To help our members get to know one another, NRMLA publishes periodic member spotlights featuring professionals from across the reverse mortgage ecosystem.
Meet Samantha Cooley, owner of Mindful Money, LLC, based in Phoenix, AZ. Samantha has been a Mortgage Loan Officer for over 20 years. She believes a mortgage is only one part of a well-balanced, healthy life. She brings a unique holistic approach to mortgages that incorporates skills learned while becoming a yoga teacher.
Samantha’s dedication extends beyond her professional life. She actively gives back to the community, offering yoga classes to individuals who have Parkinson’s disease and victims of domestic abuse and trauma. Additionally, she is certified to teach yoga to Veterans suffering from PTSD, showing her deep appreciation for those who have served.
How did you get into the reverse mortgage world?
For more than 20 years, I have passionately helped individuals and families navigate a variety of challenges toward securing the American Dream of homeownership.
While I was aware of reverse mortgages, I didn’t fully understand the benefits. After learning about ways that a reverse mortgage can help a senior age with dignity in their home, I decided to learn more about reverse mortgages and the unique benefits of this amazing loan program.
I am very active toward issues that seniors are facing today. The motivation stems from my grandma and my connection to seniors. My grandma and her twin were Rosie the Riveters during WWll. They built B17s in Spokane, Washington at Boeing. My grandma raised six kids while working full-time and she was the person who I always went to for advice.
As she aged, I became her caretaker and discovered many issues that seniors were facing. As part of her care, I became a 500-hour certified yoga teacher. This helped me focus on teaching my grandma, people with Parkinson’s, folks with special needs and other seniors, too.
My grandma was not a domestic violence survivor, however, caring for her led me to discover organizations where I could help seniors with various issues. Her influence motivated me to sit on the board of directors for agencies, such as the Area Agency on Aging and also the Domestic Violence Shelter for Seniors.
What reverse mortgage issues/topics are you most focused on now?
Another thing that I learned from my grandma was to volunteer and become an activist for things that I believe in. I am extremely active in defending seniors, Medicaid, Social Security, veterans benefits and housing. I meet regularly with my elected officials about these issues. I see many of the current administration’s policies as a huge detriment to our seniors. For those fortunate to own a home, the need for reverse mortgages will be even greater as their services and income are at risk.
What do you consider to be your greatest career accomplishment to date?
My greatest career accomplishment has been working to help people achieve the American Dream of homeownership, while being able to care for my family and others in their times of need. Being a mortgage broker has enabled me to help others in ways I would not be able to if I had a 9-5 job.
Who has been a mentor to you in your career? How has their work impacted yours?
I come from a family of mortgage industry professionals. Two of my aunts were mortgage brokers, two uncles, my dad and my cousin were also in the family biz. The most influential person in my mortgage life was my mom. My mom retired from HUD after 34 years. She said to me, “I do not know how you do what you do. Being a loan officer is so hard. I am really proud of you.” As we discussed her statement, we realized that my mom was the first mortgage professional in our family. She diligently worked to make an impact at HUD for 34 years.
My mom worked in the single-family housing division for the HUD assignment program for most of her career. She provided assistance when a borrower with an FHA mortgage was having financial problems.
My mom would take a loan application, collect their income, assets, information about extenuating circumstances and put them into a loan modification for three years. This was a negative amortization loan, where their mortgage interest rate would be 3% lower for the first year, then increase by 1% each year for the following two years. This path was a way forward to help them recover from their extenuating circumstances, however, if the situation reflected an inability to recover within 3 years, then she would negotiate a short sale or deed in lieu of foreclosure.
My mom loved her job and helping people keep their home by assisting them through a rough financial period. Many years after she stopped working for HUD, it was still apparent that her belief in homeownership was the inspiration for me to help people achieve the American Dream.
What do you like to do in your spare time? Do you have any hobbies or pursuits?
My focus outside of mortgages include activism and social causes that help seniors, veterans, children and low-income families with food insecurities and housing. I will not be running for political office or anything, but I am very active in local and national issues facing my friends, family, neighbors and fellow Americans. I spend my free time meeting with my local and nationally elected officials to ensure that they’re aware of how their legislation and budget cuts affect every-day Americans. Outside of work and activism, I care for my 80-year-old veteran father, and our 2 French Bulldogs, 2-chihuahuas, and 3 cats. I am also obsessed with adult LEGOs. Do not knock them until you try them.
Why did you become a NRMLA member?
As I was researching the reverse mortgage industry and ways to offer the product, I spoke to a family friend who was the reverse mortgage guy in a small town in Colorado. He retired twice from doing reverse mortgages because so many people in his area needed a trusted reverse mortgage expert. He mentioned to me that reverse mortgage clients are always grateful after closing. He asked me to name one closing that I have had where the borrowers told me that I changed their life. I could not think of one. His first suggestion was for me to start at NRMLA for education, guidance and direction. He said that it was a must have membership, not for the recognition but for the integrity, education and guidance. I followed his suggestion and joined the NRMLA. Thereafter, I have been a sponge, learning and taking guidance from the NRMLA and its members.
What do you love most about working in the reverse mortgage industry?
I love helping seniors. It’s really awesome to change a senior’s retirement plans into something that they can look forward to and not something where they have to worry about making ends meet. I only wish that reverse mortgages were more accessible to more seniors.
