Boston Estate Planning and Probate Lawyer & Attorney : Gosselin & Associates Law Firm : Serving Boston, Winchester, Hingham, Wellesley, Manchester

I am cautiously optimistic as I pore through the text of the new FHA Housing Modernization Law (HR 3221). The Reverse Mortgage industry is about to become a main stream financial services industry. HUD, Congress, President Bush and I say so. Regulation can be a good thing for a nascent industry, the public will see it as our comeuppance, state regulators will know that we are here to stay and because of the relative complexity of the regulation the mainstream mortgage industry should finally see us as highly trained, ethical and committed professionals. This new found regulation comes with an opportunity to take the lead from here to become a self-regulating industry. It is time to bring professional certification, reverse mortgage originator licensing and public relations outreach like we have never seen before. Now is the time. Seniors need to have hope for financial stability in a time of increasing inflation and abysmal real estate values. A reverse mortgage should be considered by seniors just as they consider selling real estate, taking out home equity line forward mortgages, moving in with adult children, sinking into retirement account principal, etc. This "varsity" consideration will come so long as we as an industry stay focused on our ultimate goal of legitimacy. HR 3221 is the beginning of our future. Let's work together now. No reason to be competitors - the market is bigger than the service providers currently in place to provide services. Join hands. Hang on tight. The ride just started! Law for Life is committed to serving our reverse mortgage industry clients in compliance matters, sales strategy, management consulting and title services on a national basis.

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Reverse mortgage originators are a breed apart. They are professional and caring individuals who are committed to providing education along with the usual loan sales banter. They are reverse mortgage trailblazers.

Like so many other good things that come through the hard work of others - these blazed trails of reverse mortgages are being tramped now by every mortgage originator with a business card. Why? Money, of course. Reverse mortgages are where the money is, in home loans right now.

Unscrupulous mortgage originators preyed on borrowers with bad credit, bad luck and bad bookkeeping for years. Now that the sub-prime mortgage money is all but gone, thanks to their abuses and bad practices, they are looking for the next easy target - the elderly. This is all bad, real bad.

As these scoundrels slither into the reverse mortgage industry, we will begin to see horror stories that have been visibly absent from the reverse mortgage landscape for more than two decades. Elders will be fleeced. Home equity will vanish, perhaps along with the home. A reverse mortgage will once again be the dirty thing it was before the government cleaned it up in the late 90's.

As this coming storm of hard selling, soft-integrity mortgage originators comes in to take advantage of the elderly - once again we will see even greater government regulation. And the best opportunities for good private companies to deliver quality consultative sales and appropriate selection of complex loans to those who need it the most - will be gone. The baby thrown out with the bathwater.

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