The team at Resolute Bank is happy to introduce Reverse Mortgage Specialist, Larry Waters. Larry is located in Hayden, ID and brings over 21 years of conventional and reverse mortgage experience to our team.
We asked Larry to share a little bit about himself and his career as a trusted resource to his clients, colleagues and referral partners.
Larry: I have been in lending for over 20 years now and I got involved in reverse mortgage in 2003. I was offered free training by our company on reverse mortgages and I then learned about the unique opportunity. They wanted loan officers that we're going to specialize in this product and focus the majority of their time on it, so I decided to dedicate myself to becoming an expert on the product.
As I learned about the special benefits of the reverse mortgage program, I realized how unique this program really is. I mean how else can a senior create extra income in retirement? To have a loan with no required monthly mortgage payment truly creates cash flow, actual spendable dollars, to use as needed and you can also structure the disbursement of the available funds to last a lifetime. Then I learned about the programs potential, that most seniors will need this because they do not have enough savings to survive retirement. I could help educate people to see the true value.
Another aspect that drove me to reverse mortgages, was that while I was in training I started thinking back about my past senior clients that I had done forward loans for. I recalled it was such a pleasant experience dealing with these folks. These seniors had real values with mutual respect, courtesy, and kindness. I truly cared about these seniors, as I listened and learned about their unique situations and challenges. I naturally developed an instant rapport, quickly building a good relationship based on trust and became compassionate to help them.
Looking back, becoming a reverse mortgage specialist is the best thing I have ever done. I believe to be able to live life with integrity and purpose with our career is the ultimate goal. Always do the right thing for each and every client knowing you make a difference in someone’s life, makes it all worth it. Over the years I have been very fortunate to have worked for several top reverse mortgage lenders and have been able to become a top producer by staying true to this underlying passion to help seniors learn about the potential of this program and make a positive impact on a senior’s quality of life.
Q: Who is your most memorable client and why?
Larry: Three is a magic number. My most memorable client up to this point, I have originated a reverse mortgage three different times. This lady was living in a very affluent area in Spokane. She had raised a large family of four, the children moved out years ago, they were all married off living far away from the area and the husband had passed away. She was a widow living in a huge two story home and she had bad knees and had not been upstairs in 5 years. She knew she had to downsize, went to a realtor and the realtor said she could get top dollar for this home but the problem is you've never done any improvements. Your home is 40+ years old, you need a new roof, new siding, the kitchen needs to be upgraded, both bathrooms, and you need new carpet. If you did these upgrades we could get top dollar for this home. So she went to the bank to apply for a regular forward loan, they refused her the loan because she was only bringing in one third the income that she used to get while she was married with her husband.
She called me and asked if a reverse mortgage was possible, she told me her plan and we did the reverse mortgage. At the direction of the realtor she did all of the improvements and it took a year to sell the home. But that was okay because she wasn't being burdened with any monthly mortgage payments. So after 1 year she sold it and got top dollar for that home. She purchased another home in northern Idaho with cash money, but 6 months after she wanted to know if she could get a reverse mortgage on that home. We did another reverse mortgage (number 2) for her freed up some cash flow. She was vary frugal and used the reverse mortgage proceeds sparingly to help make her life more comfortable.
Then three years after, she realized that she had grown to despise the next door neighbor, she couldn't stand living there any longer. About this time she noticed that the builders we're building a new development downtown with homes that would be perfect for seniors to retire in. These were one level homes with no steps that were made with the wide doors throughout the home and with special bathrooms fixtures, and all the amenities specially for Aging in place. These homes were also Green LEED certified, energy efficient, close to downtown shopping and health care providers.
So she sold the old departure home and we helped her do a reverse mortgage for purchase (number 3), allowing her to get into that ultimate home. She's very happy and truly realizes the value of the reverse mortgage program. She has since given me a number of referrals as well over the years. So that to me is my most memorable ultimate success story.
Q: If you could have lunch with anyone, past or present, who would that be?
Larry: I would like to have lunch with Benjamin Franklin. He was amazing in all that he accomplished over his lifetime. He was one of the founding fathers of our country, a leading author, printer, politician, free-mason, postmaster, scientist, inventor, civic activist, statesman, and diplomat. It would be interesting to learn more about him at lunch. Also, from what I understand he was very fond of good beer and wine, so we have that in common.
Here at Resolute Bank, we believe our business is about providing a better quality of life and a higher standard of living for our seniors. Our reverse mortgage products are unique financial tools available to senior homeowners that can help you live your life more fully by reducing financial worries. Larry offers our reverse mortgage loans with unparalleled service in 49 states.