Loren Riddick is a fifth generation native from the Smoky Mountains of East Tennessee. After earning an Associate Degree, Loren began a modeling and acting career in New York where he was featured in commercials and beyond with the likes of the “Cosby Show” and “All My Children.” Foregoing a promising career in show business, Loren followed his heart by leaving New York to be with his true love, Missi, who was attending East Tennessee State University. Loren has been in the mortgage arena since 1999 and today is national sales director of reverse mortgage lending at Thrive Mortgage, LLC. Once having a very negative view of reverse mortgages, Loren has developed an ongoing passion for the program and truly loves sharing the great news of the HECM from coast to coast. Weekly Report sat down with Riddick to get his perspectives on the current reverse mortgage marketplace.
Weekly Report: How are you adapting to today’s reverse mortgage market?
Loren Riddick: I continue to focus on education and awareness of forward mortgage loan officers and relationships to, at a minimum, create an awareness of a LOCAL person who can take advantage of low hanging fruit.
WR: Has the conversation changed at all between you and your clients in terms of helping sell the product?
LR: Yes, through experience and continued growth…more and more opportunities to find like solutions for other senior client(s).
WR: What is your favorite reverse mortgage story?
LR: Educating realtor partners of HOW they can accommodate and refer specific different ways to facilitate a senior clients’ goals. In one instance, we worked with a client who didn’t have enough equity to facilitate a reverse but plenty to list and sell their home to create a H4P and a new beginning.
WR: How do you all reach consumers today? Social media?
LR: By any means possible…traditionally the local newspaper still is quite effective…perhaps the last demographic to reach is ours for this form of media. BY ALL MEANS…SOCIAL MEDIA IS AMAZING!! Especially with testimonials, etc.
WR: What is one (positive) take away for the coming year?
LR: Lower rates means higher PLFs and more opportunity to help more and more folks with their given situation(s).