary reverse mortgages as an enhance- ment. With the changes to the HECM program, it’s nice to have another option that can help more people. When I spoke earlier about the customer who’s paying $30,000 in closing costs to pay off a $50,000 mortgage, proprietary products can fill that void. Our typical Equity Elite® borrower is someone who has a mortgage that needs to be paid off. Once that’s done, there’s little need for additional money. They will take some money, but the primary motivation is to pay off the mortgage. I compare them to the old HECM Saver borrower who didn’t need that much money and didn’t want to pay all those closing costs. (FHA offered the HECM Saver from 2010 to 2013 as a low-cost reverse mortgage option for consumers.) RM: Where do you see the reverse mortgage industry headed in 2020? In five years? VW: Proprietary reverse mortgages will take on a bigger role. I see them giving seniors, even those not living in million-dollar properties, the ability to take that Saver option I just mentioned. It gives them the opportunity to use a reverse mortgage without the high closing costs. In five years, I think reverse mortgages will be considered the same way that a Home Equity Line of Credit (HELOC) has been considered for seniors. This way we have some- thing for everyone. 20 20 let your future come into focus with PRC We are excited to unlock new opportunities with you in 2020. With our experience, knowledge and resources, we can help you achieve YOUR vision for the new year. (800) 542-4113 PRClosings.com CONTACT US TODAY FOR ALL OF YOUR REVERSE MORTGAGE TITLE AND SETTLEMENT NEEDS! REVERSE MORTGAGE / JANUARY-FEBRUARY 2020 15