Even though origination problems for forward mortgages are creating havoc for everyone, the reverse mortgage niche is the fastest growing segment ever to hit the mortgage industry.
To begin with...the senior market is absolutely exploding. There are some that estimate that some 15,000 new reverse mortgage prospects are added to the senior ranks in our country every day.
Unfortunately, seniors are also feeling the effects of our current economic situation. There's no doubt that seniors need our help...and, they need it now.
Both foreclosures and bankruptcies have increased among seniors. And, to make matters worse...they have seen their investment portfolios dwindle. Many seniors are coming to the realization that the markets may not recover for many years, and they just may miss the next big recovery.
Seniors depend on those reduced retirement funds and Social Security (no cost-of-living increases). While their expenses like Real Estate Taxes, home maintenance, prescription medication, and energy continue to rise.
If you think that you're just not ready to specialize, or...you can't originate a reverse mortgage, or...you don't have enough seniors in your marketing area...you need to think again!
Let's review the points you need to think about...
Where else can you originate a mortgage loan that requires no income, credit, or assets...the seniors house being the only requirement?
Where else can you originate a mortgage loan where qualification rests solely on the age of the senior borrower and the value of their home?
Where else can you originate a mortgage loan that requires no payments for as long as the senior resides in their home?
Where else can you originate a mortgage loan that provides a line of credit option, that cannot reduced, eliminated, or frozen (sounds like the good old days)?
Where else can you originate a mortgage loan that's backed by FHA and includes a non-recourse clause so the senior and their heirs are not responsible for a debt, once the home is sold. In the simplest of terms...the house stands for the loan.
Where else can you originate a mortgage loan where the targeted market (we're talking about seniors, of course) is located in every community, every town, every city, and every state in our union. You just need to look closely and you'll find them.
Add the fact that so many seniors are struggling, and the reverse mortgage is easy to originate, makes it mandatory that you put yourself in a position to take advantage of this unprecedented opportunity.
Don't wait! Don't let this great senior tsunami pass you by.
Help our seniors...and, help yourself...do it now!
Tom Domin is a Reverse Mortgage Originator and a contributing author to The Reverse Mortgage Mentor membership training site. Put your mortgage production and your career back-on-track with the very best Reverse Mortgage marketing training and commit to a membership at
For more information, please visit: Reverse Mortgage Leads