NOW is the time

My background is in teaching. Not sales.

Perhaps this explains why I freak when someone describes reverse mortgage lending in terms of a “sales position.” A reverse mortgage is either a fit or it’s not. It’s part of a long-term solution to financial challenges of increasing longevity – not a product that creates dreamy strolls down sandy beaches.

I seem to have a pretty standard response to salesmen – namely “yuck.” I associate pushiness, perhaps a poor match between the need of the client and the item being sold, and scare tactics – or at least a sense of urgency: “AND…if you order before midnight tonight….” Like I said, “yuck.”


Tuesday HUD announced changes to the FHA Reverse Mortgage Program. There will be many changes, with perhaps more yet to come. But basically, it boils down to this: if you, or someone you know – or someone you’re working with – has been considering a reverse mortgage, now is the time to move forward.


Because on September 30, 2013 the program is going to change dramatically.

And before that deadline, the prospective borrower must get their mandatory counseling, fill out an application, and have an FHA case number assigned. Under normal conditions this takes about ten days. With a last minute rush, there is going to be a shortage of available counselors.

Let me be clear: reverse mortgage is not going away. In fact, both Congress and the FHA have reasserted their support for reverse mortgages. However, the amount the homeowner can receive is being cut back significantly.

SOOO…As weird as this sounds coming from me, now is the time. If your client, colleague, neighbor, your relative or your friend has ever considered a reverse mortgage, the window on the Standard reverse mortgage – the product that creates the largest cash reserve – is rapidly closing.

Give me a call and let’s talk.


703-477-1183 Direct

Laurie MacNaughton [NMLS# 506562] · Reverse Mortgage Consultant, President’s Club · Middleburg Mortgage, a Division of Middleburg Bank · 20937 Ashburn Road, Suite 115 ·Ashburn, Virginia 20147 · 703-477-1183 Direct ·

Licensed in: Maryland (MD), Washington, DC, Virginia (VA), Pennsylvania (PA), Delaware (DE), North Carolina (NC), South Carolina (SC), Georgia (GA), Tennessee (TN).
Visit my Informational blog at

One thought on “NOW is the time

  1. Laurie, I knew when I first studied the Reverse Mortgage Program that it was almost too good to be true. It seems if there’s a Government program that works and helps people in retirement, the Government will find a way to “muck” it up. We paid to get into the program because we didn’t have enough equity in our home. We have one more month to break even and then our former mortgage is money in our pocket. If you know you’re going to live in the same house for some time, it makes sense to take the money now when you need it, instead of leaving it as an inheritance. We just had a burial service for my wife’s parents and my wife inherited their home. We will never live there permanently and the work involved getting it ready to rent and possibly sell is a lot harder than inheriting a sum of money which we could use right away. I wish they had a reverse mortgage.


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