You say working with FHA to approve reverse mortgages? And how are you doing that? I didn't know that a brokerage firm was also a lobbyist. Curious to know how you plan to circumvent a law that doesn't exist.

Some brokers are trying to push reverse mortgages as the quick-fix for senior's financial concerns. Its the same pitch used to get people to re-finance fixed-rate wtih variable-rate mortgages so they could treat their homes like piggy banks and just keep taking cash out. Let me repeat myself, REVERSE MORTGAGES SHOULD BE AN ABSOUTE LAST RESORT FOR PEOPLE WHO ARE IN NEED OF CASH.

Did I say that loud enough? If you think your circumstances may be best resolved by a reverse mortgage, speak to a trusted broker, not some know-it-all who tries to push it on you without the slightest idea or notion of what would work best for you.

I quiet agree Steve, and I can see that Richard Russell's entire explaination was plagerism.

I wonder how many points Richard Russell makes off a reverse mortgage? Could be his motivating factor?

Quite*

Further, the 'points ' earned was also of concern here. After bringing this very fact up to FHA they replied that it is a fee subsidized by the government and not only does it NOT adversely effect the rate, terms or the 'product' in ANYWAY it in fact it is a 'wholesale channel, ergo: all is LESS expensive.

FHA prefers these firms to handle these programs to properly promote this to seniors as consumers attempting this directly with lenders, which is fine, are not made aware of all the aspects of the program AND alternative ones as Reverse may NOT be good for all that inquire, etc.

'Retail 'lenders are only interested in bottom line (profit; IRR, etc.) and NOT the consumer.

Good Night Arthur

Mom was approached by 2 different companies offereing Reverse Mortgages. They BOTH said that SHE COUL NOT GET A REVERSE MORTGAGE UNLESS THIS BUILDING WAS FHA APPROVED! The first wanted my mom & the business manager to split the cost of getting FHA APPROVAL. The sencond broker was willing to split the cost with the Building manager. We were led to belive for months that get FHA APPROVAL was a PIECE OF CAKE it was only at the last minute that we were told FHA APPROVAL is ot given for condo that were formally hotels.

Any dedicated profesional person\entity is all that is required to achieve the goal for Coop Reverse Mortgages.The 'widge't that creates commerse for those firms who are trying to reopen this channel is irrelevant. With the proper connections on the Board of Fannie Mae and other professional entities that are tangential to this effort will, in aggregate, assist in reopening this channel for Coops.

FHA approved Reverse Mortgages for Coops in 2008-10. The present governmental agencies who are responsible for this simply do NOT understand these asssts but they are the VERY assets that kept this local market 'stable' after Lehman due to the most Coop Board guidlines in approving purchasers. For example, 20-30% down NO,100% financing and all that 'sub prime financing' which occurred was not allowed for Coop Board approvals

Cooperatives are the most discriminated asset by all financial institutuions due to Dodd\Frank, et.,al

The comment about 'brokerage firm's' by 'Arthur' is a bit naive,self serving and uncalled for. What is required is a dedicated group of authentic professionals, no lobbyists or 'freeloaders' here to succeed in this effort.

We do not need any further assistance but will continue to try as it simply is a misunderstood asset by these overregulated governmental agencies..

FACT: The people,shockingly and sadly, with the most objection to this Reverse Program, in general, are the children or other entities who will inherit the asset now with more debt against it, which this results in, but served ONLY to assist to better the standard of living of the current owner occupants over the age of 62 who earned it !~.

A truly repugnant FACT

Lets focus on a solution here rather than these irrelevant comments

It isn't "naive" to ask a question about process -- I doubt a board member on FM would ever lobby on behalf of mortgage brokers as the two entities together is what created this debacle in 2008. So don't deflect answering the question by name-calling and superficial comments.

There is a reason that a reverse mortgage isn't approved for co-ops, the danger they present requires scenario management because regulations are, in fact needed -- just as regulations are needed in a company -- before deciding to lend into that market. You seem to be hung up on non-business people authoring the laws? How many business people wrote the laws that allow you to function as a broker? Probably not many, so let us give credit when credit is due and stop blaming DF for all the financial market "woes."

Rushing the process and framing the debate as a regulation issue, gets away from the real question of reverse mortgage effectiveness -- which I think Steve and I have shown them to be a very last resort.

The solution is clear -- don't allow brokers to lobby for a law when they are arguing that reverse mortgages are a great tool when they clearly can't see the danger in them. But, hey, these are irrelevant comments, right? advice: My Understand the product before you bolster some tangential relationship that you believe will "impact" a federally reviewed law process.

not sure why the comments -- i try and help people.
If you have a legamant question\concern that is non biased and\or self serving please respectifully ask it
who are you by the way ARTHUR (??)-- that would be of interest i am quite sure