housing counselors are actually educators,” Cosentini says in the Board Room column (p. 6). “They are empathetic and compassionate, and they have a need or desire to help others.” Rather than present the counseling process as a hurdle to getting a loan, she suggests industry professionals should tout counseling as a worthy service that is a good use of a potential client’s time. We also hear from David Berenbaum, who leads the U.S. Department of Housing and Urban Development’s Office of Housing Counseling. He has been intent on working with the industry, particularly NRMLA, to finetune the counseling process to make it more accessible to borrowers while further protecting them from potentially detrimental decisions. The growth in counseling services this past year—a 24 percent increase from fiscal year (FY) 2021 through FY 2022—demonstrates the growing popularity of the product, he also points out. “There’s a lot of opportunity for growth, and I think there’s tremendous opportunity for closer working relationships between the reverse mortgage industry and the housing counseling agencies,” he says in the cover story, Counseling the Counselors (p. 20). All of that is heartening at a time when financial literacy remains a problem nationwide. Another article, Understanding Longevity (p. 30), explains how many people simply don’t understand how long they might live in retirement. Underestimating longevity can greatly undermine the best-laid retirement plans, according to the survey from TIAA Institute and the Global Financial Literacy Excellence Center at The George Washington University. That report is further backed up by the sobering statistics in a recent AAG survey that shows few people are confident about their retirement situation. Some of those details can be found in the short article in the Numbers feature (p. 36). Reverse mortgages, of course, can fill many holes in retirement planning. As someone who expects to live until 100 and to work another ten years, I fully understand how I might want that tool in my financial toolbox. And for anyone who wants to listen, I will explain how it might work well—or not—for them. In Reverse In Reverse continued from page 3 Precise Control. Expert Execution. ASSET MANAGEMENT SOLUTIONS Five Brothers’ reputation for integrity, accuracy, and reliability has been built upon a relentless drive towards customer satisfaction. For over 55 years our expertise in nationwide field services, advanced technologies, and unrivaled Reverse/HECM/FHA expertise continues to build value for our customers, while improving communities across the country. Experience the Five Brothers difference… stronger results from the ground up.™ www.fivebrms.com • 855.552.8020 Inspections • Property Preservation • Violation Resolution Utility Management • Registration Services • Hazard Claim Repairs REO Asset Management and Disposition Safe. Sound. Secure. 4 REVERSE MORTGAGE / MAY–JUNE 2023
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