Raymond Denton - Reverse Mortgage Specialist
In the Spring of 2004, a Financial Planner asked me if I could originate a Reverse Mortgage for an 83 year old client of his. I said "yes" and he said "good, I'd like you to give a presentation to me and my client Friday after next at 11am". That was a Wednesday so I had 10 days to prepare, but I didn't know anything about Reverse Mortgages. I was originating traditional conforming mortgages at the time and thought a Reverse Mortgage wouldn't be that much different - but soon found out otherwise. For the next 6 days I looked for somebody that could assist me but wasn't able to locate anybody. I asked every Loan Officer I knew, and many of them had been in the industry for quite some time, and nobody was able to refer me to a Loan Officer that could originate a Reverse Mortgage. On the 7th day I told the Financial Planner I wasn't able to accommodate his request. It was a humbling experience and I learned one very important thing from that experience - there's an extreme shortage of Loan Officers that understand how Reverse Mortgages work.
When I was trying to locate somebody that understood how Reverse Mortgages worked, I was also researching the subject on the internet and trying to learn as much about them as I could. I didn't know it at the time but my Mother was interested in getting a Reverse Mortgage and when she found out I was learning about them, she asked me to help her get one. She wanted me to oversee the transaction and make sure it happened like it's supposed to happen. After reading about Reverse Mortgages for a while, I just wasn't getting it. My head hurt when I tried to figure them out and there wasn't anyone around that I could ask questions, so I told Mom I wouldn't be able to assist her because I didn't understand Reverse Mortgages very well and it looked like it'd take quite a while before I was able to understand them. She told me she didn't care how long it took me and she'd wait for me to learn them before getting one. She thought they were potentially a good idea but was concerned about getting ripped off by an unscrupulous Loan Officer, so she wanted her son to be involved in the deal. So, at that point, I was forced to learn how they work and spent a great deal of time studying them. After I learned them fairly well, I began working for a Mortgage Bank that recently began originating Reverse Mortgages. Now I was ready to help Mom with hers and told her I was ready to take her loan application. But wouldn't you know it? Mom told me she changed her mind and she was selling the condo and buying a brand new Manufactured Home in Apple Valley. I couldn't believe it. All the time and effort, and the job change, to help her get her Reverse Mortgage, and then she changed her mind.
So I thought to myself - a couple months ago I searched everywhere and couldn't find a Reverse Mortgage Originator, and the baby boomers start turning 62 in 4 years, so this is a very niche market and it might make sense for me to stay with it. And I did. For the last 4 years I've been originating Reverse Mortgages exclusively, before they became popular, and have worked with thousands of Seniors across the country. Everybody has a different story and different reason why they're interested in a Reverse Mortgage, and I've met a lot of interesting people. Many of my clients are now close friends and it's always good to hear from them. Because my primary mode of origination is via the internet, I've originated Reverse Mortgages all across the Nation and can travel to most any State and be able to visit with a past client (and friend). Many of my female clients ask me to call them "Mom", so I probably have more Moms' then anyone in the country.
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