Essay About Senior Borrower And Adult Children

Outstanding Principal Balance (opb)
Fixed income with a home that was owned free and clear, or
with a modest outstanding principal balance (OPB). The new
market includes the expanded baby boomer wave with limited
retirement savings. These consumers will be looking to supplement
their retirement income with funds from equity and the
desire to reduce their monthly fixed housing expense.
Both of these market segments will be relationship-driven
and will be a source of additional mortgage leads for the professional
reverse-mortgage loan officer. Oh, and by the way,
dont forget that the loan officer will not only be interacting
with the senior borrower, but probably with the seniors adult
children as well—and they will have a direct interest in the
product and service offered to their parents. Of course, these
adult children also can be prime leads for their own new home
loan or a loan refinance. So offering outstanding service to the
parents can lead to additional traditional loan business.
To address these profiles, a reverse-mortgage originator
should have an empathetic personality with good listening
skills, and be the kind of professional who inspires confidence.
The loan originator should have a natural affinity for
dealing with older persons, whose deliberate pace could infuriate
others.
Patience and listening are at a premium, for there are a lot
of problems that a reverse mortgage can solve if customized
correctly. The originator must be willing to spend large
amounts of face time with each customer—even driving them
to and from their Department of Housing and Urban Development
(HUD) counselor appointment, if necessary. Independent
counseling