She had refinanced a home for the woman and her then-husband 20 years before. “The woman burst into tears,” Passarelli recalls. “She said, ‘How did I find you again?’ I helped her find a beautiful condo that won’t have a mortgage payment, and luckily, she has a good pension coming and can completely retire and travel with her girlfriends. It felt good knowing I helped her in two chapters of her life.” And there was the couple living in a pristine Minnesota lake home. The husband had a heart condition. As he prepared for his wife’s future, his kids from a previous marriage vetoed any reverse mortgage, but one year later, he died, and his wife was hospitalized with a brain aneurysm. The widow’s banker asked Passarelli to research the possibility of a reverse mortgage. “By the time she came out of the hospital and rehab, we already had a plan to eliminate her mortgage payment and create a supplemental income stream so she could stay in her home for another six years,” says Passarelli. In later years, the woman downsized and then moved to a condo near her daughter. Passarelli was there every time, helping the family find reverse mortgage solutions. “I’ve helped her with three reverse mortgages, and they were all based on her needs at that time,” she says. “It’s been such a privilege to be part of families like that for so many years and to know I played a small part in helping them get what they needed.” As Passarelli notes, “If there’s anything true in the mortgage industry, it’s that what you knew yesterday isn’t necessarily true tomorrow. It’s important for all of us to continue to read, learn and listen.” That’s why, when the CRMP was first announced, she raised her hand immediately. In 2013, she became one of the first 64 CRMPs nationwide, and she was the first in Minnesota. She saw it as a chance to sharpen her skills and add knowledge to her toolbox. “Rather than be upset with an underwriter’s decision, I come to a conversation armed with factual data on the guidelines,” she says. “I use patient persistence. That’s my catchphrase: Don’t be emotional. Be educated.” She also took advantage of opportunities to learn the intricacies of financial planning in order to understand its pain points and “learn how to be part of the solution.” She applies the same approach to other colleagues, taking time in the scattered, post-pandemic era to contact forward mortgage professionals and real estate agents to ask how they’re doing. “Everybody in the mortgage industry is freaking out right now because interest rates are rising, but you don’t sign up for this industry if you’re not ready to ride the roller coaster,” she says. “This is always a good time to retool and find your purpose.” Increasingly, she is hearing from financial planners whose younger clients are dealing with the repercussions of their parents’ and stepparents’ financial dilemmas. “That’s been an eye-opening experience for a lot of the younger planners,” Passarelli says. “They haven’t really pondered how much a family member becoming hospitalized or disabled can really throw a wrench in their client’s financial plan.” In the communities she reaches, the CRMP means respect, Passarelli believes. It demonstrates the care she takes “to dig deep and learn more.” Finance industry professionals appreciate that she spells out “certified reverse mortgage professional” in her email because many will search for its meaning online. As for potential borrowers, they don’t often check, “but their children do.” “There’s an entry-level trust that the CRMP designation provides,” she says. Since her older daughter left for college recently, Passarelli has sought more work-life balance. She spends Minnesota’s warmer months in or on the lake near her home. Since the pandemic, she and her younger daughter have been delivering Meals on Wheels once a week. “It’s really fun because I do love our older, wiser generation,” she says. She also fosters rescue dogs and is a dog mom to two labs. Passarelli’s instinct for service was inspired by her grandmother. “She was a force to be reckoned with,” she says. “She somehow raised the whole family but also gave back to the community.” Passarelli has experienced the reverse mortgage industry as it evolved while retaining its power to impact lives. The crisis-driven situations in the early days are now sharing space with conversations that are more proactive than reactive. “Helping set up someone for success in their next chapter of life is a more holistic conversation that often involves input from several resources, like a CPA or wealth manager,” she says. “It’s fun to be part of a team with a shared goal for our clients.” CRMP: Across the Kitchen Table REVERSE MORTGAGE / JANUARY–FEBRUARY 2023 15
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