“The number one fear across the country, unquestionably, is the fear of running out of money in retirement.”
—George Downey, senior vice president for The Federal Savings Bank
“But don’t let the complications of the legislative process get in your way,” he says. “You don’t have to understand exactly how a bill becomes a law and how the amendment pro- cess works.”
Taking Action When it became law, Massachusetts’ mandate for in-person counsel-
Scott Norman
ing was seen as a potential precursor to action in other states. As a result, changing it became a priority not just for Downey and his peers in the Bay State but also for NRMLA. The national association provided early resources to help lenders reverse the law in Massachusetts, Downey says. Critical assistance came, as well, from the Massachusetts Mortgage Bankers Association (MMBA), a state trade group. Counselors also proved to be important allies, says Brett Kirkpatrick, CRMP, a reverse lender and vice pres- ident at The Federal Savings Bank who worked closely with Downey. “What we found through our experience here is
on people who struggle to meet with counselors face-to- face, Downey says. “But once it’s law, it’s law.” And as Downey learned, the law is not easy to change. It took him and his colleagues 14 years. But, in March 2024, Massachusetts Gov. Maura Healey signed legislation that included language repealing the require- ment.“It’s a long game. It’s not a short game,” he says. While no other states followed Massachusetts’ lead on in-person counseling, the campaign there offers import- ant insights into ways the reverse mortgage industry can mobilize to influence state legislatures. People may be intimidated by the legislative machin- ery, says Scott Norman, a veteran of the reverse mort- gage industry who became CEO of the Texas Mortgage Bankers Association this year.
that as the saying goes, ‘It takes a village to make things happen,’” Kirkpatrick says. It also takes perseverance, says Debbie Sousa, executive director of the Boston-based MMBA. “They never once stopped fighting for this.” Downey, Kirkpatrick and
Brett Kirkpatrick
their allies met with legislators, testified at hearings and ensured the voices of consumers were heard. While lawmakers hoped to protect people, the requirement for in-person counseling had unintended effects on
Working With Legislators continued on page 26
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