To help our members get to know one another, NRMLA publishes periodic member spotlights featuring professionals from across the reverse mortgage ecosystem.
Meet Tom Hedderich, a loan officer with Hallmark Home Mortgage, LLC, based in Indianapolis, IN.
Tom has been in the mortgage industry since graduating from Indiana University School of Business in 1971.
In his first career, he was with a regional company that through mergers became part of what is today, Citigroup. In his second career, he owned and operated The Mortgage Network, Inc. for 20 years before joining Hallmark Home Mortgage in 2011.
How did you get into the reverse mortgage world?
I got into the reverse mortgage business when I had my brokerage, The Mortgage Network. This was in the early 1990s, before reverse mortgages had the consumer protections that are now in place. The reverse mortgage was a natural addition to the other products we delivered.
What reverse mortgage issues/topics are you most focused on now?
In today’s market, I believe the H4P, or purchase transaction is one of the best uses for the reverse mortgage. As people retire earlier, live longer and lead more active lives, H4P is a solution to stretching your retirement dollars and buying the home for retirement that you desire. By tying up less capital in your retirement home you have more income to support an active lifestyle.
What has been your biggest professional challenge/obstacle thus far? How did you overcome/handle it?
The greatest challenge is establishing yourself as an authority on reverse mortgages and letting others know that you are that authority. This is accomplished best through sharing your knowledge of the uses for this product in ways that enhance the lives of others. One of the ways I have achieved this is being part a group of professionals in the senior market known as The Next Steps Senior Resources Group. We have realtors who help with downsizing, financial planners, facility locators for assisted living, in-home care providers, home maintenance services and an interior decorator. This group helps seniors, and their families navigate the Next Steps through retirement living.
Why did you become a NRMLA member?
I became a member of NRMLA because it is imperative that you align with and support the group that advocates for your profession. We operate in a field where how you deliver the product is most important. We must operate with a high set of ethical standards and NRMLA helps maintain that standard. Also, NRMLA is the face of the reverse mortgage world to others like legislators, media and regulators. They consistently advocate for our industry with a unified voice that portrays its members in the best possible way.
