After initially coming into the mortgage enterprise in 2003 following a profession change from accounting, Rick Rodriguez was studying a guide about mortgages that included a chapter on the reverse mortgage product. He remembered considering the chapter was intriguing and flagged it in his thoughts so he might look into the product additional.
After asking his colleagues if it was a product they supplied, he was advised that they doubted he’d ever be able to promote reverse mortgages. However after receiving a fateful name from a prospect who was searching for one, Rodriguez regarded deeper. This led him to an expertise that satisfied him that the product had a spot within the wider mortgage ecosystem.
At the moment, Rodriguez is without doubt one of the main reverse mortgage producers at VIP Mortgage and operates primarily out of the Las Vegas space. He recounted his path into the enterprise in an interview with HousingWire’s Reverse Mortgage Day by day (RMD).
You always remember your first
At the moment within the early 2000s, Rodriguez’s firm didn’t provide reverse mortgages. However when a potential shopper reached out on to Rodriguez — who at this level was in his late 20s — he enlisted his firm’s assist in forging a partnership with then-ubiquitous reverse mortgage lender Monetary Freedom. After informing the prospect that he would be capable of do the mortgage, the shopper determined to maneuver ahead with Rodriguez as his originator.
Rick Rodriguez
“That transaction is still, to this day, perhaps the most impactful transaction I’ve ever had, and I’ve had thousands now over the past 20 years,” Rodriguez stated. “Reverse is all I’ve been doing since then. This guy was in a Chapter 13 bankruptcy at the time, was behind on credit cards and on his mortgage, and was on the verge of losing his house.”
He additionally had mobility challenges, so Rodriguez assisted with submitting court docket paperwork at the side of the reverse mortgage origination course of with a view to tackle the chapter. Finally, after a roughly three- to four-month course of, the mortgage closed, the chapter was paid off early and the shopper’s money owed have been settled.
This made an enormous impression on Rodriguez. It wound up setting him on a path towards reverse-only origination that he has now been on for 20 years.
“It was literally a life-changing transaction for this guy, and it was the very first reverse mortgage I had ever done,” he stated. “After the dust settled, I took a step back and I asked myself, ‘What did I just do?’ And I realized this was pretty powerful. I quickly realized that this is what I’d like to do in the mortgage industry. This felt really good and I want to do more of these.”
Finally, Rodriguez attributes this primary expertise together with his resolution to pivot wholly to reverse mortgages in 2005 — and he hasn’t regarded again since. He could have modified firms a number of occasions since then, however his involvement within the reverse mortgage enterprise stays constant.
Virtues of a deep dive
One other byproduct of such an all-encompassing first expertise in reverse, he stated, was that it actually helped to familiarize him with the dynamics of the product and the way it could possibly be utilized to fulfill shoppers’ wants.
“There’s a lot of stigma around the product,” he stated. “People are just ripping this product apart. I wanted to find out, was this just a coincidence, a one-off? Going deeper was also an opportunity to see firsthand what the longer-term impacts would be.”
Rodriguez stored tabs on his subsequent prospects and their conditions — typically years after closing, he stated. Contemplating the reputational challenges that reverse mortgages have confronted, he was initially involved that he would possibly begin getting disgruntled telephone calls or involved debtors, however these didn’t materialize in a significant means, he defined.
“I saw firsthand how this was impacting people,” he stated. “I saw that it was doing what it was intended to do, and in the following years have put family members and close friends into the product. But that first loan was really what opened my eyes to the product, and along with the subsequent ones after that, really helped me get more confidence in the product to see that it truly is going to do what we needed it to do.”
Disruptive modifications and searching forward
Over time, the reverse mortgage product has undergone a collection of substantive modifications, whether or not in the way in which firms provide it or by program modifications handed down by the Federal Housing Administration (FHA). Rodriguez stated that the modifications with essentially the most affect have been in all probability the creation of the monetary evaluation and the principal restrict issue (PLF) cuts from October 2017.
Working with these modifications over time has made them much less daunting and extra normalized in how the product works, he defined. Whereas the monetary evaluation was an arduous facet to turn out to be accustomed to, Rodriguez stated he’s now glad that it’s in place.
“I think there were probably some situations where people were put into the reverse mortgage that didn’t have the capacity to be placed in it, or didn’t have a sufficient income or demonstrated creditworthiness to have any type of mortgage,” he stated. “So, it was certainly a good idea, but at the time, that was a big change for us.”
Like a lot of his colleagues, Rodriguez feels optimistic in regards to the locations the reverse mortgage product can go.
“I’m still a very, very strong believer in what this can do, No. 1,” he stated. “No. 2, the educational outreach and awareness surrounding this product is more heightened than it’s ever been. We’ve got more and more wonderful educators out there who are raising awareness on not just this as a mortgage product but how this is a retirement tool.”
Whether or not it’s used for elevating liquidity, tying into retirement plans or involving extra referral companions, Rodriguez is happy to see the trajectory of the product.
“I’m very excited about those pieces in terms of continuing to talk about the product, and getting more and more people to understand it for what it truly is.”
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