Reversing the perception of reverse
Monday, 02 November 2009 10:30
I am a Reverse Mortgage Specialist in California. Over the past 2.5 years I have literally called on thousands of seniors who have existing Reverse Mortgages as that is my emphasis. I actually cold call Seniors with existing Reverse Mortgages.
In my travels I have met less than 10 people who regret getting a Reverse Mortgage. I have met many seniors whose kids have milked them dry and had no choice but to get a Reverse Mortgage. I have met seniors whose relatives got them to sign their homes over to them, and can not do a Reverse Mortgage. I have made several referrals to Civil Attorneys, Adult Protective Services, and Law Enforcement for Elder Abuse from families.
In all my time I ran into one prospect whose Salesman put them into a disgraceful annuity that generated $400.00 per month when the Reverse Mortgage would have generated $1000.00 per month. I referred the client to the Department of Insurance, and a Civil Elder Law Attorney.
So far to date this year I have helped approximently 50 seniors with Reverse Mortgages. The common theme with many last year, was adult children and their children all relying on grandma to pay the bills. 2009 was a big change, many clients came from Homes worth over $500,000 and they chose to get a Reverse Mortge because their equities had plumeted and to continue to live off them would have them broke in 5 years. I also saved a womans home and got her lender to short sale her high interest note putting $1200.00 back into her budget.
Last year I attended the NRMLA (National reverse Mortgage Lenders Association) convention in San Diego. I've never met a kinder loving group of sales people. I am a former cop, and expected to meet some slick, fast track Morgage Bankers that were refugees from Sub Prime, but much to my surprise, I found the industry as a whole, to be kind and looking out for a seniors best interest from the banks to the sales folks.
I am now enjoying some success, but most importantly I am enjoying the social Satisfaction of making a difference in the lives of my parents generation. This is the only career I can think of where I employ my marketing skills, with Case Management in a seniors best interest. I need to let you know although the number is diminishing, I tell many seniors to keep what they have, or that a reverse mortgage is not right for them.
Unfortunatly my generation were spenders and not savors, so I believe I have a secure profesion in the coming years which will take me to the winter of my life. I am so grateful, I, like thousands of other sales profesionals, have chosen to be a reverse mortgage Specialist. Please don't judge an entire community of profesionals dedicated to America's Greatest Genreation by some sociopath.
Respectfully,
Gregory B. Shearer
Reverse Mortgage Specialist
1st Source Funding
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