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Getting Financially, Emotionally Distressed Reverse Mortgage Borrowers Relief

Getting through the ins and outs of reverse mortgages can sometimes be tough for seniors who are in distress. A report from Reverse Mortgage Daily addresses ways that reverse mortgage originators can ease that distress, with a little added care.

"Oftentimes they require a more careful and consultative approach than even more traditional borrower segments, which is saying something considering that reverse mortgage originators themselves tend to be more consultatively-minded people," according to RMD.

"It can be a tricky balance between having a consultative and reassuring approach to a distressed borrower while also making sure all the business requirements are satisfied, but striking that balance is almost a required skill for any reverse mortgage originator according to John Luddy, senior vice president of reverse mortgage lending at Norcom Mortgage in Avon, Conn."

Luddy suggests going through the process with added empathy and clarity when explaining the process involved with acquiring a reverse mortgage.

"For other longtime originators, leaning on empathy for the borrower’s situation also has to be punctuated by maintaining clear eyes so that the loan is being made with the borrower’s full understanding while also minimizing the possibility of rash action," according to the report.

To learn more about other ways reverse mortgage loan originators can help emotionally and financially distressed clients, click on the image above.

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