Rachel Hemmingson never thought she would be doing reverse mortgages. Turns out it is a very rewarding business – and definitely her specialty.
Name of Business: Rachel technically is employed by Equity Access Reverse, but generates her own work. She is a mortgage consultant – specializing in Home Equity Conversion Mortgages (HECMs).
Years in Business: Previously Rachel worked in real estate as a Seniors Real Estate Specialist for many years. A few years ago she decided to get into the mortgage business, continuing her work with seniors.
What the Business does: Reverse mortgages can help older people – generally those age 62 or older- make their assets liquid. The gist of a HECMs/reverse mortgages is that the home owner can get 40 percent of the appraised value of their home made available to them as funds to use as they choose.
The percentage is based on their age, the value of their property, and interest rates. The older they are, the higher the percentage. What that boils down to, is a home owner can get a line of credit, or a check, the payment does not affect social security or Medicare, and is not taxable.
Rachel explains that accessing monies in this way requires no monthly payments – unlike a “regular” line of credit. Reverse mortgages are designed to be paid back when the house is sold or the loan refinanced, usually when the borrower passes away or moves out permanently. The borrowers must keep their property taxes and homeowner’s insurance paid and the property in good condition.
How did you end up working with Jackie? “I was actually trying to scale up a business idea and went to her for help -she gave me a great deal of clarity! What I learned was: I didn’t have what it took to do it all, by myself.”
Rachel continues: “I wanted to be a part of a team. Her guidance has helped me find that team, AND keep my entrepreneurial approach as a part of my success.”
That approach has led to the upcoming information sessions aimed an older population, titled “Use What You Have and Know to Secure Your Future.” To register for this event, see link below.
She’s partnered with Jackie for encore entrepreneurship information plus with home care providers, and consulted on home sharing.
Rachel also worked as a counselor, and a massage therapist focusing on chronic pain and bereavement for 23 years in her first career.
“I’ve been working in real estate for 14 years now. I never in a million years would have thought that I would be working in the mortgage industry.”
What do you love about the work? “I love teaching and advocating. I really enjoy the group effort of panel discussions that position me to teach people to think about their house as an asset, not just the American dream. So many are in dreamland. They need to be maximizing that asset.”
Advice/take away/lessons learned: “I love Jackie’s take on the world (for business):She says “use what you have and know.” I never thought I would be where I am now. You may end up doing something different, but it is fine if it is still the heart of what you care about.”
Check Events for upcoming “Over 55 and Worried About Money?” information sessions.