As the years winds down, Reverse Mortgage Daily took a dive into folks who have made the transition from forward to reverse mortgages. To further explore these types of transitions, RMD sat down with Loren Riddick, national director of reverse lending at Thrive Mortgage, LLC based in Alcoa, TN.
After doing some research into reverse mortgages and attending the National Reverse Mortgage Lenders Association's meeting in 2012, Riddick decided to venture into the business.
The chat highlighted one particularly important aspect of reverse mortgages; education. RMD asked Riddick what he believes is needed for borrowers to be more fully educated and Riddick's response was pretty interesting.
"Understanding that regardless of one’s faith, there is no way to take one’s equity with them unless they talk to a mortgage or real estate professional," said Riddick.
"Once one realizes that at 62 years or better, continuing to make a mortgage payment on a refinance or a purchase just doesn’t make any sense at all. Why would anyone truly want to do this?! Studies reveal that less than 1 out of 100 children or heirs want to live in the home after the parents leave. So many other strategies could be considered that are much more attractive for both short- and long-term vision."
To read more from the RMD interview, click on the image above.