Across the Kitchen Table continued on page 16 CRMP: Across the Kitchen Table legislative and philanthropic efforts. He also is a recipient of the President’s Daily Point of Light Award from Presidents George H.W. Bush and George W. Bush. Starting Career in Financial Services Downey’s career began in financial services and wealth management with Merrill Lynch, after military service, preceded by a degree in accounting from Boston College. In 1991, he founded Harbor Mortgage Solutions. In their infancy, reverse mortgages weren’t part of his practice. Then, around 2001, Harbor Mortgage was called into the case of an elderly woman who was being victimized in a land grab by a neighbor threatening to foreclose on a privately funded reverse mortgage. The woman died soon after Harbor Mortgage became involved, but the experience opened Downey’s eyes to the intriguing potential and versatility of reverse mortgages as a tool for financial and retirement planning. “As we became aware of the Federal Housing Administration HECM program, that is what really lit the lamp for us,” he says. While the firm still provides forward mortgages, its specialty has morphed into reverse mortgages, leading the way in Massachusetts. The firm continues to partner with financial advisers typically serving what Downey calls “strategy clients”—clients considering using their home equity to plan for retirement and life goals. The transition wasn’t always easy, especially in the early days. For most people, home equity is their largest single asset. But in the financial planning realm, it was “off to the side,” with a predominantly negative reputation, Downey says. Financial planners accustomed to working with cash flow and liquidity tended to view home equity as illiquid, “like a big block of ice that is sitting Partnership you can trust. Dedicated to never competing with you - your success is our success. Ready to experience the difference? Visit Celink.com Deep Industry Experience 96% Borrower Satisfaction Rating Independence and Alignment with Clients Robust Specialized Technology Reverse Mortgage Is Our Core Competency © Celink. All rights reserved. NMLS #3020 - http://nmlsconsumeraccess.org. Compu-Link Corporation dba Celink (WA license# CL3020 and 603 018 607) REVERSE MORTGAGE / MARCH–APRIL 2023 15
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