The New York reverse mortgage conference of 1997 was graced by a little over 1,500 seniors. Publicity for the conference had been going on at full blast about 2 months before the event. The publicity efforts surely paid off when such a large crowd of seniors took the time to attend. Seniors came from both nearby and far off counties and cities just to attend.
The program was chaired by the then Vice-President of PTM and featured 3 other speakers. The secretary of the National Association of Reverse Mortgage Lenders gave a speech on the nature of reverse mortgage loans. He outlined the features of the HECM loan program, highlighting briefly its’ history and then explaining the features of the loan and how it differs from a regular mortgage.
The President of the Reverse Mortgage Accredited Counselors of New York also spoke on perceived reverse mortgage benefits and then drew attention on the possible side effects of the loan. She highlighted possible circumstances when a reverse mortgage loan may not be beneficial or the best option, stressing the importance of going for personal counseling before making final decisions on the loan.
The last speaker was an experienced reverse mortgage practitioner and he spoke on the procedures for applying for a reverse mortgage loan. He also summarized the various types of reverse mortgage loans available and the major differences between them. He concluded with an explanation of post-loan obligations that a senior would have to bear, like repair costs, insurance and tax on the home.
After the last speaker, interested seniors where given the opportunity to meet with reverse mortgage counselors who were on hand. As many as 650 seniors waited in turns to meet with counselors on the venue while a large number booked counseling sessions for another date. After the counseling the New York reverse mortgage lenders on hand recorded as much as 589 seniors who signed up for reverse mortgage loans on the spot.