Local Reverse Mortgage Bank....Convenience or Necessity?

With the recent exits of Wells Fargo and Bank of America from the reverse mortgage industry, many are left looking for a local reverse mortgage lender in their area they can drive to for a face to face consultation.  Which raises the question, "How crucial is it to have a reverse mortgage bank in your neighborhood?"  The success of these two companies in the reverse mortgage industry can be largely attributed to the convenience of their branch locations and the existing client business they drew from their other banking services.  As a result, they became the giants of the reverse mortgage world.  It was hard for other lenders to compete with them as a result, but was it really more to do with the convenience factor as opposed to the necessity for the consumer to obtain information in person?  Those lenders left behind are sure hoping that it was the convenience factor, and consumers are deciding if it really is a necessity.  Maybe years back when the reverse mortgage program was not as popular or mainstream and there was a lack of knowledge for it, there was more of a necessity to obtain comfort about the program through a local agent.  Today however, with the abundance of resources and information we have at our fingertips, the importance to meet with a reverse mortgage professional in person has diminished.  With the advent of technology, such as Skype and Facebook, and seniors becoming more adapted to working online, the reverse mortgage process can easily be handled through various types of media that make it feel just as personal.  What's more, many companies will still send a representative to the seniors home at the time of application and closing to maintain a level of face to face interaction.  Making a strong case that seniors shouldn't worry about the loss of their local reverse mortgage branch, and understand that the process of obtaining a reverse mortgage has slightly changed but not lost its' personal touch.