As a magazine dedicated to those who work in the reverse mortgage industry, we often examine the loan process from the professional’s perspective.

We outline policy change, offer sales tips, break down underwriting procedures. But while we write every month about a financial product designed for senior borrowers, we have yet to speak to the borrowers themselves.

So for this month’s feature story, we reached out to five borrowers from around the country about their reverse mortgage experience. They shared the circumstances that led them to consider the loan and revealed their initial concerns about utilizing their home equity. They spoke about their family’s reaction, the steps they took to research the loan, and the connection they felt with their reverse mortgage specialist.

While each borrower’s story is unique (and each lender involved different), there were common elements among them. Perhaps by learning more about the loan process from the borrower’s perspective, HECM specialists can fine-tune their approach, enabling them to better understand the customers they serve.

Seeking a Solution

Each of the five borrowers we spoke with had different reasons for pursuing the loan. (Interestingly enough, most of them said they were prompted to look into reverse mortgages by ads they saw on TV.)

George Young, a retired Nassau County police officer, decided to take a reverse mortgage to supplement his pension and ensure his wife’s financial security.

“My wife is five and a half years younger than I am, and when I leave this world, she might still be around. When my pension stops, all she would have is Social Security,” Young says, adding that with the reverse mortgage, she also won’t have to worry about losing the house.

Marjorie Marcus and her husband looked into the loan after home renovations exceeded their budget. “We relocated from Minnesota to Kentucky last year and purchased a home that needed a lot of updates and repairs,” she says. “We ended up spending a little more of our reserve than we had planned initially, so we were at a standstill as to what we were going to do. I just happened to notice Fred Thompson on the television and I had heard about a reverse mortgage through a friend of mine who had it. I didn’t know how it worked, but I knew it worked well for her.”

George Hadres sought a reverse mortgage for his 93-year-old mother, who at the time needed funds to pay for in-home care. His interest piqued by television commercials, Hadres visited his local bank to learn more. Although they did not do reverse mortgages, they were able to refer him to a former employee who did.

Mark Powers, a 66-year-old retired sales rep from California, also saw TV ads and decided to find out how the loan could supplement his retirement income. “I thought, well, maybe this is something I need to learn more about.”

Georgia Hopper, a retired flight attendant who lives in Florida, researched the loan when money became tight after her husband passed. “All I had was Social Security and some annuities that I had gotten through my 401(k),” she says. “I wound up running out of money before the end of the month, and I knew that if I did not have that mortgage payment, it would just make things so much easier.”

Doing Research and Finding Guidance

Although most of these borrowers sent away for the free literature and DVDs advertised on TV, many went online to do their own research and sought advice from friends and family before choosing a lender.

Hopper says she conducted a thorough investigation. “I did a lot of research myself online. I talked with two friends who are in the real estate business and I spoke with friends of mine who are very smart business-wise. I talked with my tax man; I ran it by him and got his opinion on it. In other words, I tried to cover all my bases,” she says, adding that she also relied heavily on her daughter’s guidance. “She’s my financial advisor,” Hopper jokes.

Marcus also went online to learn more. “I did a lot of computer research even before I went ahead and called. It helped me see what the ups and the downs were.”

When deciding on a lender, the borrowers varied in their methods. For Young, a personal connection trumped working with a larger bank. At first he reached out to Wells Fargo because the bank held his mortgage at the time, but then he remembered that he knew someone in the business.

“It dawned on me that Ed O’Connor worked in reverse mortgages. I got my copy of the [Nassau County Patrolmen’s Benevolent Association] newsletter—he has an ad in there every time,” Young says. “He came over, sat down with us, went over everything.”

Powers took a different route. He went online to lendingtree.com and submitted his information to connect with a lender. Within minutes, he was contacted by Steve Sless, who now works for Bayshore Mortgage. Although others reached out to him, Powers says he immediately felt comfortable with Sless.

“I connected with him kind of on a personal level,” he says. “I’m still in touch with him now, a year later. I had lots of calls from other people, and I basically just said, ‘I’ve got my guy.’”

Some borrowers, like Hopper, say their family had questions, but once they were answered, they supported the decision to move forward.

“All of my children have told me, ‘We don’t want your house.’ They are all married, they all have their own homes. They are established where they are,” she says. “They were quite [supportive]. Their main concern was whether they were going to be responsible for any finances where my house is concerned after I pass away, and I was able to get every question answered.”

Hopper says Nicole Blane, the reverse specialist at Urban Financial of America who helped her refinance her loan, was sensitive to her children’s concerns. “Nicole told me, ‘If your children have any questions whatsoever, please tell them to call me and I will be more than happy to answer any questions and take as much time as they need.’”

Powers says he initially had a lot of questions. “I needed a lot of clarification. How are you getting a loan that you never have to pay back?” he says. “It sounded too good to be              true.”

“I wasn’t desperate for the money, so that was a good thing [that worked] in my favor, because I had enough time to research and get help… I consulted with my niece, who was in real estate,” he says, adding that his niece contacted Sless a few times with questions as well.

When it comes to the required counseling, most borrowers say they found the session to be beneficial.

“It helped a great deal because they did present us with other options and they helped us to see which one would be the best,” Marcus says. “They also felt that this was a good thing for us, in our situation.”

Hopper took two counseling sessions, one when she originally took the loan in 2013, and another when she refinanced earlier this year. While she says the first session was basic, the second was extremely helpful. “That lady was absolutely wonderful. She knew what she was talking about. She answered all kinds of questions, gave me information that I didn’t even know I should have. She spent a good 45 minutes on the phone with me and it was really just absolutely wonderful.”

Hadres says he didn’t learn anything new during the session, but that that fact in itself was a plus. “It didn’t provide me any information that I didn’t already know, but I think it confirmed my understanding about the obligations of the lender to us in the event that we wanted to repay the loan,” he says.

Establishing a Connection

Every borrower we spoke with commented in some way that a connection to their reverse specialist was essential to their comfort level. Most came to the table with questions and concerns, and each one described how their contact took the time to address these issues and make sure they truly felt the loan was the right fit.

Powers says Sless’ patience and willingness to give him space helped him feel comfortable. “I asked him, ‘Please don’t call me. Just send me an email every once in a while if you want to follow up.’ He really allowed me to make up my mind without any pressure whatsoever. He just answered my questions,” he says, adding that it took him about three to five months to mull it over before deciding to move ahead with the loan. “He was patient with me. He left me to make my own decision.”

Hopper also commented on the importance of patience, praising Blane for taking the time to address all of her concerns. “I asked her a million questions, and some of them I asked more than once just in different ways, and she never got impatient. And if she did not know an answer, she would find out the answer and call me right back. She was just so patient. She really made me feel completely comfortable and I had complete trust in her to advise me correctly,” she says. “She became like a friend to me before it was all over, and I told her, ‘I’m going to miss getting to talk to you!’”

Hadres, who took the loan on behalf of his mother, worked with Linda Weilert, a reverse specialist for Open Mortgage. He says Weilert took steps to ensure he was comfortable with the decision. “Linda put us very much at ease, and I’ve referred her to several people since then,” he says. “Linda is very sensitive to the needs of the elderly and makes sure that the elderly are being represented properly by their families.”

Following Through and Looking Back

While some thought the loan process to be a bit laborious, others did not. Overall, most said it took about one to three months to close.

Powers, who closed his loan in June 2014, says he encountered unexpected issues along the way, from home repairs to missing paperwork. “It was arduous… You sign a million papers—an inch, inch and a half of papers.”

Young, who closed on his loan seven years ago, says it was a simple process. “Nothing was unexpected. I had seen the ads, I had gotten the literature, I figured out that this was a good thing for us.”

But even if the process was tedious at times for some, every single borrower we spoke with said that they felt that taking a reverse mortgage was the right decision in hindsight. Each one had a story about how it had changed their lives to a significant degree.

“It was most definitely a positive decision,” Hadres says. “Both my brother and I were self-sufficient, so there wasn’t any concern there. This was my mom and dad’s house, so it was theirs to do what they wanted with. Her wishes were to die in her home, and that’s what she did.”

“It was really just an answer to prayer for me,” says Hopper. “I don’t have to worry about running out of money before the end of the month… It’s peace of mind and freedom from worry.”

Marcus echoes that sentiment. “It just relieved a lot of headache and stress and worry. It helped us have the peace of mind that we were going to be able to pay our bills and keep the house.”