He let out a voice
To Lisa Di Pasquale, co-worker Silvercreek Realty Group in Idaho, he first learned about HECM for Purchase by attending a class taught by Curtis Mangus, branch manager no. Premier mortgage services. Di Pasquale explained that the class was informative and showed a potential opportunity among people who might move to Idaho.
“This was a great opportunity for people from places like California to use their money to buy a home,” he said in an interview with RMD.
He’s especially focused on seniors moving to Idaho from California — a move he’s also taken in, and estimates make up the bulk of his business. When the opportunity arises, he provides these clients with learning materials from Mangus. This informs them of the Purchase HECM product option to see if it is suitable.
“It’s been a great tool for my business as I’ve been able to sell more homes,” said Di Pasquale. “And I have clients who are much happier than they would be if they didn’t know about this particular loan program.”
When it comes to informing real estate agents about H4P, many are receptive but need a potential solution outlined, according to Ronnie Hale, managing agent at . Century21 North Homes Realty in Oregon.
“The biggest part I find is a lack of real understanding of the process, [in terms of] “This can also mean what it means to a real estate agent or seller,” Hale said. “Understanding what’s in it for you and how you can best serve your client, if you understand the process, is a big piece of the puzzle.”
Programming it for potential problem solving, especially for clients who no longer work full-time and need a way to finance a home purchase, helps understand how the program can work for each individual, Hale explained.
“If you work with people in [HECM] Shopping, [you need to ask] what do you want to achieve and how – in a time when you have no income, how do you make that work?” he said. “So, I’m into problem solving. I like puzzles.”
Details are important
When asked to rate his success rate with clients after introducing them to the HECM for Purchase concept, Di Pasquale said it hovered between 50% and 70%. Part of that, he said, comes from California’s high home prices. If a client sells their home in that state and chooses to move to a less expensive area like Idaho, there is more equity that can be used in the HECM for the purchase.
“I have sold many beautiful houses to people who would not have been able to afford them otherwise,” he said. Also, they have a little extra money left over.
But not all joint venture partners are created equal, and he said he hopes to continue working with Mangus after a less than fair experience with another specialist in another transaction.
This also goes back to the inherent need for all involved in the project – clients, agents and founders – to fully understand the tool to be used, Hale added.
“You have to learn the game and learn what adults need,” he said. “You have to be able to teach; you need a good team and a good mortgage person who knows how to put together a deal. You have to understand how to structure the deal so that it works for them.”
Hale said these are the basics that need to be understood, but agents can sometimes lack the academic sense to move forward with such an agreement. Hale said this piece cannot be ignored.
“Sometimes, agents feel like we have to sell the house,” he said. “They said, ‘Give me a house to sell,’ but you have to educate yourself.”
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