Open Resources
The Tao of Open shares the corporate culture of Open Mortgage, and gives a snapshot of some of our people. We trademarked the phrase “Where better is possible” because of our core belief that we should all be on a journey of self improvement. We can do better for our customers, be better for our partners and coworkers, and be better for ourselves. Our goal for this book is to share who we are, and what we believe in at Open Mortgage. Hopefully, it will help us attract like-minded people who thrive on sharing great attitudes and experiences with our customers, and each other.
“The question is how do you help employees become happy? We believe that employees are happiest when they are working somewhere that has the same values they have; a place where they can make the kind of difference in the world they would like to make. They are happy when they can see that others around them are working for a common goal.”
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Rules have changed, don’t buy a book on reverse mortgage published before October 2015! Financial Assessment is covered here. This book covers the basics to advanced topics on reverse mortgage and retirement finance. Starting with the history of reverse mortgage up to current practices. Learn what it takes to qualify, how this loan works, if the loan is for you, and how to step through the whole process. We cover the life of the loan and how it is ultimately discharged.
“Reverse mortgages were once considered a last resort, helping seniors who were completely out of cash, but had home equity. These days, there are a number of advanced strategies where reverse mortgages are also being used by seniors with income and other assets, to extend the life of their retirement funds, or optimize other returns.”
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Things to know about Reverse Mortgages:
- At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds
- Charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees
- The loan balance grows over time and interest is charged on the outstanding balance
- The borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home
- Interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full re-payment
Loan Origination is a popularity contest, and it always has been. But today there is a new way to get popular, and it’s known as social media. This book explains the social media landscape and shows you where to start in 2019. It shows you what to focus on and why, how much to do, and who can help you.
“To be a winning originator you still need to get known, but the way you get known is changing. While it’s still good to press the flesh in your community, you can strengthen your network, and broaden it greatly through the use of social media. In a sense, social media provides an online or virtual version of pressing the flesh. Social media outlets provide a way for you to have a presence and become known and trusted by various circles of people.”
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