May-June2020 Issue

borrowers reasons to tell their friends about their reverse mortgage experiences. This includes investing time and resources to prevent default events and to give aid to borrowers in need. Portilla aims to help her clients far beyond the sales cycle. “I work hard to build trust, establish relationships with my clients, and let them know that whenever they have questions, they should not hesitate to reach out to me. In fact, I have borrowers who call me as many as two or three years after their reverse mortgage closed.” Despite her success, Portilla says, “I’ve never really considered myself a sales rep. I take a very educational approach to selling. I try and learn everything possible about the product I’m offering, so that I can help consumers make an informed decision and ensure that qualified borrowers are being matched with the most appropriate products. When I talk to borrowers, I really try and dig deep, find out what the true need is so we can find out what the long-term goals and needs are.” Based on those discussions, she might determine that a reverse mortgage might not be suitable. “If a reverse mortgage makes sense, great,” Portilla explains. “If not, that’s fine, too. Everyone’s financial situation is different, and a major aspect of my job is to educate poten- tial clients about reverse mortgages and to help them deter- mine if it’s a suitable option for their retirement strategy.” When a reverse mortgage is right for a client, Portilla believes it can accomplish a multitude of goals. “I think the biggest benefit a reverse mortgage can provide is peace of mind. Whether it’s paying off a mortgage or credit card debt to free up monthly income, establishing a line of credit for future needs or helping with home repairs, the list can go on and on,” she says. “It’s also a great tool for freeing up funds to accomplish fun life goals and to pursue your passions, like taking that dream vacation or paying for your grandchild’s college education. FAR has led the industry in creating proprietary products, like HomeSafe, and this innovative approach means we can tailor our solutions to meet the needs of more retirees.” On the servicing side, Portilla says she is exclusively focused on HomeSafe. “That said, because it’s a FAR proprietary product, it has been designed to provide levels of flexibility that you won’t find with traditional reverse mortgages,” she adds. “For example, HomeSafe loan limits are higher than the government insured HECM loans, up to $4 million, while offering similar protections and features to the borrower. HomeSafe borrowers also have no mortgage insurance premiums, and they benefit from competitive fixed interest rates and no out-of-pocket funds required beyond the appraisal and counseling fee. There are lots of advantages to HomeSafe products for qualified borrowers, which is why they continue to grow in popularity with borrowers.” As has been her outlook throughout her life, Portilla considered the move into servicing as a way to extend her professional reach. “When the opportunity to join servicing presented itself, I thought it would be a great opportunity to expand my knowledge base and grow professionally, while helping the company and customers at the same time. I have no regrets. It’s been such a great experience. I have learned so much and have had the opportunity to work closely with many smart professionals here at FAR.” That knowledge has prepared her to address the range of issues seniors looking into reverse mortgages might raise, as well as deal with each individual’s level of understanding entering into the process. “Questions range from ‘What’s my interest rate?’ to ‘What happens when I pass away?’ and everything in between. Some potential borrowers who contact me are very informed about reverse mortgages and some are completely new to them. Either way, my approach is the same: to provide the highest level of service, education and attention to help them be as informed as possible about reverse mortgages as they pertain to their specific financial situation. For example, for borrowers who are really into numbers I get more detailed; for borrowers who prefer things simple, I take a more basic approach.” FAR’s variety of proprietary reverse products has afforded Portilla and her team a great deal of flexibility on both the sales and servicing sides. “I’ve now been at FAR for over three years,” Portilla reflects. “Looking back, I’m so happy I joined the team. I love my job and all that we do for our community of seniors. This is a great company, and I’m so fortunate to be working here.” CRMP: Across the Kitchen Table REVERSE MORTGAGE / MAY-JUNE 2020 19