The Future of Reverse Mortgages

Reverse mortgages have a bright future.  I know because the government is paying attention, there are more and more reverse mortgage regulations and the media has differentiated reverse mortgages from forward mortgages.  In addition, there's merger and acquisition activity with major corporate players putting real money on the table - Guggenheim Partners, MetLife, Manulife are all names we see and hear day to day in the reverse mortgage industry.

For those of us that have been in and around reverses for 10, 15 or more years it's refreshing to be noticed as a discreet industry with a unique and important mission.  As time progresses we will see a diversion of our industry completely from the mortgage loan industry.  Our product will not be called a reverse mortgage in the next few years; there will be a new more refined and elegant offering.  An example of this is Virgin Money's Retirement Mortgage that simplifies the financial arrangement of intra-family lending.  I have been privileged to work with Virgin Money over the years to help decant their offerings.  A new spin coming to the reverse mortgage industry is multiple party loans - a lender, a servicer, a borrower, a community organization, a family member or two, a private investor, et al.

Estate Planning: What to Live For

October is my favorite month of the year for estate planning. It is the essence of fall. It is the gateway to winter and analogously, to the Winter of our lives.

October as a time of reflection on life is not lost on Major League Baseball. MLB's slogan for October is "I Life for This". Well, I don't. I mean, I do love baseball. I love the Red Sox. I especially love October baseball. But I don't live for 18 men playing ball for millions of dollars. Baseball is a pastime.

What do we live for? Elders, facing the scourge of aging and the loss of those dear to them, lose clear reasons to live. It is not uncommon for me, when visiting an elderly client at a nursing home, to hear weak voices telling anyone who will listen they want to die.

We live for hope. We live for tomorrow. Without that, death is a comfortable option. What's bothering me is the power of the media, America, Inc., and the organized establishment's role in shaping what they thing retirement and aging should look like for millions of Americans. They employ a cadre of image and word specialists to create viewers, customers and members of organizations.

Take AARP, which after an odd name change, no longer stands for anything - It's just AARP (rhymes with carp, except in Boston where it rhymes with no work in our vocabulary). It is an organization solely committed to delivering the most efficient database of Americans old enough to obtain personal credit (OK, they have some standards - you need to be of "retirement" age, which is defined as age 50).

AARP is essentially a big insurance agency, a vast department store and pharmacy with a direct mail business for every pill pusher, gadget and ointment and older American needs to make life complete. Their mission is to sell and to promote the sale of all manner of tschochkes they think older Americans need to live a good and active life.

The media likewise are entwined with pharmaceutical giants in an effort to maintain fear in the minds of the aged so they can sell them salves and potions.

My generation rarely watches the evening news. How do I know? Well, frankly, how many of us need Lipitor, Viagra, Zoloff or any other little pill? The media machine's news function is largely sponsored by Merck, Pfizer, Novartis and others pandering their trademarked brand for all that ails you.

Many older people watch the news out of fear the world is coming to an end. And it is. Just not today, or in your hometown of Suburbia, USA. I think all of this careful and manipulative branding of what it means to age in America is going to be lost wholesale to the baby boomer generation's unique perspective on things. For one, improved health and increased personal debt will keep them in the workforce for many more years. Retirement, what's that?

Technological connections and improved access to information should help boomers comparison shop for services and test the vapid claims of unscrupulous salesmen.

Last, boomers are tired of being boomers. Seriously, how many times do you need to hear you were the product of your parents' pent-up sexual energy, after years of war in foreign lands? These people were rock'n rollers, hippies, yippies, yuppies, dinks and now boomers. They have had enough of labels. I'm looking forward to watching boomers break the media-imposed aging model AARP and the pharmaceutical machine has so carefully created for them.

Estate Planning: What to Live For

October is my favorite month of the year for estate planning. It is the essence of fall. It is the gateway to winter and analogously, to the Winter of our lives.

October as a time of reflection on life is not lost on Major League Baseball. MLB's slogan for October is "I Life for This". Well, I don't. I mean, I do love baseball. I love the Red Sox. I especially love October baseball. But I don't live for 18 men playing ball for millions of dollars. Baseball is a pastime.

What do we live for? Elders, facing the scourge of aging and the loss of those dear to them, lose clear reasons to live. It is not uncommon for me, when visiting an elderly client at a nursing home, to hear weak voices telling anyone who will listen they want to die.

We live for hope. We live for tomorrow. Without that, death is a comfortable option. What's bothering me is the power of the media, America, Inc., and the organized establishment's role in shaping what they thing retirement and aging should look like for millions of Americans. They employ a cadre of image and word specialists to create viewers, customers and members of organizations.

Take AARP, which after an odd name change, no longer stands for anything - It's just AARP (rhymes with carp, except in Boston where it rhymes with no work in our vocabulary). It is an organization solely committed to delivering the most efficient database of Americans old enough to obtain personal credit (OK, they have some standards - you need to be of "retirement" age, which is defined as age 50).

AARP is essentially a big insurance agency, a vast department store and pharmacy with a direct mail business for every pill pusher, gadget and ointment and older American needs to make life complete. Their mission is to sell and to promote the sale of all manner of tschochkes they think older Americans need to live a good and active life.

The media likewise are entwined with pharmaceutical giants in an effort to maintain fear in the minds of the aged so they can sell them salves and potions.

My generation rarely watches the evening news. How do I know? Well, frankly, how many of us need Lipitor, Viagra, Zoloff or any other little pill? The media machine's news function is largely sponsored by Merck, Pfizer, Novartis and others pandering their trademarked brand for all that ails you.

Many older people watch the news out of fear the world is coming to an end. And it is. Just not today, or in your hometown of Suburbia, USA. I think all of this careful and manipulative branding of what it means to age in America is going to be lost wholesale to the baby boomer generation's unique perspective on things. For one, improved health and increased personal debt will keep them in the workforce for many more years. Retirement, what's that?

Technological connections and improved access to information should help boomers comparison shop for services and test the vapid claims of unscrupulous salesmen.

Last, boomers are tired of being boomers. Seriously, how many times do you need to hear you were the product of your parents' pent-up sexual energy, after years of war in foreign lands? These people were rock'n rollers, hippies, yippies, yuppies, dinks and now boomers. They have had enough of labels. I'm looking forward to watching boomers break the media-imposed aging model AARP and the pharmaceutical machine has so carefully created for them.

Welcome to Boston, AARP

The American Association for Retired People is in Boston this weekend for a national conference.

Watch your wallets.

AARP started out speaking and advocating for older Americans who were not well-represented in Washington. Success brought more and more older Americans into the fold. AARP soon realized there was gold in the mailing list of elders looking for a voice in a sea of special interest lobbyists, corporate welfare and multi-national hand-outs.

At first, the mailings were but a trickle of approved companies soliciting the business of older Americans. AARP members gave these first mailings careful consideration because they came from a respected organization. But AARP's lure and the lust for the buck grew along with the mailing list.

The trickle became a rampaging flood as the mailboxes of elders strained to keep up with the assembly-line parade of ads for nearly anything that could be sold. Liver spot bleach, incontinence pads, denture glue - you name it and AARP will pitch it to its members for a piece of the action.

The age for membership in this association of retired people dropped to 50. How many 50-year old folks retire these days? Not many, but boy did that age drop plump up the mailing list and the coffers!

AARP's big weekend event - the Boston conference? The Life@50+ National Event & Expo is nothing more than a huge trade show - more chances to sell something, anything to the droves of people flocking to the show. Representation and service of elders is the banner AARP always waves, but it seems to this cynical eye the real purpose these days is to feed and grow the marketing machine.

Yes, the trade show will present even more opportunities to sign up even more elders for non-stop health insurance salesman, sellers of chair lifts and call-alert systems for when you've fallen and can't reach your wallet.

Congress might soon have to pass a DO NOT SOLICIT THE DEAD Bill, to protect surviving family members from the deluge of direct mail that will try to follow elders into eternity in the hope of one last sale.