Who is your typical customer and what questions do they typically have?
I only work with senior citizens that are looking to get a reverse mortgage. I am licensed in MO, IL, and KS. Most of my customers are getting a reverse mortgage to have additional income during their retired years. Most often my customers are concerned about the costs incurred with getting a reverse mortgage. Most of the time we are able to lower those fees for the customer. Other concerns are the most common misconceptions about a reverse mortgage. I spend as much time with the client as needed in order to provide them with all the answers to their questions.
Tell us about a mortgage product that consumers may not be aware of?
The reverse mortgage is not only for current homeowners but can be used to purchase a home for seniors as well. Many of my clients use the product when they have decided to downsize from their dream home to their retirement home. It is a great product and an excellent alternative to traditional financing.
What part of the home loan process do customers find most difficult and how do you help them through it?
Most people are unfamiliar with the reverse mortgage loan program. There has been a lot of negative misinformation about the product over the years. I think the mainstream media is doing a better job with getting the correct information into the news. The government has made several changes to the program over the past couple of years to ensure there are certain protections in place for the seniors.
What provides you with the most satisfaction in your job as a Loan Officer?
Most of the time I am dealing with a client that is in need of this loan program. This may be their only option to keep living the lifestyle they have become accustomed to living. Unfortunately, we must always discuss the recourse of this loan if/when my client passes away or is no longer able to live in their home. I always explain that this is a non-recourse loan and that there are certain protections in place for their benefit.
Tell us something that makes you unique or something wacky, yet interesting about you?
I really just have a normal life outside of work. I enjoy spending time with my family but I really love my profession as well. The most unique quality I have is that I go see all my clients face to face to explain the reverse mortgage process.