Counselors Cut Confusion Experts: Sales Performance Improves With Better Educated Reverse Mortgage Borrowers By M. Diane McCormick THE FIRST TIME homeowners discuss reverse mortgages with a lender, they might harbor lingering misconceptions or confusion. But many know they want to stay in their homes, and the third-party confirmation from a U.S. Department of Housing and Urban Development (HUD)-certified HECM counselor inspires “aha!” moments. “We are reassuring what they were told, basically,” says Mohan Lalwani, program manager and HECM- and HUD-certified housing counselor with Reversemortgagehelper.com, a nonprofit division of Credit Card Management Services in West Palm Beach, FL. “That’s the best sales pitch by a loan officer because now they know what they’re telling the clients is exactly what the housing counselors reviewed. We as counselors make the loan officers look like a hero.” Housing counselors say they are career professionals who find satisfaction in helping older homeowners find pathways to financial independence. They cannot make life easier for lenders, but they don’t try to make it difficult, says Jennifer Cosentini, housing director and HUD-certified housing counselor with Cambridge Credit Counseling Corp. in Agawam, MA. They respect the relationship that lenders have built with clients, and they respect the reverse mortgage product. Mohan Lalwani 26 REVERSE MORTGAGE / MAY–JUNE 2023
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