RM: What is the post-loan role that housing counselors can play in ensuring the success of reverse mortgages? DB: If a senior is struggling with their mortgage, and they call either their originator or servicer, it’s critical to ensure that they get referred promptly and quickly to a HUD-certified counselor. That’s an area for growth currently. We want to ensure that everyone enjoys the benefit of sustainable homeownership, particularly as they’re aging in place. I’m a big believer that housing counselors play a role in working with their clients for the life of their housing situation and, as we often say, for the life of their loans. That doesn’t mean simply counseling when someone is considering a HECM product and needs a certificate for approval. It’s my hope that our counselors will be a resource to seniors throughout their housing journey. We want to double down and emphasize the role of the counselors with regard to sustainable housing. RM: How has HECM housing counseling made a difference, especially post-Great Recession and post-pandemic? DB: A reverse mortgage is a unique product that can meet the needs of many seniors to age in place. That was always the intent. I also believe that FHA has improved upon the reverse mortgage program so that many of the concerns from over a decade ago no longer exist. The portfolio is performing well. There’s a lot of oversight. The parameters for originating the loan are extremely, extremely strong, and I believe that when the housing market returns, there’s likely to be growth in private-label products, as well. Should that occur, I hope that HUD counseling will be an active component as a best practice. Change lives and make retirement better for seniors. Our accurate and thorough closing process provides peace of mind for lenders and mortgage brokers. AllegiantReverse.com Toll Free: 844.808.8299 Reverse Done Right. Experienced Professionals Matched to Your Needs National Title and Settlement Services Hassle Free Assistance and Training GFE Fee Calculator 24 Month Tax History Property & Demographic Profiles REVERSE MORTGAGE / MAY–JUNE 2023 25
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