Reverse Mortgage Professional Craig Vercnocke is no stranger to the mortgage industry. For 4 ½ years he had worked with a company doing forward mortgages. Then he got his first taste of reverse mortgages, and somehow, he felt so much more rewarded and fulfilled.
Craig explains, “With reverse mortgages, you actually help change people’s lives. I loved the idea of the product and it seemed like a great way to make a living helping people.”
“When I decided I wanted to get into the reverse mortgage world, I looked into it and found that American Advisors Group was the leader in the industry. I went on American Advisors Group’s website and applied.”
And the rest is history, so to speak. Craig Vercnocke is now part of your American Advisors Group family of reverse mortgage professionals, here to help you navigate through the sometimes confusing waters of the reverse mortgage world.
“It is a great product and an excellent program,” Craig says. “There is nothing like this product in the mortgage world and it is the only way you could use your equity without having to make monthly payments for the rest of your life as long as your home is your primary residence and otherwise comply with the loan terms. A lot of people would otherwise be forced to sell their homes.” Borrowers will remain responsible for paying property taxes, homeowner’s insurance, and for home maintenance.
To be a Reverse Mortgage Professional with American Advisors Group, Craig had to undergo 4 weeks of training plus orientation. And although he was already licensed, he had to take tests to get licensed in different states. Armed with these credentials, he has since been helping his clients benefit from the reverse mortgage retirement tool in their strategic financial planning.
“Some seniors do not have a lot of money; their social security doesn’t cover enough and every month they get deeper in debt,” Craig shares. “Their credit rating is starting to spiral down, they are worried about having to sell their home, and they are panicked. But they don’t have to because they have the resource as equity in their home. Sometimes they are actually sitting on a lot of it.”
This is a common situation. Many homeowners find that they could really use the equity locked in their home. Unfortunately, when they apply for forward mortgages, they don’t qualify with their credit and their steady but small retirement income.
“So it is rewarding for me to introduce them to the reverse mortgage,” continues Craig. “It is great helping people use their equity while allowing them to stay in their homes. There are people who I help to live in their homes for the rest of their lives (as long as they comply with the loan terms), and that’s a good feeling.”
Craig recalls a few clients fondly. “I’ve had a client couple who didn’t have any money but did have equity. There were health issues they dealt with, so it was especially nice to help them use their equity for their health care expenses.
“Required as part of the loan process, I had another client who was able to pay off their existing mortgage, which allowed them an extra amount of money a month. Plus, they still had money they could draw from on their line of credit. It turned their world completely around from what it had been.”
Craig has also observed a recurring reaction in his experience with his clients. “One thing I have noticed about when I explain the reverse mortgage product to clients is that they think it is too good to be true. Healthy skepticism is great, because I can prove it out to them over the phone.”
He smiles and continues, “I explain how all the rules of the reverse mortgage loan are not our rules; they are federal rules from HUD (U.S. Department of Housing and Development) and FHA (Federal Housing Administration). Reverse mortgage loans is designed to help seniors, and one thing that helps clients realize this is the required meeting with a HUD-approved counselor.
“Then, once people realize how this product can help them, they get excited. I help them with the submittal process and together we complete their application. I’m with them step by step through the entire process, and when clients finally get their funds, they sometimes show such gratitude that I am reminded of why doing this so fulfilling.”