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A Look at Diversification in a Challenging Marketplace
American author, poet and philosopher Henry David Thoreau said “However mean your life is, meet it and live it.”. For many reverse mortgage professionals these may feel like mean times. Fewer qualified borrowers, reduced lending ratios, more regulations and the upcoming Financial Assessment. What I admire in Thoreau’s quote is the stubborn, rebellious refusal to give up and face adversity head on. That sounds great in theory but what practical steps can we take to weather the current winds of change in the HECM industry? First, a little perspective. While our industry as a whole is seeking to reshape its public image through new initiatives we cannot afford to stand by idly and wait. Each of us must look at how we can improve, prepare and adjust today. First is diversification…
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