The team at Resolute Bank is happy to introduce Reverse Mortgage Specialist, Raymond Denton. Raymond is located in Orange County, CA and has been in the reverse mortgage industry for over 12 years. One of Raymond's specialties is giving reverse mortgage presentations to small and large audiences all across the Unites States.
We asked Raymond to share a little bit about himself and his career as a trusted resource to his clients, colleagues and referral partners.
Raymond: I’ve never really thought about this question before. It kinda just happened, and I never left. Approximately a dozen years ago I was originating Conventional mortgages, and my Mom told me she thought a Reverse Mortgage would work well for her in her current situation, and asked me to research the subject for her. There was only one booklet on the subject at the time, by Fannie Mae, and I didn’t understand it. I read it several times, and it made my head hurt. I knew a lot of very experienced Loan Officers, and asked them if they, or somebody they knew, understood how a Reverse Mortgage worked, and everybody said “no”. At the end of 3 weeks I told Mom I couldn’t assist her, and she came unglued. She said I have to help her, so I went back to trying to understand how they work. Finally, I located a friend whose Mortgage Bank started originating them 6 months earlier, so I started originating for them and learned HECM’s on the job. I told Mom I could assist her now but it was too late – she had decided on selling her home. That was 4 years before the Baby Boomers were starting to retire, and I thought to myself “nobody I know understands how the Reverse Mortgage program works, and the Baby Boomers are just around the corner”, so I decided it was a good niche and switched to originating Reverse Mortgage exclusively.
Q: Who is your most memorable client and why?
Raymond: Paul and Beth had a house on the beach in California and another one on the beach in Hawaii. When I started their Jumbo Reverse there was a shortfall of approximately 300k, which they were good with. They sold their house in Hawaii to satisfy the shortfall, and they’d have some money left over from the sale too. But the GenPlus program had credit requirements, and they had a small $70.00 collection that got in our way. So Beth worked diligently to remove the collection (the collection itself is a long story). That took time, so the origination process took longer than normal, and half way through the process the Investor changed the Principle Limit Factor, increasing the shortfall to more then $700,000.00. They gave existing files in the pipeline a couple weeks to fund, but because of our credit issue we didn’t make that deadline. But they didn’t have the amount of the increased shortfall. So the management at Generation Mortgage arranged a conference call between the Investor (Luke) and me, and Luke didn’t want to budge. But after a while he compromised, and just for this single file, revised the PLF, making the shortfall $638,000.00. Paul and Beth were really upset – that amount consumed their entire profit from the Hawaii sale, but they had no options. So they contributed the shortfall, and the file funded. It was a really stressful file, but we got it done, and they were happy with me when they got their Reverse.
Q: If you could have lunch with anyone, past or present, who would that be?
Raymond: That’d be Virginia, my ex-wife. We divorced, and got back together, and were going to marry again. But suddenly, unexpectantly, the day after our Son turned 18, a blood clot broke lose from her knee and entered her heart, and she was gone. That was 12 years ago, and I still think and dream of her often. When I wake up from some of those dreams, I want to talk to her … there was so much left unsaid. It’d be nice to have lunch, and say some of those things, and visit again.
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. Raymond offers our reverse mortgage loans with unparalleled service in 49 states.