In Reverse Time Enhances Reverse Mortgage Appeal By Thomas A. Barstow A FEW YEARS ago, when I was in my late 50s, I wrote about how I understood why reverse mortgages could be great for some people but had determined a HECM or proprietary product wouldn’t be good for me. Since then, and as I approach 62 late this year, I am not so sure that will always remain the case. For one, it has become clear that my son has no interest in owning my home, even though it is close to being paid off. And I increasingly see the appeal of qualifying for a solid line of credit or having another way to back up my careful retirement planning. If the time comes, I will appreciate professionals who give me frank assessments of whether the reverse mortgage is a tool I should—or perhaps should not—use. I thought about those issues as I read the articles in this issue of Reverse Mortgage. We spend a great deal of time talking to experts who specialize in reverse mortgage counseling, as well as loan officers who understand consumer education never ends. People who might have had no interest in a HECM years ago might suddenly find the products now could fill a need. The experts make the connection that loan originators who act as advisers not only can help people but also boost the overall reputation of the reverse mortgage industry. Dean Jones, CRMP, who has been working with reverse mortgage clients for decades, makes that point plainly. He is the subject of the CRMP: Across the Kitchen Table profile (p. 14). “Back in '93, the question was, ‘What’s a reverse mortgage?’” Jones says in the article. “Nowadays, in 2023, everyone thinks they know what a reverse mortgage is, and they’re still usually wrong.” Seeds of long-ago encounters can grow as potential clients learn more about reverse mortgages, and unforeseen events make the products appealing in ways that might not have been obvious months or years before. Jones has developed a referral network but says he never stops educating individuals and looking for opportunities to tell stories about the products. He understands circumstances change, so he reconnects with people who either rejected the product or didn’t see a clear need at the time. Those who are trained and hired to explain how reverse mortgages work—the counselors who must review the details with a potential borrower—run into obstacles over misinformation all of the time. Jennifer Cosentini, housing director at Cambridge Credit Counseling Corp., outlines how the job of a counselor involves much more than relaying facts. “Good In Reverse continued on page 4 REVERSE MORTGAGE / MAY–JUNE 2023 3
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