{"id":58165,"date":"2024-07-26T03:03:13","date_gmt":"2024-07-26T01:03:13","guid":{"rendered":"https:\/\/housesmarketplace.com\/reverse-mortgage-veteran-reflects-on-his-career-everyone-has-a-story-to-tell\/"},"modified":"2024-07-26T03:03:13","modified_gmt":"2024-07-26T01:03:13","slug":"reverse-mortgage-veteran-reflects-on-his-career-everyone-has-a-story-to-tell","status":"publish","type":"post","link":"https:\/\/housesmarketplace.trio-tv.com\/ru\/reverse-mortgage-veteran-reflects-on-his-career-everyone-has-a-story-to-tell\/","title":{"rendered":"\u0412\u0435\u0442\u0435\u0440\u0430\u043d \u043e\u0431\u0440\u0430\u0442\u043d\u043e\u0439 \u0438\u043f\u043e\u0442\u0435\u043a\u0438 \u0440\u0430\u0437\u043c\u044b\u0448\u043b\u044f\u0435\u0442 \u043e \u0441\u0432\u043e\u0435\u0439 \u043a\u0430\u0440\u044c\u0435\u0440\u0435: \u00ab\u041a\u0430\u0436\u0434\u043e\u043c\u0443 \u0435\u0441\u0442\u044c \u0447\u0442\u043e \u0440\u0430\u0441\u0441\u043a\u0430\u0437\u0430\u0442\u044c\u00bb"},"content":{"rendered":"
\n

Jim Cullen spent nearly 20 years in the reverse mortgage profession and recently decided that it was time to retire. But as a longtime industry professional who recognizes the potential value of the Home Equity Conversion Mortgage Program (HECM), Cullen previously explained<\/a> to HousingWire<\/strong>\u2019s Reverse Mortgage Daily (RMD) that he made the transition from industry professional to customer.<\/p>\n

In the second part of RMD\u2019s interview with Cullen, he reflects on his career, the many changes the HECM program has undergone<\/a> during his time in the business and what he hopes it can accomplish in the future.<\/p>\n

Chris Clow\/RMD: Jim, you were a real estate agent and then a forward mortgage professional before jumping into the reverse arena. You spent just under 20 years in the business. Is it fair to say you\u2019ve seen its highs and lows?<\/h4>\n<\/p>\n

Jim Cullen: Yeah, definitely. I made the switch into reverse mortgages, quite honestly, not due to anything I initiated. Our area manager at Wells Fargo<\/a><\/strong> approached me in June 2004 and asked if I had ever considered doing reverse mortgages. <\/p>\n<\/p>\n

I hadn\u2019t really thought about it because I didn\u2019t know much about them. We had a guy in the area who was our reverse mortgage person, and she said, \u201cI think this might be something you\u2019d be really good at.\u201d<\/p>\n<\/p>\n

So, I did my homework and some investigating, and I decided to give it a try. In August 2004, I went out to Boston for a week of reverse mortgage training. Wells Fargo had very good and thorough training \u2014 it was a solid week because you needed to focus solely on reverse mortgages. There was no mix and match with forward mortgages, which I liked because it allowed us to concentrate on what we were going to be doing.<\/p>\n<\/p>\n

Clow: How did Wells Fargo\u2019s exit from the business impact you?<\/h4>\n<\/p>\n

Cullen: Wells bailed out in the summer of 2011. A whole bunch of us switched over to MetLife<\/a><\/strong>, thinking it was a good move. However, eight or nine months later, in April 2012, MetLife also bailed out. I had to make a couple of moves. I never made a move on my own; it was always the bank or whoever decided to get out of the reverse program.<\/p>\n<\/p>\n

That was disheartening because it\u2019s a good program, but if they weren\u2019t making enough money or had other reasons, they decided it wasn\u2019t necessary to continue. It is a niche product, obviously. Despite this, I made a couple of moves but always stuck with it. I always told myself that once I got into reverse mortgages, I would never go back to forward mortgages. Forward mortgages are a hard hornets nest, and I\u2019m glad I never moved back. It was smart to stay in the reverse business.<\/p>\n<\/p>\n

Clow: A lot has been said about the reverse mortgages that were originated in the aftermath of the financial crisis, but the HECM program itself has gone through quite a lot of change since then. How do you compare today\u2019s product to what it was in those days?<\/h4>\n<\/p>\n

Cullen: Obviously, the safeguards that have been put in place have probably protected and kept the product around. But to me, the absolute No. 1 biggest issue right now \u2014 despite property values skyrocketing and other factors \u2014 is the focus only on the HECM program.<\/p>\n<\/p>\n

Being in Wisconsin and primarily originating almost everything within this state, we had no proprietary products. The only option back then was the Financial Freedom<\/a><\/strong> Cash Balance Plan, which you have to be an old-timer like me to know about. But all the new proprietary products are unavailable in Wisconsin, so we are strictly working with the HECM program.<\/p>\n<\/p>\n

Right now, with the principal limit factors where they are, especially with younger borrowers (in their 60s to mid-70s), you run the numbers for people and they see that principal limit. They calculate in their heads, \u201cOK, my house is worth this much and this is what I\u2019m able to pull out, and it\u2019s going to cost me this much to do it.\u201d It\u2019s tough. It\u2019s very, very difficult.<\/p>\n<\/p>\n

I think our friends at HUD [the U.S. Department of Housing and Urban Development<\/a><\/strong>] need to look at this and find a way to bump up the principal limit factors. I don\u2019t mean giving away the farm, but I think the principal limits are so low right now that it is very difficult to make transactions work.<\/p>\n<\/p>\n

Clow: What\u2019s your favorite memory of being in the reverse mortgage business?<\/h4>\n<\/p>\n

Cullen: Well, I mean, on the whole, it\u2019s obviously the people \u2014 the customers you serve. With this, it\u2019s not like a traditional mortgage where it\u2019s done so quickly. With the reverse mortgage program, with the HECM program, it takes a little bit longer and you develop a relationship with these people.<\/p>\n<\/p>\n

Before you do anything, you have to establish why they are thinking about a reverse mortgage and what they are looking to accomplish. Can we do that? Can we make it work? You develop a relationship and they have to trust you because this is a big deal for them. You don\u2019t just fly in and say, \u201cWham, bam, I\u2019ll see you later.\u201d That will not work. You really have to develop that relationship.<\/p>\n<\/p>\n

I\u2019ve done hundreds and hundreds of loans, and everyone has a story to tell. Getting to know that story and understanding what they\u2019re doing is crucial. When you finally get to the closing table, sign that last piece of paper, and see the relief or joy on their faces, it\u2019s incredibly rewarding. They often feel like they\u2019re going to be in a much better financial position. It\u2019s an emotional thing. You can be very objective and handle all the black and white, but there\u2019s a lot of subjectivity involved in this process.<\/p>\n<\/p>\n

On a general level, that\u2019s the thing \u2014 the people you serve and the people you work with. Our industry, in the grand scheme of things, is pretty small. Over the years, you get to know people both within and outside your organization. It\u2019s almost like being in a club \u2014 the reverse mortgage club. It\u2019s kind of a neat thing that way.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Jim Cullen spent nearly 20 years in the reverse mortgage profession and recently decided that it was time to retire. But as a longtime industry professional who recognizes the potential value of the Home Equity Conversion Mortgage Program (HECM), Cullen previously explained to HousingWire\u2019s Reverse Mortgage Daily (RMD) that he made the transition from industry […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-58165","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nReverse mortgage veteran reflects on his career: \u2018Everyone has a story to tell\u2019 - Houses Marketplace<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/housesmarketplace.trio-tv.com\/ru\/reverse-mortgage-veteran-reflects-on-his-career-everyone-has-a-story-to-tell\/\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reverse mortgage veteran reflects on his career: \u2018Everyone has a story to tell\u2019 - Houses Marketplace\" \/>\n<meta property=\"og:description\" content=\"Jim Cullen spent nearly 20 years in the reverse mortgage profession and recently decided that it was time to retire. But as a longtime industry professional who recognizes the potential value of the Home Equity Conversion Mortgage Program (HECM), Cullen previously explained to HousingWire\u2019s Reverse Mortgage Daily (RMD) that he made the transition from industry […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/housesmarketplace.trio-tv.com\/ru\/reverse-mortgage-veteran-reflects-on-his-career-everyone-has-a-story-to-tell\/\" \/>\n<meta property=\"og:site_name\" content=\"Houses Marketplace\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-26T01:03:13+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u041d\u0430\u043f\u0438\u0441\u0430\u043d\u043e \u0430\u0432\u0442\u043e\u0440\u043e\u043c\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"\u041f\u0440\u0438\u043c\u0435\u0440\u043d\u043e\u0435 \u0432\u0440\u0435\u043c\u044f \u0434\u043b\u044f \u0447\u0442\u0435\u043d\u0438\u044f\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 \u043c\u0438\u043d\u0443\u0442\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/housesmarketplace.trio-tv.com\\\/reverse-mortgage-veteran-reflects-on-his-career-everyone-has-a-story-to-tell\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/housesmarketplace.trio-tv.com\\\/reverse-mortgage-veteran-reflects-on-his-career-everyone-has-a-story-to-tell\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/housesmarketplace.trio-tv.com\\\/#\\\/schema\\\/person\\\/1276f6cf52b5de6bd341c72ea8c75b0b\"},\"headline\":\"Reverse mortgage veteran reflects on his career: \u2018Everyone has a story to tell\u2019\",\"datePublished\":\"2024-07-26T01:03:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/housesmarketplace.trio-tv.com\\\/reverse-mortgage-veteran-reflects-on-his-career-everyone-has-a-story-to-tell\\\/\"},\"wordCount\":1070,\"articleSection\":[\"Uncategorized\"],\"inLanguage\":\"ru-RU\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/housesmarketplace.trio-tv.com\\\/reverse-mortgage-veteran-reflects-on-his-career-everyone-has-a-story-to-tell\\\/\",\"url\":\"https:\\\/\\\/housesmarketplace.trio-tv.com\\\/reverse-mortgage-veteran-reflects-on-his-career-everyone-has-a-story-to-tell\\\/\",\"name\":\"Reverse mortgage veteran reflects on his career: \u2018Everyone has a story to tell\u2019 - Houses Marketplace\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/housesmarketplace.trio-tv.com\\\/#website\"},\"datePublished\":\"2024-07-26T01:03:13+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/housesmarketplace.trio-tv.com\\\/#\\\/schema\\\/person\\\/1276f6cf52b5de6bd341c72ea8c75b0b\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/housesmarketplace.trio-tv.com\\\/reverse-mortgage-veteran-reflects-on-his-career-everyone-has-a-story-to-tell\\\/#breadcrumb\"},\"inLanguage\":\"ru-RU\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/housesmarketplace.trio-tv.com\\\/reverse-mortgage-veteran-reflects-on-his-career-everyone-has-a-story-to-tell\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/housesmarketplace.trio-tv.com\\\/reverse-mortgage-veteran-reflects-on-his-career-everyone-has-a-story-to-tell\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/housesmarketplace.trio-tv.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Reverse mortgage veteran reflects on his career: \u2018Everyone has a story to tell\u2019\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/housesmarketplace.trio-tv.com\\\/#website\",\"url\":\"https:\\\/\\\/housesmarketplace.trio-tv.com\\\/\",\"name\":\"Houses Marketplace\",\"description\":\"International Real Estate\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/housesmarketplace.trio-tv.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"ru-RU\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/housesmarketplace.trio-tv.com\\\/#\\\/schema\\\/person\\\/1276f6cf52b5de6bd341c72ea8c75b0b\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"ru-RU\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/140237897fb8310eb02b9e9e60bc4c80ec8ee5e10f4896a3c4d6b98a92bf825e?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/140237897fb8310eb02b9e9e60bc4c80ec8ee5e10f4896a3c4d6b98a92bf825e?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/140237897fb8310eb02b9e9e60bc4c80ec8ee5e10f4896a3c4d6b98a92bf825e?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"url\":\"https:\\\/\\\/housesmarketplace.trio-tv.com\\\/ru\\\/author\\\/admin\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Reverse mortgage veteran reflects on his career: \u2018Everyone has a story to tell\u2019 - Houses Marketplace","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/housesmarketplace.trio-tv.com\/ru\/reverse-mortgage-veteran-reflects-on-his-career-everyone-has-a-story-to-tell\/","og_locale":"ru_RU","og_type":"article","og_title":"Reverse mortgage veteran reflects on his career: \u2018Everyone has a story to tell\u2019 - Houses Marketplace","og_description":"Jim Cullen spent nearly 20 years in the reverse mortgage profession and recently decided that it was time to retire. But as a longtime industry professional who recognizes the potential value of the Home Equity Conversion Mortgage Program (HECM), Cullen previously explained to HousingWire\u2019s Reverse Mortgage Daily (RMD) that he made the transition from industry […]","og_url":"https:\/\/housesmarketplace.trio-tv.com\/ru\/reverse-mortgage-veteran-reflects-on-his-career-everyone-has-a-story-to-tell\/","og_site_name":"Houses Marketplace","article_published_time":"2024-07-26T01:03:13+00:00","author":"admin","twitter_card":"summary_large_image","twitter_misc":{"\u041d\u0430\u043f\u0438\u0441\u0430\u043d\u043e \u0430\u0432\u0442\u043e\u0440\u043e\u043c":"admin","\u041f\u0440\u0438\u043c\u0435\u0440\u043d\u043e\u0435 \u0432\u0440\u0435\u043c\u044f \u0434\u043b\u044f \u0447\u0442\u0435\u043d\u0438\u044f":"5 \u043c\u0438\u043d\u0443\u0442"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/housesmarketplace.trio-tv.com\/reverse-mortgage-veteran-reflects-on-his-career-everyone-has-a-story-to-tell\/#article","isPartOf":{"@id":"https:\/\/housesmarketplace.trio-tv.com\/reverse-mortgage-veteran-reflects-on-his-career-everyone-has-a-story-to-tell\/"},"author":{"name":"admin","@id":"https:\/\/housesmarketplace.trio-tv.com\/#\/schema\/person\/1276f6cf52b5de6bd341c72ea8c75b0b"},"headline":"Reverse mortgage veteran reflects on his career: \u2018Everyone has a story to tell\u2019","datePublished":"2024-07-26T01:03:13+00:00","mainEntityOfPage":{"@id":"https:\/\/housesmarketplace.trio-tv.com\/reverse-mortgage-veteran-reflects-on-his-career-everyone-has-a-story-to-tell\/"},"wordCount":1070,"articleSection":["Uncategorized"],"inLanguage":"ru-RU"},{"@type":"WebPage","@id":"https:\/\/housesmarketplace.trio-tv.com\/reverse-mortgage-veteran-reflects-on-his-career-everyone-has-a-story-to-tell\/","url":"https:\/\/housesmarketplace.trio-tv.com\/reverse-mortgage-veteran-reflects-on-his-career-everyone-has-a-story-to-tell\/","name":"Reverse mortgage veteran reflects on his career: \u2018Everyone has a story to tell\u2019 - Houses Marketplace","isPartOf":{"@id":"https:\/\/housesmarketplace.trio-tv.com\/#website"},"datePublished":"2024-07-26T01:03:13+00:00","author":{"@id":"https:\/\/housesmarketplace.trio-tv.com\/#\/schema\/person\/1276f6cf52b5de6bd341c72ea8c75b0b"},"breadcrumb":{"@id":"https:\/\/housesmarketplace.trio-tv.com\/reverse-mortgage-veteran-reflects-on-his-career-everyone-has-a-story-to-tell\/#breadcrumb"},"inLanguage":"ru-RU","potentialAction":[{"@type":"ReadAction","target":["https:\/\/housesmarketplace.trio-tv.com\/reverse-mortgage-veteran-reflects-on-his-career-everyone-has-a-story-to-tell\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/housesmarketplace.trio-tv.com\/reverse-mortgage-veteran-reflects-on-his-career-everyone-has-a-story-to-tell\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/housesmarketplace.trio-tv.com\/"},{"@type":"ListItem","position":2,"name":"Reverse mortgage veteran reflects on his career: \u2018Everyone has a story to tell\u2019"}]},{"@type":"WebSite","@id":"https:\/\/housesmarketplace.trio-tv.com\/#website","url":"https:\/\/housesmarketplace.trio-tv.com\/","name":"\u0420\u044b\u043d\u043e\u043a \u0434\u043e\u043c\u043e\u0432","description":"\u041c\u0435\u0436\u0434\u0443\u043d\u0430\u0440\u043e\u0434\u043d\u0430\u044f \u043d\u0435\u0434\u0432\u0438\u0436\u0438\u043c\u043e\u0441\u0442\u044c","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/housesmarketplace.trio-tv.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"ru-RU"},{"@type":"Person","@id":"https:\/\/housesmarketplace.trio-tv.com\/#\/schema\/person\/1276f6cf52b5de6bd341c72ea8c75b0b","name":"\u0430\u0434\u043c\u0438\u043d\u0438\u0441\u0442\u0440\u0430\u0442\u043e\u0440","image":{"@type":"ImageObject","inLanguage":"ru-RU","@id":"https:\/\/secure.gravatar.com\/avatar\/140237897fb8310eb02b9e9e60bc4c80ec8ee5e10f4896a3c4d6b98a92bf825e?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/140237897fb8310eb02b9e9e60bc4c80ec8ee5e10f4896a3c4d6b98a92bf825e?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/140237897fb8310eb02b9e9e60bc4c80ec8ee5e10f4896a3c4d6b98a92bf825e?s=96&d=mm&r=g","caption":"admin"},"url":"https:\/\/housesmarketplace.trio-tv.com\/ru\/author\/admin\/"}]}},"_links":{"self":[{"href":"https:\/\/housesmarketplace.trio-tv.com\/ru\/wp-json\/wp\/v2\/posts\/58165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/housesmarketplace.trio-tv.com\/ru\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/housesmarketplace.trio-tv.com\/ru\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/housesmarketplace.trio-tv.com\/ru\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/housesmarketplace.trio-tv.com\/ru\/wp-json\/wp\/v2\/comments?post=58165"}],"version-history":[{"count":0,"href":"https:\/\/housesmarketplace.trio-tv.com\/ru\/wp-json\/wp\/v2\/posts\/58165\/revisions"}],"wp:attachment":[{"href":"https:\/\/housesmarketplace.trio-tv.com\/ru\/wp-json\/wp\/v2\/media?parent=58165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/housesmarketplace.trio-tv.com\/ru\/wp-json\/wp\/v2\/categories?post=58165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/housesmarketplace.trio-tv.com\/ru\/wp-json\/wp\/v2\/tags?post=58165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}