He turned 62 on August 17th…Seems like it was just yesterday he was Jeff Spicoli in “Fast Times at Ridgemont High” in 1982. Since then he has won two Oscars for best Actor for “Mystic River” and “Milk”, and he was nominated three more times for “Dead Man Walking”, “I am Sam”, and “Sweet and Lowdown”.
I am mentioning this because MLO’s should start thinking about the people turning 62. They look a lot younger than you think. I recommend getting a copy of Harlan J. Accola’s great Reverse Mortgage Book: Home Equity and Reverse Mortgages – The Cinderella of the Baby Boomer Retirement. Then, check his article: Reversing the Conversation about Reverse Mortgages on the Mortgage Report for more information for your prospects. Interesting that he always said that homeowners should get a Reverse Mortgage the day they turn 62 and he did just that earlier this year.
Final item to show your prospects: AARP did a survey and asked reverse mortgage holders if the loan had a positive or negative affect on their life – 93% said positive and 3% said negative. If we can’t believe AARP, who can we believe?
Do not listen to people who have agendas and bad mouth about Reverse Mortgages. Also, do not tell Harlan that Reverse Mortgages are a loan of last resort. He has a good rant just ready for that discussion.
Let’s start allowing people to stay in their homes, eat out once in a while, be near their friends and families, keep their same doctors and retailers, maybe even travel a little. There will be some fees and their children may not get as much money, but listen to the 93%.
Final note: Sean Penn will probably get another Emmy nomination for his portrayal of John Mitchell, Nixon’s chief of staff. He went to prison due to his involvement in Watergate. The TV series entitled “Gaslit” also stars Julia Roberts as Martha Mitchell. Sean Penn looks just like Mitchell. You should watch it. Very well done.