The Reverse Review

Author

Norcom Mortgage

Posted on

Mar 26, 2024

Book/Edition

Florida - Southwest

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Susan A. Pomfret RICP®️

I am sitting at a kitchen table educating Mary (82) about how a HECM may benefit her. Once I started asking her questions about what struggles she is having, I was hit with a lot more than I thought—she is not only having difficulty financially, but also emotionally. Are you prepared for this? You better be. As a HECM expert, you need to be sure you are an all-around resource for the seniors you meet.

Mary began to tell me that when her husband passed away, learning to live on one Social Security check was frustrating. She soon realized what bills she needed to pay and what things she would have to do without. Obviously, as she aged, her health care costs increased and most of her money went toward that and her home. She said she was fine with that because she had no plans to leave the home that she had been in for more than 45 years. It is where she raised her children and where her grandchildren and great-grandchildren now enjoy playing in the beautiful backyard.

She started to tell me how, at times, she is lonely and sad, and that most of her lifelong friends have passed. I asked her if she gets involved in her local senior center and she said, “The people there are too old for me.” I responded, “That is why they need you! Have you ever considered volunteering? And it would be a good excuse to get out of the house a few hours a week.”

I always carry around my state’s Department of Elderly Affairs Pocket Manual, so I was able to give her a contact to call. I also mentioned to her that we have a program called The Friendly Visitor that she may want to look into. I told her my mom was involved with this program and developed a lovely friendship with the woman who came to visit her each week. My good old pocket manual also had that information.

From there, she was telling me that this winter had been very difficult (those of us in New England can surely relate to that). She mentioned that she had to get oil so frequently that when it was delivered, she would tell them to just fill it halfway. I informed her about our state’s heating assistance program, which she was not aware of.

And yes, you guessed it, I was able to give her the information from my pocket manual along with the number to Rhode Island Saving Energy (RISE), who will come to a senior’s home and perform a free energy-efficiency evaluation. They will even replace old light bulbs with energy-efficient ones for free, and possibly install a new, energy-efficient refrigerator at low or no cost! As I continued to help Mary with some of her difficulties, I saw that her mood picked up and she was much more optimistic than when I first arrived. As I continued to help Mary with some of her difficulties, I saw that her mood picked up and she was much more optimistic than when I first arrived.

This is just one example of how I was resourceful to Mary beyond a HECM. I was able to address her issues right on the spot. Would a HECM solve some of these issues? Absolutely, but given that these programs are available to her, why wouldn’t I share my knowledge about them with her?

So, let’s get back to the HECM. After identifying some other issues, Mary realized that the program would truly relieve some of her financial stress and she decided to move forward. A few months after closing, she called to thank me again for all my help. Best calls ever, right? As I told her before, it was my pleasure and I aim to be as resourceful as possible. She wanted me to know that she is volunteering at the senior center three hours a week and loves it. She has even met some new friends because of it. She also signed up to be a Friendly Visitor and makes weekly visits to two senior ladies who are homebound, and she is grateful to be making a difference in their lives. By doing these two things, Mary thinks she is helping others, which she is. Just as importantly, she is helping herself, without even realizing it.

Sure, I helped her with her financial struggles by helping her obtain a HECM, but I also got her out of her isolation and gave her a new purpose. By the way, she told me she took advantage of the heating assistance program and RISE. Now that spring is finally here, she is looking forward to purchasing a new swingset for her yard for the kids to enjoy.

Ironically, as I was writing this story, I received a call from a gentleman about his adult sister. She has severe disabilities, and between her mortgage and credit card debt, she is struggling each month. Unfortunately, she is only 56 years old, so I was not able to help with a HECM, but I was still able to be a resource to him by giving him information on our local housing agency that may be able to refinance her into a very low interest rate, along with a debt counseling agency that can help negotiate with her creditors to reduce her interest rate and monthly payments, making things more manageable for her. So, I guess the lesson learned here is how truly important being a resource to people really is!

Lastly, I am fortunate that my state has various senior nonprofit organizations, where I volunteer. Giving back is very important to me. It not only teaches me about what is available for my clients (things that are not in my pocket manual), but also allows me to build awareness about HECMs and show people that HECM professionals really do care about helping our seniors.

Writer’s Note: March 2024. I am happy to say that I am serving the Southwest FL area and can be as resourceful given my referral partners and the Seniors Blue Book.

Reach out today for more information, 401-595-7300 or Susan.Pomfret@Norcom-USA.com

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Local Services By This Author

Susan A. Pomfret RICP, Norcom Mortgage's HECM and Reverse Mortgage Programs

Reverse Mortgages 2671 Airport Road South, Naples, Florida, 34112

Norcom Mortgage headquartered in Avon, CT has been a trusted provider of mortgages for over 30 years, dedicated to helping individuals and families achieve their dream of homeownership. Whether you are purchasing your first property, refinancing for the fourth time, or wanting to Age in Place with a Home Equity Conversion Mortgage (HECM) or Reverse Mortgage we understand the significance of this decision and aim to make the process as simple and convenient as possible.We offer a wide range of mortgage options to suit your specific needs and financial goals. From conventional loans to FHA, VA, and USDA loans, HECM and Reverse Mortgage loans. Norcom Mortgage has the expertise to help you find the perfect mortgage solution. Susan A. Pomfret, RICP has a career spanning several decades, she is proud to be one of the trailblazers in the reverse mortgage industry, having the honor of originating one of the first HECMs in Rhode Island in 1989 and has since dedicated her career to advancing the industry, playing a pivotal role in elevating companies to new heights. Under her leadership, she has transformed HECM closings, overseen vast teams, and engineered sales strategies nationwide.Susan's passion extends beyond just professional accomplishments; she is deeply committed to the senior community. This is reflected not only in leadership roles within senior-focused non-profit organizations but also in the dedication as a volunteer and advocate. She has been published in numerous mortgage publications, covered esteemed events like the White House Conference on Aging in 2005 and 2015, and was chosen to assist in writing the first Certified Reverse Mortgage Professional (CRMP) exam for the industry's trade organization, the National Reverse Mortgage Lenders Association (NRMLA).In addition to Susan professional endeavors, she holds a Bachelor's in Paralegal Studies, a Certificate in Gerontology from Roger Williams University and the Retirement Income Certified Professional Designation from The American College of Finance Services. Susan is driven by the mission to enrich the lives of our senior population and empower retirees to live a financially stress-free retirement.Contact Susan Pomfret, RICP at 401-595-7300 to schedule your free consultation.NMLS#1253876. Licensed in FL (License #LO125044)