LoanWell America announced today that Jourdan Hoover will be joining the company as Sr. Vice President.
Formerly, Jourdan was Wells Fargo’s top producing reverse mortgage originator in Florida. Jourdan spoke last year at the NRMLA Tradeshow in Orlando on the subject of the Purchase HECM Program.
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 Tuesday was Groundhog Day. And according to the official observers, Punxsutawney Phil saw his shadow so we get 6 more weeks of winter. I’m a bit skeptical, but what do I know? I’m in Baltimore and we’re about to experience another round of snow. This day reminded me of the movie by the same name, Groundhog Day, with Bill Murray. I know you’ve seen it, possibly many times. Bill plays a weatherman who lives the same day over and over again. Do you ever feel like your reverse mortgage business is a constant replay of this movie? Lately I have received comments that lead me to believe a lot of us in this business are feeling this way. Volume is down overall (maybe not in your area if you’re lucky), and we are working hard, very hard. But are we working smart? If I had to make a guess, I’d say no. If we are not shaking things up a bit, how can we expect to see results?
Remember those goals we all wrote down at the end of 2009? How soon will you reach your first goal? I’ll share just one of mine with you. My number one goal for my reverse origination business is to double the size of my referral network. I’m making progress, but not quite on pace, so I need to step things up a bit. I attend several networking groups each month and I’m a member of many professional organizations. I know I’ll meet my goal, because I have a specific plan. In the coaching group I run, we hold each other accountable and each member reports their progress at each session. Who is holding you accountable? If you need some tips on marketing and outreach, write to me at
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
. There are many things you can do, even on a limited budget.
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Similar to the basic concept behind a Reverse Mortgage, Life Settlements can provide financial liquidity for many seniors, in this case, by converting their policy to cash.
Like the Reverse Mortgage product, the Life Settlement option is still vastly under-used. According to the Life Insurance Settlement Association, over 85% of all in-force life insurance policies today are surrendered or lapse before ever maturing into a claim.
Life Settlements, which are mostly available to anyone over age 65 with a whole life, universal, or convertible term life insurance policy, have provided more than $8 billion to policy owners over the past four years with 2009 marking the products 10 year anniversary.
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Generation Mortgage has just signed a new lease at Piedmont Center North for 48,257 square feet of space. This represents a 29,178 square foot expansion for the reverse mortgage lender.
Generation's chief executive and president, Scott Peters said, "This expansion is critical to support the infrastructure for our expected growth in 2010. It also allows us to maintain our excellent standard in customer service by anticipating the needs of our business and consumer customers."
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 The abuse of the elderly is a widespread problem within the United States. Statistics produced by the National Center on Elder Abuse estimate that “between 1 and 2 million Americans age 65 or older have been injured, exploited, or otherwise mistreated by someone on whom they depended for care or protection.”1 The realm of elderly mistreatment includes physical abuse, neglect, and financial exploitation. In seeking to address the problems posed by this situation it is necessary to understand why it is that the elderly are so vulnerable to abuse and why these figures seem to have risen so staggeringly.
As the baby boomer generation ages, and the oldest members begin to reach age 65,2 the number of elderly dependant on aid from surviving children, nursing homes, medical staff, and government agencies continues to grow. When this growing number of elderly meets and combines with the current economic recession a recipe for abuse and predation results.3 During these financially precarious times the elderly are particularly at risk of succumbing to “get-rich-quick” schemes and other means of financial exploitation, such as the sale of unregistered securities and investment in bogus start-up companies, which may leave them in more dire financial straits than they began in. According to a Consumers Digest article about mistreatment of America’s elderly “[c]urrent estimates put the overall reporting of financial exploitation at only 1 in 25 cases, suggesting that there may be at least 5 million financial abuse victims each year.”4
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