May-June2020 Issue

“Moreover, the federal Bureau of Labor Statistics forecasts that in coming years annual labor force growth for both 65- to 74-year-olds and even those ages 75-plus will consistently outpace labor force growth for any other age group,” AARP reports. “With these trends, the multigenerational workforce is here to stay.” Yet initial insights show that seven in ten global companies say that it is either somewhat or very difficult to find people to fill jobs. And 41 percent of companies still have mandatory retirement ages, AARP reports. Loren Riddick, national director of reverse lending for Thrive Mortgage, is the one who hired Gregory. He so believes in the talent pool of older workers that he often evangelizes about his hiring successes. In Gregory’s case, she not only could do the job duties but her personality also offered an opportunity to ease potential clients toward reverse mortgage products. In addition to taking calls and making appointments, Gregory helps counsel clients through the complex process. Clients who must be 62 or older to qualify for a traditional HECM can confide in Gregory who has a sympathetic ear to their unique concerns and questions, Riddick says. Loan companies nationwide could benefit from tapping into older employees’ life experiences that could parallel the experiences of potential clients, Riddick adds. “There is going to be an Elaine in every market,” Riddick says. “Once they get a senior working for them, they are going to be blown away.” As her duties evolved, Gregory says, she became known as the person in charge of “senior client relations.” She once looked into getting a reverse mortgage for herself but decided it wasn’t right for her family. That experience, too, has helped when communicating with clients. She and Riddick both say they are careful to make sure that a reverse mortgage will fit the individual circumstance of a client, and some people simply will determine the product isn’t right for them. “Being a senior myself, I am in a perfect position to know what they are thinking,” Gregory explains. “I know what their fears are, and I know how to come in and comfort them and ease them into it.” “I never considered that being old was one of the best tools I would have,” she says with a laugh. “And it is really easy for me to talk to people. It’s just a very rewarding job.” The U.S. Department of Health and Human Services notes that, nationwide, more than 10,000 people turn 65 each day. AARP says that it has held roundtables in North America, Asia and Europe with executives at some of the largest companies, including Allianz, Bank of America, China Life Insurance and Salesforce. “All over the world, companies need to build the busi- ness case for change,” AARP says, adding that much more research needs to be done to establish a correlation between age diversity, employee engagement and productivity. Riddick says he wasn’t aware of such efforts but that looking at older workers for positions in the reverse mort- gage industry just makes common sense. He continues to put into practice what he preaches. Late last year, he hired Don Larson, who he has known since childhood through various activities in the community. Larson was also one of Riddick’s cli- ents. He acknowledges that he ini- tially was skeptical about whether a reverse mortgage was something that would work for him. But hav- ing gone through the process and gotten a HECM, he knew the basics of how the process worked and understood how the prod- ucts can benefit the right clients. Earlier this year, just before he turned 80, Larson took the national exam to become a licensed loan officer. He now is working closely with Riddick on his first loans. “I am a high energy sort of guy,” Larson says, “and I am going to be doing something until the day I die.” Don Larson “Being a senior myself, I am in a perfect position to know what they are thinking. ... I never considered that being old was one of the best tools I would have.” —Elaine Gregory, Thrive Mortgage Loren Riddick REVERSE MORTGAGE / MAY-JUNE 2020 29