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Hardships: How we overcome…



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When it comes to overcoming hardship there are some things that we can count on to get us through.

1- Remember the bad times. Sounds strange but if we remember what we’ve already survived we see that we have gotten over some pretty rough patches. Remember the principal limit reductions a few years ago?


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  1. While change is not easy, if we look we can find opportunities. Those opportunities come as a result of understanding products and applying them to the market.

    Although he gets a lot of things about HECMs wrong, the Mortgage Professor brings up an important topic about our outlook. He sees opportunity and the need for the industry to refocus on the larger senior community. He believes we are so blinded by needs based seniors we do not see the much broader senior community. Although he believes the loss of the fixed rate Standard was an overkill and probably misdirected (on this point he and I do not see eye-to-eye), he also sees this as a blessing in disguise. He believes we have overlooked the broader senior market for whom the adjustable rate products are better matched.

    We have two months to adjust. The question is how are we going about it? Fighting, being angry, or otherwise staying fixated on “why this loss,” will do nothing to change the situation or turn “our ship around.” It is time to move on and refocus on the adjustable rate products to see how they can benefit the greater senior population.

    As to change, to the optimist it brings opportunities.

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