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Summary
In this conversation, Janet Engel interviews Michael Pankow, a retail mortgage executive and CEO of Veterans Mortgage of America with over 20 years of experience, focusing on the benefits and misconceptions surrounding reverse mortgages.
Michael shares his personal journey in the mortgage industry, the importance of planning for aging in place, and how reverse mortgages can provide financial independence for seniors.
He discusses the challenges of educating older adults about reverse mortgages, the criteria for qualifying, and the non-recourse feature that protects borrowers and their heirs.
The conversation also touches on Michael's work in the film industry and his passion for helping seniors navigate financial products.
Takeaways
Michael Pankow has over 20 years of experience in the mortgage industry.
Reverse mortgages can provide financial independence for seniors.
Education is key to overcoming misconceptions about reverse mortgages.
The non-recourse feature protects borrowers and their heirs.
Planning for aging in place is essential for seniors.
Accessing home equity can help seniors live more comfortably.
Qualifying for a reverse mortgage involves a financial assessment.
Reverse mortgages can be used for downsizing or purchasing a new home.
Michael's personal experiences shape his passion for helping seniors.
The reverse mortgage market has a low penetration rate, indicating a need for education.
Sound Bites
"Congratulations, you are mortgage free for the rest of your life."
"Reverse mortgages are not just for the desperate."
"There's a level of independence that they gain."
Chapters
00:00 Introduction to Michael Pankow
02:05 Michael's Journey in the Mortgage Industry
06:42 Understanding Reverse Mortgages
09:43 Challenges and Misconceptions of Reverse Mortgages
11:51 The Importance of Planning for Aging in Place
15:10 Accessing Home Equity for Seniors
19:23 Qualifying for a Reverse Mortgage
25:20 Using Reverse Mortgages for Downsizing
32:12 The Non-Recourse Feature Explained
36:10 Education and Awareness in the Reverse Mortgage Industry
47:13 Michael's Work in the Film Industry
How to contact Michael:
Email: michael.pankow@clearmortgage.com
Web: https://www.mikepankowmortgages.com
916.705.8282 Office
916.296.7765 Cell
Schedule Appointment with Me:
https://calendly.com/michaelpankow/30min
website: https://homedesignsforlife.com/
Email: homedesignsforlife@gmail.com
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