Helping Seniors Make Informed Financial Choices

Caveat emptor is an old legal maxim that literally means “let the buyer beware.”  The term comes from the British common law which formed the basis for the laws by which we are all governed today.  Fortunately for us all, caveat emptor is no longer the law.  Today, we are protected by a host of statutes and regulations that affords significant safeguards for consumers in the purchase of goods and services.

Certainly, the reverse mortgage process, including the mandatory reverse mortgage counseling session, is the “poster child” of consumer protection for senior homeowners.  Lake Tahoe Mortgage is fully supportive of every built-in reverse mortgage safeguard.

However, our company has a growing consumer protection concern that the current senior safeguards do not fully address.  We believe that a growing population of loan officers now offering reverse mortgages are not fully qualified and sufficiently knowledgeable to be providing vital advise to senior homeowners.

 

 

 

 

 

 

The unprecedented growth in the reverse mortgage sector and the near collapse of the traditional side of our industry has forced the “migration” of many loan officers into the healthy side of our business.  We welcome new entrants into this rewarding part of mortgage lending, but only if they are sufficiently dedicated to their profession and the seniors they serve.

Because of these concerns, we have called on our industry, and our professional association, to require a higher level of certification for those mortgage professionals who are offering reverse mortgages.

Until this occurs, seniors must protect themselves and their families by working only with those who specialize in reverse mortgages.  Firstly, determine if the lender is a member of the National Reverse Mortgage Lenders Association (NRMLA).  If they are not, it is doubtful that they are fully committed to their profession.  A membership list, by State, can be found on the association’s website at www.NRMLA.org.

 

 

 

 

 

 

 

 

 

 

“...seniors must protect themselves and their families by working only with those who specialize in reverse mortgages.”

As you have read and heard on the news, many segments of the mortgage industry are currently experiencing the most challenging period we have ever witnessed.  Companies are failing and people are leaving the business.  Contrast that to what is occurring in the reverse mortgage side of the business.  We have experienced 75% to 80% year-over-year growth for the past five years.  It is estimated that by 2020, one in five residential real estate loans will be a reverse mortgage.

By comparison, Lake Tahoe Mortgage’s Harry Gordon is an active member of NRMLA.  He holds the prestigious designation of Certified Mortgage Planning Specialist, sits on the Advisory Board of two major reverse mortgage lenders, teaches reverse mortgage strategies to life insurance agents, CPA’s, and financial planners, and is known by many as the “Reverse Mortgage Guru.”

 

If you are considering a reverse mortgage, Harry is the guy you need to know.  Give him a call today at (775) 823-8400x101, extension 113.