Reverse Mortgages; what do I know

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Mortgage and Lending with Fairway Independent Mortgage Company 385907

okay, so today many/most lenders will advertise that "they" offer reverse mortgages. But really, do they? and what do they know about the program?

maybe... you should be asking what do i know?

well, despite the fact that i had been involved with reverse mortgages for an extensive period of time, when i joined Fairway they gave me the opportunity to go to the corporate office for 3 full days of training. And when i say they "gave me the opportunity" i really mean that they insisted on it, if i wanted to offer reverse mortgages while at Fairway.

well after grumbling about it being 46 degrees in Madison while it was nice and warm and sunny in Delray Beach I was assured not to worry, because it would get colder that night. But i was very interested in helping my fellow seniors, so off to Wisconsin I went.

the training

the professor, Harlan Acolla, had me convinced before noon the first day that I had made the right decision, and that his product knowledge was far superior to mine. I quickly decided that it would be in my best interest to pay attention, and that that would be in my best interests, and my clients.

the process

we do this the Fairway way. we originate the loan, we process the loan, we close the loan, and we fund the loan. Is this a big deal, well yes it is as most lenders avertising reverse mortgages don't.

they get some basic information and pass you off to someone else (and wait for their check)

Passion:

no one taught me this. I am an experience loan officer, 40ish years worth. I am also a senior, and i'll be more senior next week (happy bday to me). I will get paid for closing the reverse mortgage, but that's not what it's all about.

It's about helping my fellow seniors acquire the home that they want, usually to age in place, and/or to demonstrate to them how their existing home, if that's where they want to be, can play a major roll in there retirement and investment plans.

That's what it's really all about.

 

so if you want to chat, i still know how to use that phone thing, or if you're more technologically sophisticated you can email, or text me. 

 

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Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

This is an important topic and I hope you will have a long series of blog posts on reverse mortgages.

Sep 07, 2018 08:10 AM #1
Rainmaker
281,344
Jay Beckingham
Fairway Independent Mortgage Company - Delray Beach, FL
Seniors ROCK!

roy,

i do agree that this is an important topic and i am passionate about this as i am a senior, i know that in a room of 10 friends maybe only 1-2 have a financial planner, and are unaware how to responsibly use the equity in their home. i know that most seniors, and Realtors are not aware of how this program can help their clients purchase a home. i could go on, and will (overtime). thanks for your response.

Sep 07, 2018 08:15 AM #2
Ambassador
3,425,548
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Jay- we see so many commercials on for Reverse Mortgages these days, it's important for people to get the correct information. 

Sep 07, 2018 06:36 PM #3
Rainmaker
281,344
Jay Beckingham
Fairway Independent Mortgage Company - Delray Beach, FL
Seniors ROCK!

i agree. in my opinion there is a very small group of well trained and knowledgable planners, and the rest should stay away from the product.

Sep 07, 2018 07:01 PM #4
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Rainmaker
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Jay Beckingham

Seniors ROCK!
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