By now you've probably seen the recent article in the USA Today newspaper that focuses on the difficulty many seniors are facing today (A Cloud Over Retirement, June 5-7). Namely, the struggle to make the mortgage payments when "something" happens.
We generally think that folks in this age bracket must surely own their home free and clear. Many of our seniors have taken out forward mortgages in recent years, fully intending to make those payments, faithfully, each and every month.
Then, as we have so often seen, "something" happens. One spouse becomes ill and cannot work. Funds invested over the years in the stock market have dwindled to all time lows. Pensions are reduced or eliminated. And, of course, the kids.
Often the problem stems from the fact that seniors are taking monies meant for their retirement (equity) and using it to help the children with financial difficulties.
The number of seniors who are behind on their mortgage payments continues to grow.
This article really got me thinking - what are you doing to reach out to seniors in your community and help those for whom a reverse mortgage might be the only possible solution? I know it's terribly difficult when the numbers just don't work and we have to explain that to the senior. Are you exhausting all possible solutions?
I submit that there are many out there who could be helped with the reverse mortgage if they only knew it were an option, and a safe one at that.
I'm asking the readers of this column to post a comment and share with us what you are doing to reach out locally. Is it a mailing campaign? Are you talking to local banks and credit unions that are not FHA-approved to see if they have senior clients you can help? How about a radio campaign?
Are you doing any grass roots effort, such as going to the Department of Aging and other senior professionals? Religious organizations? Is it part of your social media strategy?
Go ahead and post a comment right now. Your idea may help someone in another area of the country reach out and help a senior avoid foreclosure. We really are all in this together. I'll see these comments as they come in and make them available for everyone to read.
Sue Haviland is a reverse mortgage consultant in Baltimore and the founder of Reverse Mortgage Success, a leader in the training and education for originators around the country in the rapidly growing reverse mortgage arena. Ms. Haviland has worked in the lending industry since 1981. She has been originating reverse mortgages for the last six years and still originates loans every day. She has helped hundreds of families all over the country in the last several years. She also shares her knowledge of this market in presentations before the Women's Council of Realtors, Mortgage Bankers Association, National Association of Professional Mortgage Women, and SRES - Senior Real Estate Specialists, Brian Sacks' Insider Seminars, as well as the public. She is a Certified Senior Advisor and is active in many professional organizations. Sign up for her free seven-part mini-course at
