NMP - December 2016 - 53


nal of the Month

53

Last year, television evangelist
Pat Robertson (of all people)
spoke about how taxpayers
foot the bill on reverse
mortgages. How do you react
to that?
The product has been
evangelized! Seriously, as with
anything, you can take a
particular aspect, either negative
or positive, and lay claim that it is
impacting the consumer,
borrower, lender, the originator or
the taxpayers.
Yes, there was impact to
everyone from the past mortgage
crisis. But in today's market, the
reverse mortgage ultimately
benefits neighborhoods and the
overall housing market by
keeping borrowers in their homes,
allowing for the purchase of a
new home and many times not
requiring them to access other
taxpayer funded programs for
housing assistance.
Having just turned 62 this past
March-I don't use the term "old,"
I used "seasoned"-and I can
attest that this product is a
solution for many Baby Boomers
seeking retirement planning

alternatives. It is not appropriate
for all eligible borrowers, but an
option for many to consider and
evaluate.
What do you see as the nearterm challenges facing the
reverse mortgage industry?
There will be pressure on
originators to pursue other
products as the fixed rate and
forward mortgage market bends
and turns. We will see quite an
influx of reverse mortgage new
players, especially as financial
planners and real estate agents
gain more confidence in the
reverse mortgage space and
understand how the product
works-and becomes a useful tool
for their business strategy.
Looking back on your career,
what do you see as your
greatest challenges and
greatest accomplishments?
The biggest challenge comes in
the role that we play as mortgage
bankers and loan originators.
This involves the constant
change in consumer needs and
philosophies, which creates the

need for us to be flexible and welleducated. But as more consumers
demand diversity in products,
there are more regulatory
demands put upon us. And
sometimes, those regulatory
demands do not work for the
benefit of consumers.
As for accomplishments, I have
never been as satisfied with a
product response as I am with the
reverse mortgage. I have received
more hugs, kisses and warm
embraces from seniors because of
their satisfaction and the relief the
reverse mortgage provides!
What do you believe 2017 will
hold in store for the mortgage
industry?
We are now facing another set of
challenges, greater efficiencies
and access to product. Today's

digital movement requires us to be
much more resourceful in how we
market and make products
available. The greatest future
impact could be the paperless
environment combined with new
product and methodology
innovation. For some companies,
this will be their greatest hurdle. I
would not be surprised if we see an
increase in the workforce needed to
make a digital product successful.
Outside of your work, how do you
spend your leisure hours?
When I'm not traveling and working,
I spend a lot of time at my lake
house enjoying family. I enjoy water
sports and gardening, and I'm
fortunate to have grown children
producing grandchildren-which is
adding new pages to my book of
life!

Phil Hall is managing editor of National Mortgage
Professional Magazine. He may be reached by e-mail at
PhilH@NMPMediaCorp.com.



Table of Contents for the Digital Edition of NMP - December 2016

Contents
NMP - December 2016 - Cover1
NMP - December 2016 - Cover2
NMP - December 2016 - 1
NMP - December 2016 - Contents
NMP - December 2016 - 3
NMP - December 2016 - 4
NMP - December 2016 - 5
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NMP - December 2016 - Cover3
NMP - December 2016 - Cover4
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