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Senior Superhero - Helping Seniors With Reverse
Mortgages, a Real Life Story
By Kevin Reichard At that very moment, the phone rang and it
was my Aunt Eileen calling from Massachusetts. "I hear you are on the job
hunt" she said, "don't sign any offers to work anywhere until I come to
Florida and spend some time showing you the incredible career that I have
found for myself- I think it is right up your alley" I knew that Eileen was doing something in the
mortgage world, at Wells Fargo, but I had very little interest in getting
involved in the real estate or mortgage business. "I appreciate that you
want to help, but I cannot see getting involved in the mortgage business
right now." The housing bubble was pretty big at this point in January of
2005, and we all know what happened in the years that followed, I was fairly
certain that a career in mortgages was not a great bet at that time. "I understand what you are saying, but I
promise this is different, you owe it to yourself to meet with me, I can
assure you that it will be worth your while!" So I did what any good nephew does and set up
a long lunch meeting with Aunt Eileen at my mother-in-law's home here in
Florida. This has since become a pivotal moment in my life- one that I look
back at and wonder how the timing, circumstances, and luck formed what is
now such a huge part of what I am. We sat down and she explained to me for the
first time in my life exactly what a reverse mortgage is, how it works, and
why the senior population needed such a product. She also shared how she had
personally experienced many instances of helping seniors in need, and in
some cases even to save their homes. After an hour, she had me hook line and
sinker. A product that allows seniors to stay in their home no matter what,
access to tax free cash to do everything from pay off their existing loan to
receiving monthly payments forever, with the security of an FHA guarantee
was unlike anything I had ever heard of! And no matter what, even 30 years
later, if they owe more than the property is worth when they no longer
reside in the home, their heirs are safe because of the non-recourse clause?
And on top of that, no payments! This was unbelievable to me at first, I
totally understand why seniors sometimes have doubts at first, it can sound
"to good to be true!" The thing I remember most from the first time
I was educated on reverse mortgages is my aunt's quote that rings true every
day - "You will be a senior superhero ". I had never thought before that I
would be able to have such a rewarding career, but my initial choice to sign
up with Wells Fargo's reverse mortgage team and become an expert on this
special product has become just that, a true blessing. Fast forward three years as I am out walking
my dog, and I see my neighbor out with his pooch as usual. Jim is one of
those guys that everyone in the neighborhood knows and is friends with.
After many friendly interactions with Jim over time, the subject of what I
do for a living comes up. That day, I proudly let him know that I am helping
seniors every day by educating them on the FHA backed reverse mortgage
products available as a certified reverse mortgage advisor. At that point, I
had moved on to a local independent reverse mortgage company and forged a
reputation as a local expert, dealing exclusively with reverse mortgages and
seniors. Like most seniors, Jim and his wife Patti
have been bombarded lately with mailings and seminar invitations and in fact
they had been planning on learning more by attending an upcoming seminar in
town. Jim let me know that he and Patti were going to go as planned, and
then would welcome me into their home to learn more and see what I could
offer them in terms of a "good, fair and honest deal". A week passed and I found myself at their
beautiful, fully modern and updated home, learning all about them and their
situation. The bottom line was simple, they had reached a point in their
retirement years in which they needed more income. It turns out that like many seniors couples,
Jim and Patti had done all of the right things. Retiring with what seemed to
be more than enough money to live in their home for the rest of their lives,
they had plans to enjoy each others' company and take advantage of
everything that south Florida has to offer. Their love for each other was
obvious from the start - married for 50 years, the connection they have is
something that is truly special. When you meet with as many senior couples
as I have, there is a noticeable special spark that exists between people
who have been together for so many years, and Jim and Patti certainly share
it. They never planned on what happened next, as
Patti was diagnosed with cancer that needed immediate treatment. To watch
them explain to me what they had been through was heart wrenching to say the
least. Patti is a strong woman who has since beaten the disease, but her
treatments had wiped out almost $200,000.00 in savings. This was the money
that they had planned on using to take care of their retirement years. It
was gone in a matter of months and they were now trying to figure out how to
make their income work for the future. Their stress resulted from the
monthly balance sheet leaving them short and in need of more income to live
in the home they are in love with. They shared with me that their home was
paid for so they had no mortgage payments, but that Jim had been forced to
take a job at age 70 doing inventory locally just to help make ends meet.
They considered moving and downsizing, and then decided to see if the
reverse mortgage was indeed an option. We discussed all of their options and within
a month they had completed the reverse mortgage application process and we
successfully closed their loan. They chose to create a line of credit to
access their cash as they needed it and have been quite happy since. I now share a special bond that is unspoken
with Jim and Patti every time I see them on a dog walk or drive by their
home three doors down - a bond that I am so proud and happy to have. Hugs at
holiday parties are real and special. For this, I owe a special thank you to
my Aunt Eileen and the chance meeting over four years ago that not only has
changed my life forever, but continues to have a positive impact on the
seniors who I am able to help every day. Nothing beats being a "senior super
hero!" Content Directory - Home - Bookshelf
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