Chapter 35 Kevin Reichard Senior Financial Network SENIOR SUPER HERO (Story told by the Reverse Mortgage Professional) I was sitting at my desk in my home office comparing two great job offers after me, my wife (Katie), and our two young daughters had settled into South Florida. I was searching for a new job to further support my family in our new home. 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." 203
204 62 SENIOR MOMENTS I knew that Eileen was doing something in the mortgage world, at Wells Fargo, but I had little interest in getting involved in the real estate or mortgage business. I replied, I appreciate your help, but I cannot see getting involved in the mortgage business right now. It was January 2005, and the housing bubble was pretty big at this point (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. Eileen said. 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 here in Florida. This has since become a pivotal moment in my life - one that I look back at and wonder at how the timing, circumstances, and luck formed what is now such a huge part of who I am. I sat with Eileen, and she explained exactly what a reverse mortgage was, how it worked, 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 saved their homes. After an hour, she had me hook, line, and sinker. For the first time I truly understood what a reverse mortgage was. A product that allowed seniors to stay in their home no matter what and gave them access to tax free cash to do everything from paying off their existing loan to receiving monthly payments forever, all with the security of
SENIOR SUPER HERO 205 an FHA guarantee was unlike anything I had ever heard of! And no matter what, even 30 years later, if the senior owes 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! At first, this was unbelievable to me, and I totally understand why seniors sometimes have doubts and say it can sound too 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. Three years later as I am out walking my dog, I see my neighbor, Jim, 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 did for a living came up. That day, I proudly let him know that I am helping seniors 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 with mailings and seminar invitations about reverse mortgages. In fact, they had planned on learning more by attending an upcoming
206 62 SENIOR MOMENTS seminar in town. Jim told me that he and Patti were going to go as planned and then would welcome me into their home 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, 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 turned out that like many senior couples Jim and Patti had done all of the right things. They had retired with what seemed to be more than enough money to live in their home for the rest of their lives. Their love for each other was obvious from the start. Married for 50 years, the connection they have is something that was truly special to witness. They had planned to enjoy each others company and take advantage of everything that south Florida has to offer. They never planned on what happened next. Patti was diagnosed with cancer that needed immediate treatment. To watch them explain to me what they had been through was heart wrenching. Patti is a strong woman who has since beaten the disease, but her treatments had wiped out almost $200,000 in savings. This was the money that they had planned on using in 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 loved. They shared with me that their home was paid for so they had no mortgage payments, but Jim, at age 70, had been forced to take a local inventory job just to help make ends
SENIOR SUPER HERO 207 meet. They considered moving and downsizing and then decided to see if the reverse mortgage was indeed an option. We discussed all the options available to them, and within a month we had successfully closed their reverse mortgage. They chose the line-of-credit option to access their cash as they needed it, and have been quite happy since. I now share a special, unspoken bond with Jim and Patti, and it is apparent every time I see them walking their dog or when I drive past home. It is 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 for her visit over four years ago that not only changed my life forever but also continues to have a positive impact on the seniors who I am able to help every day. Nothing beats being a senior super hero!
208 62 SENIOR MOMENTS About Kevin Reichard Certified Reverse Mortgage Advisor Senior Finance Network 877-825-6320 www.thereversemortgageschool.com Kevin s resume includes a current position teaching the Reverse Mortgage Class at Gold Coast Mortgage School located in South Florida. Working exclusively in the reverse industry, Kevin has trained dozens of reverse mortgage loan originators as well. He has become the South Florida professional community s first choice for accurate and timely reverse mortgage information. Kevin s passion for helping seniors is unmatched. Now operating his own reverse mortgage company in Coral Springs, Kevin continues to happily help seniors and their families every day.