Who is your typical customer and what questions do they typically have?
My typical customer is age 62 plus, has approximately 50-53% equity in the home. They want to know how much funds they would receive with a Reverse Mortgage after all closing costs, and when they pay off the Reverse Mortgage.
Tell us about a specific challenging borrowing situation and how you got the mortgage closed and funded.
The borrower had a home value of $300,000 and had a mortgage of $150,000. They were over age 65 and we obtained a Reverse Mortgage for them. They paid off the existing mortgage and funded them an additional $20,000 after all closing costs. They do not have any monthly mortgage payments with a Reverse Mortgage.
What part of the home loan process do customers find most difficult and how do you help them through it?
They want communication. I take them through the steps of Reverse Mortgage Education, Counseling, Application and Funding.
What provides you with the most satisfaction in your job as a Loan Officer?
I have been specializing in Reverse Mortgages for eight (8) years. There is never a closing that I do not receive a warm ‘thank you’ from the borrowers. The Reverse Mortgage fills the need to the borrower either to pay off debts, meet health care expenses or have the security that they have a reserve account of funds that are available for them TAX FREE.
Tell us something that makes you unique or something wacky, yet interesting about you?
Along with being a Mortgage Broker, I was licensed as a Real Estate Broker in four states; worked as a fire fighter at the Canyon Ranger Station, Peirce Idaho; and was a photo Journalist for the Stars and Stripes newspaper with the 1st Calvary Division in the Army.