OF THE MONTH
“I DON’T NEED TO BE THE BIGGEST BANK OUT THERE, BUT I CERTAINLY KNOW THAT I CAN BE THE BEST.”
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continued on page 56
n Idaho Mortgage Professional Magazine n MAY 2014
This is very inspiring. But being in media business, I am aware that
many of my colleagues at newspapers and magazines view reverse mortgages in a very negative way. Why do you think the product has such a poor reputation in so many corners? Giorgio: I think if you look at the media, they are generally negative. If they were writing and reporting on happy stuff, nobody would read it. When you look at the scope of the industry and the amount of transactions that occur, the issues that are there are somewhat minimal in nature. And it is okay to have watchdogs—it helps people stay focused on what they need to accomplish and helps evolve the industry into a more efficient product for the people. But there are going to be people who just don’t like it, for whatever the reasons are. I have no idea why. The reverse mortgage product
NationalMortgageProfessional.com
could do, through mortgage financing, was to offer reverse mortgages to help fulfill that need and literally change lives. In doing reverse mortgages, we are trying not looking at it as just a mortgage. Where we can assist them in a way that is legitimate and compliant, we have to help. We cannot just turn our backs on them. These people need a lot of assistance—sometimes we have to direct them to a social worker or an attorney. We found out very quickly that there is a huge gaping hole in the market. As seniors age, there is no one there for them. Our mission is encompassing that we want to change somebody’s life—not just because they need a mortgage, but because we help them improve their lives.