CONTRARY TO AESOP’S PROVERB THAT “familiarity breeds contempt,” I find that familiarity breeds comfort.
We like to peek at restaurant menus before we make a reservation. We like to look at photos of hotels before we book them. And who doesn’t rush the folks behind the popcorn counter so we don’t miss the coming attraction movie trailers?
Trying something new is always a risk, but the right introductory tools can make us feel it is less of a risk.
And so our team here at the National Reverse Mortgage Lenders Association thought it would be comforting to people considering reverse mortgage loans if we could usher them through the process in advance.
A couple of years ago, we published “Your Road Map to a Reverse Mortgage,” which described the process step-by-step. This popular guide has been distributed by members to thousands of potential clients and remains available.
In this issue of Reverse Mortgage Magazine, “You Are There: A Box Seat View of the Reverse Mortgage Process,” we take the curious directly inside of the process. Call this our reality- television-in-print view.
In this issue you will:
- sit across the table from a loan originator as she explains a reverse mortgage to a client;
- be a fly on the wall through a counseling session;
- watch an appraiser evaluate a home;
- join in on a closing; and
- see how a loan servicer assists clients.
For aging Americans and their children, we hope this look at reverse mortgages will make you comfortable enough to make a call to begin the borrowing process.
For industry professionals, we hope this will give you a better sense of what jobs in the business other than your own may entail.
For reporters and government officials, we hope this will provide a clearer understanding of the level of service provided to seniors considering a reverse mortgage.
And in addition to all the valuable information here, the journey through this process tells a good old story. Buckle your seat belts.