Jan-Feb2020

In Reverse In Reverse continued from page 3 reverse mortgage. Mark Olshaker, a staff writer for Reverse Mortgage , tells us about Vince Scarich, 81, who has been able to stay in the house he has lived in for 47 years in California’s Silicon Valley. More importantly, Olshaker tells us, the opportunity offered Vince more than just a place to continue to call home. “I can now go out to dinner when I want, buy what I want and give what I want,” Scarich tells Olshaker. “The mindset, the mood and the space the reverse mortgage has given me is one where now I don’t have to worry.” Through the year, we will examine some of the numerous topics that came up at the annual meeting—from technology issues to servicing trends to sales and marketing tips. In this issue, Olshaker writes about the issues facing counselors for both HECM and proprietary products, which was the topic of one of the well-attended seminars at NRMLA’s 2019 Annual Meeting. The counselors point out that much of the process is similar, but the differences can be complex. In addition, sources tell Olshaker, the industry could face a serious problem this year, when new rules go into effect for counselors. Jennifer Cosentini, of Cambridge Credit Counseling, warns that, starting in August, counselors must pass a test granting them HUD housing certification. She predicts that requirement might mean a lot fewer counselors but that those who remain will be dedicated. “You have to like what you do,” she says. As promised in the last issue, this edition starts the first of six closer looks at various regions nationwide. In an article that starts on p. 29, Berg talks to loan officers in the Mid-Atlantic. Each region shares similar issues as every other market nationwide, but we note some of the statistics that are unique to each state, while discussing what some observers see as trends in their markets. For example, in Indiana and Ohio, one lender sees potential for HECMs for Purchase. “I really think that’s where the future of the business is,” Tom Hedderich, a senior vice president for Hallmark Home Mortgage LLC in Indianapolis, tells Berg. The series will continue with the March/April issue of the magazine and run through the November/December issue. 4 REVERSE MORTGAGE / JANUARY-FEBRUARY 2020