Reverse mortgages: Do you know the ropes?

by Ryan Smith29 Aug 2014
The reverse mortgage industry can be lucrative – but jumping in for the first time can be nerve-wracking. That’s why originators looking to get into the reverse space should work with a company that’s willing to take the time to work with them as they learn.

Josh Shein, executive vice president of Maverick Funding’s Reverse Mortgage Network, says taking that time is vital when originators are starting out in the reverse space.

“We continue to see success when people understand the product, understand the program and get the details of it,” Shein says. “I think the key to getting into it is to be open-minded and come to a lender like us who will hold your hand through the process. We’re going to work with you from day one – from the very first call – to make sure you’re educated about the reverse mortgage and how it works. We want you to be able to talk to a prospective borrower and your sales team about how the reverse mortgage works.”

To be successful in the reverse field, Shein says, an originator has to be willing to learn.

“It’s being open-minded and able to say, ‘I don’t know this or have experience with it, so I’m going to go somewhere that will help me and make me look good,’” he says. It’s a lot more help than one would normally have on traditional mortgages. If one doesn’t have experience with FHAs or ZVAs, there’s not that much to learn. You just sort of pick it up as you go. But (knowledge of the reverse space) will come quick. We’ll bring you up to speed, and there’s definitely business out there.

“It’s not complicated. We’ll walk you through it all, we’ll make sure you’re knowledgeable and educated, and we’re eager to do it,” Shein adds. “We want to help – and we’ll help in a very thorough and detailed manner.”

And Shein says that Maverick Funding is especially eager to help originators make the jump to reverse.

“Maverick Funding is expanding with our partners and brokers. Our wholesale team is growing, and as it grows we have additional people to help you,” he says. “I promise, you’ll love the service, you’ll love the attention and you’ll love the end result.”

Want to know more about the reverse mortgage industry? Make sure to check out Part II of our reverse mortgage round table, featuring Josh Shein and a host of other experts from the industry. Missed Part I? Check it out here.
 

COMMENTS

Poll

Is TILA-RESPA a good or bad thing long term?