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Recollections of the Ohio Reverse Mortgage Seminar

The Senior Women’s Calendar reverse mortgage seminar in Cleveland, Ohio was a huge success. The turn out was quite impressive as an audience of 330 women was recorded. As usual some of the local Ohio lenders decided to drop in as well. The venue was the conference grounds of the Drape Banquet Hall, Cleveland, Ohio. As synonymous with all the reverse mortgage seminars hosted by the senior Women’s calendar, this seminar was designed to educate women on the nature of reverse mortgages and expose them to available options.  

The conference was opened by the customary opening speech by a representative of Senior Women’s Calendar who welcomed the participants and highlighted the aims and goals of the group. After the welcome address, the first speaker, Mrs. Murray Johnson spoke on “How do reverse mortgages work”. She spoke on the benefits of reverse mortgages from an angle of comparison with other conventional mortgage packages. Among mentioned benefits is the fact that reverse mortgages was specifically designed for old retired folks and that the risk of losing one’s home is almost zero with reverse mortgages.  

The next speaker from Franklin Bank discussed on “reverse mortgage options”. The aim was to educate the women on the possible alternative reverse mortgage options that they could consider. The various reverse mortgage packages available was also discussed as well as major differences and how to qualify and apply for each. The available options and methods of receiving reverse mortgage payments were also highlighted including the benefits and disadvantages of each. His message was more or less clear, that due to the raised loan limits of the HECM, proprietary private and jumbo reverse mortgages are no longer usefull.

Finally was a seasoned mortgage practitioner with over 10 years of active experience, Mrs. Sybil Richards. Mrs. Richards talked on ‘cost and benefits of reverse mortgage”. This educative discuss exposed the real and possible disadvantages of reverse mortgages. It gave examples of situations where reverse mortgage might not be the best mortgage option. She also briefly shed light on possible mortgage options that can be considered when reverse mortgage options seem inappropriate. At the end of the Cleveland, Ohio reverse mortgage seminar, all the attendees were happy and expressed their delight and gratitude to the Senior Women’s Calendar.

 

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