Archive for August, 2009

I’m Still in Your Neck of the Woods!

Posted on August 7, 2009. Filed under: 1 |

Being in the mortgage business since September 2001, it’s been pretty interesting. I started out working for a mortgage broker (a really nice man), then graduated to loan officer, then to Reverse Mortgage Specialist. I’ve been in this industry for eight years, doing Reverse Mortgages for six years. I’ve seen so much, so many changes– the sub prime mortgage companies going down, interest rates going up, Fannie Mae getting bailed out by the federal government, Reverse Mortgage Cash Accounts being eliminated in favor of only FHA Reverse Mortgages, then lending limits being increased now to $625,500 till end of this year and hopefully to be extended till end of 2010! Origination fees for brokers/bankers were reduced, and more surveillance in the industry is on the rise. That’s good.

And now, the industry has seen even Reverse Mortgage lenders (two recently) announce they will no longer be accepting applications. It isn’t a slow down of Reverse Mortgages perse, but an industry that is in flux, growing, learning, and making changes by leaps and bounds. But have no fear. The Reverse Mortgage isn’t going anywhere. It’s here to stay. Senior homeowners can take confidence that the program will be here, though admittedly not perfect. To my mind it’s far too complicated and FAR too much paperwork for borrowers to sign– my pet peeve. But we’ve still got a program that will continue to change lives for years to come.

Greater control is a must in this industry, so now it is required that loan officers MUST be licensed by their respective states. There will be national mandatory testing for all loan officers and testing for each state you are licensed in. Hopefully that will weed out those who have little desire to be true Reverse Mortgage Specialists with a heart for senior homeowners, those who just care about the “bucks” will go by the wayside.

So what am I up to lately? Last year I followed my former mortgage broker and boss (the one who brought me into the mortgage business in 2001) over to a mortgage brokerage firm that had more options and was in business for over ten years. After nearly one year, the mortgage brokerage decided to joined a mortgage banker called Advisors Mortgage Group headquartered in Manasquan, New Jersey. I would now have more options! The ability to be approved to do mortgages in more states and with a mortgage banker who had hundreds of loan officers was a plus. But the brokerage did not remain with Advisors Mortgage Group so I had a choice to make. Do I stay with Advisors who offered me Reverse Mortgage lenders to work with or join another company? Decisions, decisions decisions! But I made the right choice. I stayed. And I couldn’t be happier.

I still work from my home in Holbrook, Long Island just as I’ve done for years, and I continue to visit senior homeowners in their homes. The only change is a top notch company that goes strictly by the book.

I pray you’ll wish me well as I continue this mortgage journey. I am approved to do mortgages in New York and New Jersey, and Advisors Mortgage Group is licensed in sixteen states. So with change, I recall a statement of my husband’s: “The more things change, the more they stay the same.” And that’s the truth.

You can find some interesting information about Reverse Mortgages here on my website which I created – sort of proud of it! ReverseMortgageLI.com-an informational and educational website for seniors.