Reverse Mortgage magazine Nov-Dec 2020

forward side because of the low interest rates. For reverse mortgages, when two or three weeks turned into months, people started taking stock of their financial assets. A lot of them realized that with all of their home equity, they were sitting on a piggy bank, particularly here in Orange County where housing prices have skyrocketed. And because of the area I’m in, a lot of folks are just looking to get rid of their mortgages.” Over the years, Susan has seen the demographic of her clients change dramatically. “It no longer seems that everyone is 85 and just looking to take money out for a specific purpose. The profile is much younger now. The number in their 60s has really grown. They’re very active, very outdoorsy. There’s a certain lifestyle they want to be able to have, to go out, and basically enjoy all the same kinds of things I do.” For Susan, now single with a 37-year-old daughter in the area, those activities include reading, hiking, cycling and, before the pandemic, going to the movies, theater and concerts. She lives about 15 minutes from the ocean. Laguna Beach is her favorite beach, but she concedes she gave up surfing some time ago. She also enjoys travel. “California is a great place for short getaways,” she says. In addition to the evolution of her client base, Susan notes a change in family attitudes toward what adult children want and expect. “We’re moving away from the old school notion of leaving an estate to children. The question keeps coming up of whether kids want to inherit their parents’ home. The answer is increasingly: ‘No—sell it and pool the money.’ Fifty years ago, you might have gotten a different answer. But in California now, statistically, people live an average of seven years in a home. It’s a different general mindset, and times are changing very quickly right now.” Susan is also active in civic affairs and is a member of the Laguna Niguel Chamber of Commerce. She is on a public policy committee that reviews ballot initiatives, and with her expertise, she’s often tasked with the real estate-related items. In 2019, Susan appeared on a NRMLA panel at a California conference. “One of the things we discussed was, what are we doing to generate business? I said there were a lot of ways to create referral sources, which are much more productive than cold calls or sending out a lot of mailings and outreach. Once you start getting referrals, you can spend more time with your clients than out generating business.” She maintains regular contact with past clients. “Right before COVID, I went out to dinner and a movie with one of my clients and one of my reps. My business is strictly in California, and we’re not a phone bank talking to faceless prospects.” CRMP: Across the Kitchen Table REVERSE MORTGAGE / NOVEMBER-DECEMBER 2020 17