After a 6 year stint as an Army as an MP, stationed mostly in West Point, I began my long Real Estate career in 1973, in Long Island, New York. In 1984 I opened a Mortgage Brokerage business; Island Mortgage Consultants Inc.. Shortly thereafter, in order to expand and bring greater value to my clients, I purchased a Century 21 Real Estate franchise. With both aspects of the Real Estate transaction covered I was able achieve my dream of owning my own business in something I loved to do; Real Estate and Mortgages.
My first introduction to HECM/Reverse Mortgages was with my mother; she owned a home in Florida with a small mortgage balance. She had been approached by a lender’s representative urging her to take out a “reverse mortgage”. Unfortunately, at that time I knew nothing about this particular mortgage product and thought he was trying to take advantage of her. He immediately recognized my product ignorance and began sending me a tremendous amount of information about reverse mortgages. With this information, and some person- al research, I found out just how good the program really was. So, my mother provided my first HECM Reverse Mortgage experience. Later on, the agent who first approached my mother came to work with me.
After a few years, my mother’s health deteriorated; I decided to sell my businesses in New York and move to Florida to care for her. Until her passing four years later, my mother spoke often of how grateful she was for what her HECM Reverse Mortgage was able to afford her. Just before her death, she asked me what I was going to do with my life (I guess expecting me to say, I would return to NY), but I told her I was going to dedicate my efforts to helping Seniors, just like her, to have more financially secure lives, and HUD’s FHA HECM was my vehicle to help them. Today, I am fulfilling that promise to her.
My career has spanned the shift from the old Reverse Mortgage to the new FHA HECM; from my Mom’s file so long ago to my efforts today with Seniors in Las Vegas, it is, and always has been, my goal to Changing Lives…One Senior at a Time.
When not involved with helping Seniors, I love outdoor photography and reading fiction books and suspense novels, and I enjoy traveling throughout the Southwest enjoying all the scenery in this part of our great country.
direct: (702) 845-4632
Real Estate and Mortgages has been my whole life. My mortgage career began in 1984 as a "forward" loan officer, doing loans for new home purchasers. Mostly they were young couples who were buying their first house. As many of you can remember, back in the mid 1980's the interest rates were just beginning to come down from their precipitous heights of 17%, to a more manageable 12%. Compare that to today's 4% rates! Today's young couples are not appreciative of what we lived through back in those times. Anyway, as rough as it may seem, we still sold houses and did mortgages.
Then came the 1990's and as interest rates continued to drop, we went into the refinance era. Everybody and their brother was refinancing those high interest rates of the 80's, and life was great. At this time, I still was not aware of the Reverse Mortgage Product even existed. It was my mother who called me one day asking me for information on this product. Well, to my amazement, it existed, and it was being provided by a select number of Banks throughout the Country, and by a very small number of loan officers who had special training on the pro's and con's of it. I started to get information, and knowledge of this product, and found it to be a fantastic Government Program specifically designed for Seniors 62 and over so they could remain in their homes instead of having to move to an old age home, nursing home, even an assisted living facility. And the best part was that there was no mortgage payments due as long as they lived in the property. Wow!
After getting a full education on this program, I was delighted to tell my mother that it was a good thing for her to get. She did, and I followed her progress throughout the steps she had to do to get this loan. Well, again, to my amazement, it was rather a simple process. The Bank did not have to verify her income, her employment, and they did not care what her credit scores were. Wow! The loan went through in about a month, after doing an appraisal on the property, signing some application papers, waiting for the Title Company to do their work, and she closed her loan.
This was by far the best thing she could have done for herself. She paid off the mortgage she had on her house, thus saving her the dollar amount she was paying the old bank, and now could use this money for other things each month. In addition, she had the security of knowing that she could live the rest of her life in that house if she wanted to, and not worry about being foreclosed if she missed a loan payment on that old mortgage. Wow!
Oh, yes, she was skeptical because she wanted to leave the house to me, her only son, as a good parent should. However, she as many parents don't realize, the "children" do not want their parent's house. Mostly, the "children", like me, have already moved out of our parent's house, have our own families, and our own obligations, and the last thing we want is our parent's house. In most cases, the house wil be sold, and the "children" will take the extra cash for themselves. Well, in the case of a Reverse Mortgage, it works exactly the same way. I know, I lived through it after my mother's death. The house went on the market, a Realtor sold it, the reverse mortgage was paid off, and the balance of the equity in the house came to me. Wow!
As for me, I have changed my whole view on mortgages, and have concentrated on earning as much as I can about the Reverse Mortgages, now called HECM for Home Equity Conversion Mortgage, and it is all I do now. No more "forward" mortgage for me. I only do HECM Reverses now, and my motto is: Changing Lives...One Senior at a Time!