Reverse Mortgage magazine Nov-Dec 2020

Talking Heads BETH PATERSON, CRMP, has done a little bit of everything over her professional career. She worked as a human resources secretary for a hospital, as a marketing assistant for Pillsbury and as an executive recruiter. She also owned a company that sold life settlements, also known as viaticals, which allow consumers who own life insurance policies to sell those policies for a percentage of their death benefit value to generate immediate cash. In 1999, a friend recommended that she go into a new line of work originating reverse mortgages. Paterson had no experience selling mortgages, but she gave it a shot. She got her start with Unity Mortgage, which later merged with Financial Freedom Senior Funding Corp., before moving on to Seattle Mortgage Co., and later forming her own company, Reverse Mortgages SIDAC in St. Paul, MN. Twenty-one years later, Paterson has originated over 1,000 reverse mortgages—no small feat considering she’s only licensed in Minnesota—and she has played a valuable role educating policymakers and consumer advocates in her state. Reverse Mortgage magazine sat down with Paterson to learn how she has adapted to the pandemic, what makes her successful and what her plans are for 2021. Reverse Mortgage: What are some of the biggest les- sons you have learned as a small business owner in 2020? Beth Paterson: You must be flexible, creative and persistent. That’s how you find solutions to surprises when they happen. I learned these lessons before the pandemic and then applied them in 2020. We found ourselves in a position where we couldn’t meet face-to-face with our clients. We had to be creative and flexible in finding new ways to meet with clients and with referral sources, mostly financial planners. RM: What resources did you rely on for finding solutions? BP: Talking with other mortgage brokers was helpful. I was aware of the technologies that were available to meet with clients virtually but had never used them, until now. RM: You’re one of the top producers in your state, if not the entire reverse mortgage industry. What makes you successful? BP: I learned as much as I could about reverse mortgages early on and continue to learn and research, as well as stay committed to the industry. Through the years, I have networked with others who work with seniors. The focus is on sharing stories on how reverse mortgages have made a difference in our borrowers’ lives. People relate to the stories and remember them when they are working with their client who could use some improved cash flow. Beth Paterson, CRMP, President, Reverse Mortgages SIDAC By Darryl Hicks Beth Paterson 12 REVERSE MORTGAGE / NOVEMBER-DECEMBER 2020