Understanding your Mortgage

Recently a wonderful gentleman called my office. He was very upset about the Reverse Mortgage that he had recently obtained. He wanted to obtain a conforming “Forward” mortgage and pay off the Reverse Mortgage.
I had not made the Reverse Mortgage that he currently had, so I asked him to gather all of the loan documents and get them to me so that I could review them for him. I asked him if he had access to a fax machine. He told me that he would bring them by my office. It was then that I discovered he was 91 years old. I told him that I would be glad to stop by his house, but he insisted that he was quite capable of driving to my office, so he did!
I looked at the documents that he brought to me and reviewed his interest rate and terms of the loan. It was a very well structured loan. I asked him what it was that he did not like about the loan. It was then that I realized it was only because he did not UNDERSTAND the loan that he was unhappy. I took a little time with him and discussed how his loan worked. I sat with him and called the customer service number listed on his documents and confirmed a few of the features of his particular loan. The features of his loan were exactly as I had told him.
I told him that I only made money by making new loans, but that I would not be able to sleep at night if I made him a new mortgage. I told him that my main goal was now to convince him not to go to another mortgage broker to get a new loan. He told me that he would definitely NOT go elsewhere, because he now understood that he already had EXACTLY the loan that he needed!