To help our members get to know one another, NRMLA will publish periodic Member Spotlights that feature professionals from across the reverse mortgage ecosystem.
Meet Beth Paterson, CRMP, President of Reverse Mortgages SIDAC, LLC, based in St. Paul, MN. Beth has originated reverse mortgages exclusively since 1999 and is the author of three books, including “Understanding Reverse Mortgages…Financing For Seniors May Be Right Under Their Roof.”
Beth participates on NRMLA’s Education Committee and has been an instructor for NRMLA’s 8 Hour SAFE class the past three years.
How did you get into the reverse mortgage world?
After being disabled for eight years, in 1999 I was getting back into being able to work and in the Cash Flow industry, offering Life Settlements when it was suggested that I look into reverse mortgages. I reached out to my mentor in the Cash Flow industry who had a friend who specialized in reverse mortgages. In talking with her, she said her company, Unity Mortgage, was hiring. As they say, the rest is history. My life experiences have helped me understand what it’s like to face financial and health challenges, giving extra compassion as well as having additional resources to assist my borrowers.
If you could offer one piece of advice to someone who wants to get into the reverse mortgage world, what would it be and why?
I encourage those who want to offer reverse mortgages to read HUD’s information, handbooks and Mortgage Letters, as well as all the application and closing documents, so they are familiar with the documents and terms of these unique products. I would also suggest they have a compassion and patience for working with seniors. It’s not just about closing a loan and making money, but educating and helping borrowers. Sometimes I feel like a social worker, counselor and problem solver.
What has been your favorite NRMLA event and why?
I love the annual conferences. It’s a great opportunity to see and socialize with associates. This past conference, I had the opportunity to meet an associate that I have known and worked with over the last 20+ years, but never met in person. I always pick up some new information and ideas too.
What do you love most about working in the reverse mortgage industry?
I love being able to do the things I love doing, such as marketing, writing, educating, problem solving, searching and finding answers, and working with people. But most of all, I love using my experiences to make a difference in the lives of seniors and their families. It’s rewarding to be called an angel and offer a ministry as my borrowers have described.
What do you like to do in your spare time? Do you have any hobbies or pursuits?
In my spare time, I enjoy gardening (I look for more unique flowers for my gardens and have around 130 different varieties of daylilies). Photography is another passion as well as sewing (I make most of my own clothes), quilting, and crafting, I look at something and think, “I can make that.” Being in nature, hiking and exploring different areas are also enjoyed. At this time of year I can be found making gifts.
