Reverse Mortgage Jan-Feb 2021

Moving Forward Shifting Landscapes Virtual Outreach Continues Through Pandemic By Steve Irwin, President, National Reverse Mortgage Lenders Association “Long-range planning does not deal with future decisions, but with the future of present decisions.” – Peter Drucker GIVEN THE VARIED scenarios related to the outcomes of our recent elections, we can clearly see that navigating the political landscape in the coming year will be compli- cated, especially knowing that our outreach will be done remotely and in a virtual world for the foreseeable future. We will ensure, however, that we work to educate our elected officials on the responsible use of home equity to help bolster the retirement finance picture. We will con- tinue to share the understanding that, by 2030, there will be more than 74 million adults aged 65 and older in the U.S., accounting for some 20 percent of the population. Rising healthcare costs often lead to unexpected expenses that can drain retirement savings. Our govern- ment relations effort will continue to inform and educate how the responsible use of home equity for the right per- son at the right time under the right circumstances can mitigate the financial risks of retiring today. Additionally, we will have to refocus our efforts on certain state issues. Our state-issues team will be working with us to resolve some fairly existential matters created by the recently passed legislation in New York state. We are also determined to remove certain impediments in certain state houses, which may be hampering the availability of proprietary products. We are com- mitted to working to expand the availability of private-label reverse mortgage products. We need our industry to move beyond a com- modity-based enterprise. Either we innovate and expand product offerings, or we get stuck in commodity hell with each of you offering the same product—a HECM. Our HUD issues efforts will remain focused on exploring industry-based solutions for the backend part of the reverse mortgage life cycle. We are committed to bol- stering the HECM portfolio within the Mutual Mortgage Insurance Fund and remain engaged in resolving lingering servicing questions. We will also commit to strengthening our relationship with HUD as responsible stakeholders in this unique public/private partnership. There has been a lot of operational change these past several months, and we will need to evaluate, in coordina- tion with all of you, what has worked and what efficiencies may be possible to adapt permanently, so we can continue to bring this industry to its rightful place as a more main- stream financial solution. Steve Irwin REVERSE MORTGAGE / JANUARY-FEBRUARY 2021 5