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Impact of Coronavirus on Reverse Mortgage Industry

Reverse Mortgage Daily reports that the outbreak of COVID-19 has led by many in the reverse mortgage industry to consider additional caution for their operations as they try and minimize its spread.

The Centers for Disease Control and Prevention (CDC) has stated the elderly are susceptible to the symptoms of the disease and are at a higher risk of getting sick from the illness.

The report states that some loan officers have yet to see an impact on the way they do business due to health concerns, as some in the reverse mortgage space feel prepared to handle precautions, according to John Luddy, SVP, Reverse Mortgage Lending, Norcom Mortgage, Avon, Connecticut. 

“[Coronavirus] certainly hasn’t [affected me] yet,” Luddy says in the report. “The regular flu virus takes the lives of many seniors every year. And it’s, I believe, the most underreported cause of death [among seniors].”

Luddy said he is aware of the impact that fears about the virus is having on other businesses. 

“So, I’m aware of the world around me,” he said. “I’ve always been cautious maybe because of my upbringing. I’m a constant hand-washer anyway. So as far as I’m concerned, remain calm.”

The two sections hit the hardest by COVID-19 have been Washington and New York. Washington Gov. Jay Inslee has been aggressive in his response to the virus and restricted public gathering in some counties, according to the Seattle Times. 

Washington is home to 366 cases of the virus.

“This is a crazy time,” said Brandi Braley, loan originator with Neighborhood Mortgage in Bellingham, Washington. “Our office has all been informed that if you are sick or someone in your family is sick, you must stay home. I have been calling my clients before appointments to make sure that they are not sick and to see if they still want me to come over, or if they would like to postpone. So far no one has asked to postpone. But, if I hear that my clients have been sick or sound sick, I will postpone the meeting with them.”

About Author: Mike Albanese

A graduate of the University of Alabama, Mike Albanese has worked for news publications since 2011 in Texas and Colorado. He has built a portfolio of more than 1,000 articles, covering city government, police and crime, business, sports, and is experienced in crafting engaging features and enterprise pieces. He spent time as the sports editor for the "Pilot Point Post-Signal," and has covered the DFW Metroplex for several years. He has also assisted with sports coverage and editing duties with the "Dallas Morning News" and "Denton Record-Chronicle" over the past several years.

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