"Here's mine: Your reverse mortgage was created by an act of Congress in 1987, signed into law by President Reagan in 1988, as a benefit for senior homeowners who earn that benefit through age and equity accumulation. So it's much like the benefit that a VA loan is for a veteran. A Home Equity Conversion Mortgage is a benefit for a senior homeowner.' You can see the lights go on when you explain that."
"Don't sit in your office, because you're not going to be seen. Find a way to be engaged in the community. Don't be intimidated to go out there and meet the chamber president and be proud of what you do. You are like a financial Santa Claus turning locked-up money and bricks and mortar into cash flow. You have something to be proud of."
"Talk about making payments. Nobody makes payments on a reverse mortgage. But here's the reason payments matter: When people are taking out a loan where they know they're not going to make payments, do they feel responsible or irresponsible? This is about psychology more than math. The beauty of talking about payments is it allows them to rationalize not being irresponsible. Whether they make a payment or not is essentially irrelevant. They have the option to make a payment. You have to create that rationaliz"
A Home Equity Conversion Mortgage (reverse mortgage) allows eligible seniors to convert home equity into cash without monthly mortgage payments. The program originated from federal legislation in 1987–1988 and functions as a government benefit for qualifying homeowners. Effective practice requires visible community engagement, pride in the role, and disciplined, ongoing networking with financial professionals and community leaders. Presenting the loan’s optional payment feature addresses borrower psychology by offering a way to feel responsible while preserving flexibility. Clear, concise explanations and consistent relationship-building increase understanding and client acceptance of the product.
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