In Reverse What’s Old Has New Appeal for 2023 By Thomas A. Barstow AS WE PUBLISH the last edition of Reverse Mortgage for 2022, we spend some time peering into the New Year. This is something we have done the past few years— looking ahead well before the calendar turns and while recent lessons and trends remain fresh. The year 2022 has been filled with what most business professionals dread—uncertainty. Uncertainty can be paralyzing. What should we do if we don’t know where the economy is headed? What will state governments do as they tinker with our products? What is the best course for closing loans in this environment? The uncertainty is sure to remain with us, including inflation, interest rates, the job outlook, housing prices and the fluctuating stock market. Those dynamics will keep everyone guessing. As you will find in this issue, however, leaders in the reverse mortgage industry aren’t paralyzed. They keep moving forward, adapting to change and looking for new opportunities. In our cover story Back to Basics (p. 20), we hear from Ed Robinson, president and chief operating officer of American Advisors Group (AAG). Robinson says 2023 is a perfect time for reverse mortgage professionals to go back to their roots with traditional HECMs. “Getting back to our knitting,” as Robinson calls it during his interview with writer Joel Berg. Growing the industry has been top of mind for industry leaders for years now, but 2023 will offer opportunities to continue marketing HECM products as seniors and their advisers look for safety nets to get them through the unknown. Robinson makes those observations while also pointing out that AAG intends to roll out new private-label products in 2023. We also know there is an encouraging statistic for people at or nearing retirement: The equity in their homes continues to grow. That alone is a reason to be optimistic in 2023, James “Jay” Wright, a partner at Birmingham, AL-based law firm Bradley and a member of NRMLA’s board of directors, tells Berg in the cover story. Change certainly will come in 2023, everyone seems to agree. That will include more guidance—if not new regulations—on appraisals. A new HECM Handbook will be out. Interest rates might stabilize—or not. And state governments will continue to tweak regulations, even if their changes aren’t needed. The article Tracking State Laws (p. 24) explores that situation. While some changes help our customers obtain reverse mortgages, other ideas hinder those efforts. NRMLA’s attorneys will continue monitoring those trends and outline what is likely to be debated next year. Facing the headwinds is what NRMLA does for its members, Steve Irwin, NRMLA president, writes in his In Reverse continued on page 4 REVERSE MORTGAGE / NOVEMBER–DECEMBER 2022 3
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