Frustrated!

I just got off the phone with a senior that I had educated on the reverse mortgage program.  Her income was $1,300 a month and she was struggling with her $159.00 payment and $12,000 dollars in credit cards.  Her total payments on these bills were $359.00/month.  That didn't leave much for her to live on after paying those.  Well she said she was going to discuss it with her son and get back to me...like usual I didn't hear anything so I called her to see what they had decided.  She stammered around and said..I went to the bank and got a home equity loan from the bank.  So the net result is now she has a $297.00 payment.  She lowered her payment by only $62.00 and she is still struggling.  I am not frustrated because I didn't get to do her reverse mortgage, I am frustrated that this banker (well intentioned) didn't help this senior out much at all. I am guessing they didn't offer the reverse mortgage or the loan officer didn't know about them because there is no other reason to put her client in harms way.  She took unsecured debt (which if you can't pay they can't take your home) and made it all secured debt where if you can't pay they can take your house. Please loan officers, call me and lets discuss the reverse mortgage and spend a little time knowing your clients situation before you put them in a loan that hurts them.  Getting your commission is nice, but helping people and getting a commission lets me sleep better at night.

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