All Episodes

October 1, 2024 • 40 mins
Mark as Played
Transcript

Episode Transcript

Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Welcome to the Business Happy Hour radio show with your
host Frank the Bank Kodo, President of Lincoln Lending Group
and eight Won three mortgage for twenty years right here
in Tampa Bay, joined by his incredible co hosts Rosa
Bahiti and Sinia Akishna, top producing real estate agents with
Mahara and Associates. These three bring nearly five decades of

(00:21):
experience in the local real estate market. If you're looking
for real estate or business advice, no matter what your
experience level, the Business Happy Hour team has been there
for you for almost a decade right here on news
radio WFLA. Now, sit back, relax, and get ready for
some serious real estate and business talk with three of
Tampa Bay's top experts.

Speaker 2 (00:40):
Here's Frank the Bank. Hey, Tampa Bay, welcome to the
Business Happy Hour, your number one show for all things
business and entrepreneurial. And boy do we have an amazing
show for you guys today. That's right, Thanks James. This
is a one of a kind show. We have the
pleasure of interviewing one of our former customers, very fresh

(01:00):
former customer. We're gonna call him Rick from Carrowood. How
you doing today, Rick?

Speaker 3 (01:05):
Quite well? You look good, Rick, Thank you you look good.

Speaker 2 (01:08):
Rick told me I had a face for radio, and
I said, man, I hope my voice is good too. Well,
thanks for coming to the studio, Rick, I know you
can traveled all the way from Carowood to over here
to Feather Sound to be with us. You found the place, okay,
I did.

Speaker 3 (01:20):
Thank you for inviting me.

Speaker 2 (01:21):
Awesome, awesome. Well, we're really happy you're taking your time
to come on the Business Happy Hour today. Rick is
a recent reverse mortgage client for Lincoln Lending Groups. So
a little later in the show, we are going to
be talking a little more about reverse mortgages and how
they work, and you're gonna get a consumer a client opinion.
Sanya and Rosa and I we can talk mortgages and

(01:41):
we can talk real estate until we're blue in the face,
but it's a different story when you actually have somebody
who closed alone with us. And I know, Rosa, you've
got somebody that might come on the show as well.
I'm putting you on the spot.

Speaker 4 (01:54):
Yes, yes, we would love to have him.

Speaker 2 (01:57):
He's funny too, He's on a spine. Now, you gotta
invite him, right and Rick, Rick said he wants to
listen to that show.

Speaker 4 (02:04):
Yes with my my ex fiance. Yes that's the person.

Speaker 2 (02:09):
Yes, we're putting Rose on the spot. She it is
her ex fiance that we close the loan for recently, Rose,
I'm gonna fix your camera because look at you now.
Oh look god, I was like, it's half of Rosa's
face on Instagram. Don't forget you, guys. We are live
on Instagram every Tuesday between about twelve fifteen and one o'clock.
You guys can check us out there, like and share it.

(02:30):
We love for you guys to come on and ask
any questions. Apparently last week with Rosa and I there
were people asking questions. I got my butt busted. Afterwards,
are like, we were saying, Hi, we're asking you guys.
We missed Unyeah, well it's okay. One of them was
my son's little high school Jesuit high school freshman.

Speaker 4 (02:47):
By Oh I saw him. Actually he goes Hi, Frank
the bank or something. He's like, I'm sitting next to
your son right now.

Speaker 2 (02:54):
So if we see that, we're gonna try to say
hi to you guys. Yes, and if you're in school,
stay in school. Kids, don't don't be on your phones.

Speaker 4 (03:02):
No Instagram schools.

Speaker 2 (03:04):
Although they did say it was it was during lunch. Rick,
they probably didn't didn't allow cell phones when you're in
high school, right.

Speaker 3 (03:10):
What's a cell phone is a cell phone?

Speaker 2 (03:13):
So I didn't want to say it like that. I'll
get that was a good one. That was a good one, right, Yeah,
I mean I think they just started, like you, girls
had cell phones in high school.

Speaker 5 (03:22):
Right in middle school, in middle.

Speaker 2 (03:28):
High school for me, high school for us. Yeah, all right,
So for me it was I mean we still had
the flip phones back that rolled up, Rosa, do you
know what a flip razor?

Speaker 4 (03:35):
I had the pink Razor phone, and then the little Nokia.
It was like a little blow, little.

Speaker 2 (03:40):
Tiny miny Nokias. Remember those, Rick, Did you have one
of those?

Speaker 3 (03:44):
I think I did, yes, But I mean I remember
in high school, you know, you brought a roll of
quarters to school because there was a pay phone, Yeah,
in the in the lobby.

Speaker 2 (03:52):
Wow, I did not know about that, Rick, Rick. We
have to take a step back, and we first have
to tell Rosa what a payphone is.

Speaker 3 (04:01):
You might even have to go so far as to
tell her what a phone book.

Speaker 4 (04:05):
Goodness, Okay, I know about those things.

Speaker 2 (04:07):
She's like, I used to sit on those at the
dentist office. Yeah, you've seen payphones.

Speaker 4 (04:14):
Right, payphones. Yes, I've used maps as well. I think
a lot of people don't even know about maps.

Speaker 2 (04:19):
It's funny talking about hurricane preparedness, a lot of people
were talking about make sure you have a map if
you have to leave your house or something, because you
might not have GPS.

Speaker 5 (04:27):
You don't even know how to use it nowadays.

Speaker 4 (04:29):
No, I mean yeah, they wouldn't.

Speaker 2 (04:31):
The last time I used one was in high school.
I think literally before we had GPS, And I'm like exit,
what like you have to get off of it? And
then you're counting. You're like, well, these guys aren't even
in order? What's going on here? Sania? You're you're a
little older, so you've dealt with all this stuff.

Speaker 1 (04:44):
So I have.

Speaker 2 (04:45):
I've used a map.

Speaker 5 (04:46):
Yeah, you know you can navigate one.

Speaker 2 (04:48):
Okay, case by the way, is really updated them?

Speaker 1 (04:51):
Right?

Speaker 5 (04:52):
I mean Florida, you know, at least our area we've
had so many you know things built.

Speaker 2 (04:56):
They used to I know, they used to sell them
in the gas stations.

Speaker 4 (04:59):
That's where we would get That's where we would get ours.

Speaker 2 (05:03):
How do you even know what Triple A is.

Speaker 4 (05:04):
Oh, so my grandma was the best, and she had
Triple A for all of us up until she passed.
But yeah, we had it every year, and I know
she would get all the maps for road travels.

Speaker 2 (05:14):
Do you remember what they called them when you went
to Triple A and asked for your your little thing
for your trip rick? Do you know what they called
him when you went to Triple A and you asked
them to plan out your road trip? There was something
they called it. Oh man, nobody's gonna win the prize.
I didn't bring a prize. Uh. It's called a trip
tick trip trip tick. That's what you'd go to Triple
A and you'd say, Hey, I'm going to drive to

(05:35):
North Carolina and they'd be like, we're going to print
you a trip tick. Yes, you know. It basically was
it was freaking map quest. Yeah, map quest that legit,
And then all of a sudden, my mom is I'd
be like, mom, you know we can like print that
right here at home on the computer. So anyway, hey,
by the way, it's for your first time listening. I
kind of skipped over our whole intro because we're just
having fun here. With Rick Rick from Caerwood, our reverse
mortgage client. We have Rosa Vahiti.

Speaker 5 (05:57):
How do you do?

Speaker 2 (05:58):
Good?

Speaker 5 (05:58):
Thank you.

Speaker 4 (05:59):
It's been a rough week for a lot of people.
So my heart does go out to everyone that's feeling
the aftermath of our storm that.

Speaker 5 (06:07):
We just had.

Speaker 2 (06:08):
Yeah, absolutely terrible. That that's thank you for saying that
that it is. It is definitely a rough week. There's
still a lot of people cleaning up from their houses
they got flooded. A lot of people are still displaced.
Matter of fact, they haven't even turned the electricity on
on some of the beaches still right now. I think
it's happening today. Cinnia. How you doing today? And you
and I are like on Odessa.

Speaker 5 (06:26):
So actually, I mean it was relatively you know, okay
for us, we've got some tree debris, but you're in
clear Water, and I know my girlfriend just tried going
to the beach, which I guess was closed.

Speaker 2 (06:36):
Yeah, so Sa Pete.

Speaker 4 (06:37):
My property in Clearwater sits a little bit more inland.
So I'm very fortunate and lucky that my tree in
the backyard just got a big haircut.

Speaker 2 (06:46):
And that was I was wondering about that.

Speaker 5 (06:48):
Yeah, you do have a pretty mess.

Speaker 4 (06:50):
Like dragging all these branches to the front.

Speaker 5 (06:53):
A tree cutting guy coming out right.

Speaker 2 (06:55):
Yeah, and that is that is a great advice though
to people, is there's a reason to trim your trees,
especially before hurricane season, because those those limbs a will
kill you. Like I was walking my dog when it
was it was real windy outside, and the whole time
I'm looking up and I'm like thinking, oh my god,
like I'm walking under oak trees and if one of
those limbs comes down, like, am I got to hear it?
I don't know, but that's good. And you know, I

(07:17):
know with the with the flood, you're being clear, what
a lot of people it was just unexpected the amount
of water that came in. It's I mean, you're in
Odessa with me. It was wild because we barely felt anything.
You know, there's some wind. The rain was not even
not even tremendous. Did you have a lot of rains
in you?

Speaker 5 (07:33):
I mean a decent night. I felt the wind though,
I mean it was definitely windy. I saw the trees,
you know, swaying around, But it was good. The front
of our neighborhood did loose power for almost a day.

Speaker 2 (07:42):
Okay, we luckily didn't.

Speaker 5 (07:44):
But my husband was actually, oh juicy Frank's post about
the generator. We just got ours, like fully, you know
put in it looks just like yours, you know, with
a nice massive pro painting.

Speaker 2 (07:55):
So he's just hoping.

Speaker 3 (07:56):
He's like, all right, let me test this thing.

Speaker 5 (07:58):
Out and know we were all good. You know, power
was good, Internet came off. But we do have one
of those starlinks.

Speaker 2 (08:03):
Oh you have starlink we do.

Speaker 5 (08:05):
That thing is a life saver because it's hard to
do without internet.

Speaker 2 (08:09):
Now you are actually way cooler than I was saying,
like starling. Oh, it's like a rolodex rosa.

Speaker 4 (08:15):
But I know you got to educate me on this.

Speaker 2 (08:17):
What hold on? Wait first, first, let's ask Rick, Rick,
do you know what starlink is.

Speaker 3 (08:21):
I think it's a satellite internet that is Rosa.

Speaker 2 (08:25):
You look really bad right now? Oh she lost so Rosa. Yes.
So it's Elon Musk. Yeah, he has created the world's
first satellite internet service. And there's a really cool post
you can look online and it shows you how many
Elon Musk has more satellites flying around the Earth now
than the total of every country on the planet. He

(08:47):
has blanketed the planet with these starlink satellites and their
little mini satellites, and it creates uninterrupted cellular I'm sorry,
satellite internet service for the whole world and has really
created for like places like in you know, rural Africa,
in places that you know, Antarctica, wherever you can literally
now be well, Sinnia can we can't anywhere in the world.

Speaker 1 (09:08):
Now.

Speaker 2 (09:08):
You do have to have electricity, I assume, right, because well,
I mean, yeah, I think it just goes into the wall,
I assume, but they probably have some battery packs and stuff.
I guess for the rural guys maybe, But.

Speaker 5 (09:18):
I will tell you one thing about those things. We
get faster service with that satellite length than just our
standard really internet, which is already pretty fast. It's it's
pretty impressive. It's nice to have.

Speaker 2 (09:28):
So you are the first living human being that I
have actually like interacted with. It has this thing besides
of seeing stuff a line, so it is faster. You answered,
the main question, yeah, is it? Would you say it's
cheaper or no?

Speaker 5 (09:39):
I don't. I mean I think it's not super expensive
to buy the satellite, maybe like five hundred bucks, right, right,
And when you do have to hook it up. You
pay like you know, the service, but then I think,
you know, for the whole month. But we've let like
neighbors borrow with that bought like a brand new construction
home that didn't have service right away. So that was
a you know, nice thing for the kids to still
be able to do all this stuff for a good week.

Speaker 2 (10:00):
At the books today.

Speaker 5 (10:03):
Hey, that's a that's a thought.

Speaker 2 (10:04):
There, that's a really good idea. So we deviated real quick,
and we're going to give a shout out, and then
when we get back, we're going to talk. When we
get back from the break, we're we're here more of
obviously from Rick from Carowood. He's going to tell us
about his reverse mortgage story, you know a little bit
about himself. Why did he do it? You know what,
what is a good use for other people to do it.
We'll talk about the reverse guru dot com website. But

(10:25):
before we get into any of that, we're going to
talk about the FEMA disaster and and what does it
mean for you in real estate if you're about to
buy a house, if you have just closed on one,
if you are if you are in the middle of
a real estate transaction. I guarantee that you are hearing
some crazy stuff right now. So we're going to try
to break it down for you and make it very
easy here on the Business Happy Hour. We also have stats.

(10:46):
When he is like, I'm looking at me. I'm excited
because I got the August of hers five years down
and I sent it into the universe.

Speaker 5 (10:56):
Yes, we put this answer, and I'm like, okay, that's
what you can fuck.

Speaker 2 (11:01):
So before we we end though talking about the generator.
So yeah, I did do that post on the Actually, funny,
I just your power did go out, then I did.
I lost power very weird. I lost power at three
o'clock on Thursday, bright and sunny, like nothing going on,
power goes down. I lost it till five o'clock on Friday,
so I lost it for twenty whatever six hours. Funny
your husband saying that, because you know, you spend a

(11:22):
ton of money on these generators, on the propane and
you never use them. And this was the first time
that it has been on for more than an hour,
and I'm sitting there thinking like my god, can this
thing just run all day?

Speaker 1 (11:32):
Right?

Speaker 2 (11:32):
And they do. But there's some things we have to
learn about oil and stuff like that, which we can
talk about later. But Generac did a great job. I
do highly recommend them, and if you need a great connection,
you're welcome to reach out to me. Contact Frankdebank dot
com or text me and I'll set you up my
Generac guid. Do you guys have a Generac GUYE too,
genera guy.

Speaker 3 (11:48):
Yeah.

Speaker 5 (11:48):
They did an awesome job.

Speaker 2 (11:50):
They did very very awesome installation and it worked and
both of us had our power.

Speaker 5 (11:55):
I didn't have power ticks on. I mean, it's like
a thirty second thing. You don't even know the power. Well,
now you just kind of a matter of fact, I
went out alf it just says, hey, your generator is running.

Speaker 2 (12:03):
Yeah, its so I went outside to shut it off
and I ended up turning it on because I didn't
realize that it was even because it happens all automatically. Anyway,
we're to take a break here on the Business Happy Hour.
When we get back, we're gonna do some real estate
stats and then we're going to hear from Rick from
Carewood about the reverse mortgage story.

Speaker 1 (12:16):
Stay tuned now we're back with some serious real estate
and business talk with three of Tampa Bay's top experts,
your host of the Business Happy Hour, Frank the Bangkodo,
Rosa Bahiti, and Senia Aha.

Speaker 2 (12:29):
Hey, Tampa Bay, Welcome back to the Business Happy Hour.
I hope you're having a great Tuesday if you're watching
us on Instagram. I also shared this to Facebook. Please
send it out to all your friends. We're gonna be
learning about a real life reverse mortgage story here a
little bit later in the show. But as we all love,
we like to get our stats done in the first
half of the show. We're a little late today, but
Senia had an extra week to get these stats. So

(12:51):
I heard she went back like half a decade, is
what I heard. I don't know whose idea it was.
I have no idea, but it was a great.

Speaker 5 (13:00):
Because I did listen to the show last week even
though I wasn't here, I missed you guys.

Speaker 2 (13:04):
So with Mahara and associates. Yeah, all right, so.

Speaker 5 (13:09):
We're gonna do Hillsborough stats today and I'll go over
the recent August numbers. Right, So for closed sales, we
are up three percent, all right, The median sales price
did go down by about five point six percent.

Speaker 2 (13:24):
Wait a minute, Okay, so we're selling more homes.

Speaker 5 (13:29):
We had a little bit more closings.

Speaker 2 (13:30):
Yeah, we're closings, but the price went down. Yeah, and
what timeframe? So what do you mean, like how long?
Like it just month to month?

Speaker 5 (13:39):
Month of these are year over year, so this is
just comparing it to August of last year.

Speaker 2 (13:44):
Okay.

Speaker 5 (13:44):
So we're just you know, down five point six percent.
But I think the more interesting stuff is going to
be because I did go back the five years, because
you guys suggested that, and I think this will give
us a good perspective, you know, just on what's been
happening the last you know, half a decade. Yeah, month
supply is up sixty one point nine percent, and that's
again year over year, Okay, and that number is three

(14:07):
point four which actually didn't change from last month.

Speaker 2 (14:11):
So wait, this is the five years dat.

Speaker 5 (14:13):
No, this is our current numbers for odd Okay, okay,
current numbers for August. But yes, to give us that
perspective though, on median sale price in twenty nineteen, it
was two hundred and fifty five thousand.

Speaker 2 (14:26):
Oh my god.

Speaker 5 (14:27):
Okay, so four hundred and twenty thousand today, two hundred
and fifty five thousand, and twenty nineteen August.

Speaker 2 (14:35):
Wow.

Speaker 5 (14:36):
In twenty twenty it went up to two ninety two. Okay,
and let me actually mention the month supply because this
is when we saw the big shifts, you know with COVID.
It was two point five months in August. It's already
you know, low supply. So in twenty twenty, the two
ninety two median sale price that increased month's supply of

(14:56):
inventory went down to one point three, so a correlation
one point three yeup. In twenty twenty one, media and
sale price went up to three fifty eight and the
inventory for months supply point nine wow point nine, which
I mean we all felt it, you know, there was
no homes and so many buyers because we had great

(15:17):
interest rates. And then in twenty two our median sale
price went up to four eighteen. And this is August,
so if you remember, you kind of started seeing this
little bit of a show right around like summer ye
twenty two, yep, and month supply of inventory was two
point one.

Speaker 1 (15:34):
Wow.

Speaker 4 (15:35):
Wow, So we've come a long way.

Speaker 5 (15:37):
Well, I mean if today it's three point four yeah,
you know, yeah, that's where the increase when you hear
those numbers, oh, you know, percent year over years like huge.

Speaker 2 (15:45):
I mean, that's that's huge, big job. And Ricky, you're
welcome to chime in on this, but yeah, it's it's
what we're hearing is she's saying that the amount of homes,
we only had a one point nine month supply of supply, right,
and then one point one month supply, but then you
had super low rates.

Speaker 3 (16:03):
Yeah, so it's like this go ahead. There were houses
in my neighborhood, you know, right down the street from
her office, a couple of years ago. You know, I
think it was maybe before the pandemic. Right, that house
was sold before the sign went out in the front lawn.
And the house down the street right around the corner

(16:23):
from me not as frankly, not as nice as mine.

Speaker 2 (16:25):
Right.

Speaker 3 (16:27):
I told my wife, I said that I was sold
for seven hundred and twenty five thousand dollars. Right.

Speaker 2 (16:33):
Isn't that surprising? Yeah, because just a you know, a
year or two before that, it was probably five hundred
thousand dollars.

Speaker 3 (16:38):
Yeah, these people had moved here from another state and
they needed a place to live. Maybe he made I
didn't ask him this, but maybe he made, you know,
a tidy profit on his sale from wherever he from,
where he came right, and he had cash, and.

Speaker 2 (16:52):
I think I think that was a big driver of
the market. I think that's something that all of us
experienced from the the COVID years, is we had so
many people moving from areas that they normally didn't move from,
a lot of people coming from California, you know, to
the Northeast, people that would otherwise have stayed where they were.
And it could have been a political climate, could have
been COVID, could have been freedoms, could have been anything,

(17:15):
just the mark maybe you can work remotely in Florida,
you know now, and you wanted to live in the
sunny shine, Sunshine state whatever we are. But yeah, it
was it was wild that we had all these people
coming in with this cash, and I think that that
really drove the market. And ladies, do you remember how
kind of a lot of Floridians were upset?

Speaker 1 (17:31):
Oh?

Speaker 4 (17:31):
Yeah, they still are.

Speaker 1 (17:34):
Not me.

Speaker 4 (17:34):
I welcome them. But all the time on Facebook, I
see people stay wherever you are, don't come to Florida.
I'm like, oh my goodness.

Speaker 2 (17:44):
But there's some truth to that, because they did push
the prices up considerably when they did that, and to
Rick's point, you know, they sold their houses, and real
estate in these areas was a lot more expensive. Now
it's like we've kind of caught up. I guess, but
I don't know what else you got? What else?

Speaker 5 (18:00):
Yes, well, I mean that was kind of it. I
think that's the relevant stuff. Yeah, you know, super markets
kind of stabilizing. And I wanted to ask you, though,
have you seen an increase in mortgage applications at all?
Like where is that sitting?

Speaker 2 (18:13):
Not what I would have expected, to be honest with
you feel in the same way with the rate drop,
I kind of feel like it was it was just expected.
Everybody expected these rates to come down. That the FED
has been talking about it for six freaking months, right,
and then if they finally did it, it's kind of like, Okay,
they did it, you know what I mean.

Speaker 4 (18:32):
It wasn't as exciting.

Speaker 5 (18:33):
Yeah, right, Our coms were different. Yeah, so we we
did see, you know, a little uptick in showings, but
not so much in new contracts.

Speaker 2 (18:42):
I agree with you. I agree. The one thing I
will say that we have seen a bit of an
uptake in uptick in our refinances. People. It did maybe
open people's eyes to say Okay, values are up because
right now you have more equity in your house.

Speaker 4 (18:56):
So when they have an appraisal done, then it's showing
that their home is valued much higher than when they
purchased it.

Speaker 2 (19:02):
Right, right, So it what it does is it's opening
the doors for a lot of people who otherwise wouldn't
qualify for a refinance because they have more equity now.
And overall, people's credits are pretty good. So you know
the rates are. I'll just talk rates real quick, will
reiterate it. It's not what you see on TV, and
it's not what you see on on social media. If
you go on Google, they're still telling you the rates

(19:24):
are in the high sixes. But like the clients, the
one we just talked about last week, we had five
point six twenty five for them, right, and that's a
thirty year fix, So it's over a point lower than
what the internet is telling people. So I just encourage
you guys. You got to work with a wholesale company,
Maharan Associates. If you are looking for a house, there's
a website you can go to what.

Speaker 4 (19:42):
Is it the Real Deal Tampa dot Com.

Speaker 2 (19:44):
I didn't chime it.

Speaker 5 (19:45):
I'll do the phone or give us at eight one three,
seven five five reel.

Speaker 2 (19:51):
That's it seven five to five reel and the Real
Deal Tampa dot com. And of course if you just
want some quick advice on mortgages, you can just go
to contact Frank Thebank dot com. We'll talk about the
re mortgage reverse Guru here in a minute. When we
bring on mister Rick from Carowood in our third segment,
we're going to find out who this guy is and
why he did a reverse mortgage, and we might even
run a payment scenario because I understand you girls, well,

(20:11):
how much time do we have in this segment? Nine seconds?

Speaker 5 (20:14):
Oh okay, we're good.

Speaker 2 (20:16):
I am fas, but I am not that fast. So
we'll be back in just a minute with Maharan associates
Senia and Rosa and Rick from Carawood. Stay tuned to
the Business Happy Hour.

Speaker 1 (20:25):
Welcome to the Business Happy Hour radio show with your
host Frank the Bank Kodo, President of Lincoln Lending Group
and he won three mortgage for twenty years right here
in Tampa Bay, joined by his incredible co host Rosa
Bahiti and Senia Akishna, top producing real estate agents with
Mahara and associates. These three bring nearly five decades of

(20:45):
experience in the local real estate market. If you're looking
for real estate or business advice, no matter what your
experience level, the Business Happy Hour team has been there
for you for almost a decade right here on news
radio WFLA.

Speaker 2 (20:57):
Now, sit back, relax, and get ready.

Speaker 1 (20:59):
For serious real estate and business talk with three of
Tampa Bay's top experts.

Speaker 2 (21:04):
Here's Frank the Bank. Hey, Tampa Bay, welcome back to
the Business Happy Hour, your number one show for all
things business and entrepreneurial, and we've got a great show
for you, guys. You got to hear about the market.
We didn't talk about FEMA disaster relief. I feel like
I over overshot that, so I'm just gonna mention it
real quick because i want to get Rick from Carewood
on here to tell his story. If your house, if

(21:25):
you're in the middle of a closing right now, and
you're and you're in a disaster era, which is basically Florida,
I think it ligit is. I think they actually did
mark the whole state. You're going to need a reinspection,
So make sure you talk to your lender, your mortgage broker,
your courier, pigeon, whoever you're dealing with over there, and
get them to get that reinspection done right away, because

(21:45):
you're not going to be able to close until that
reinspection is completed. That's the number one thing you need
to do. You have to show the lender that the
house is not damaged from the storm. Have you ladies
had to deal with that a little bit?

Speaker 4 (21:55):
I've never had to.

Speaker 1 (21:57):
No.

Speaker 2 (21:57):
All right, good, well, this will be a first experience. Yes,
and I'll help you if you have any if you
have questions. All right, without further ado, we have Rick
from Carrowood here. Rick, thank you for coming on the
show to the Business Happy Hour.

Speaker 3 (22:11):
Well, thanks for inviting me.

Speaker 2 (22:12):
Yes, so tell us all that. Tell us a little
bit about who Rick from Carewood is and is.

Speaker 3 (22:16):
Rick from Carrolo. What makes him tick?

Speaker 2 (22:19):
What makes I got it trip tick?

Speaker 3 (22:22):
Well, I'll tell you I've lived in Florida for thirty
five years. I came here, a job, took me here,
job chances for all right, many others. I grew up
in the New England south of Boston from originally and
I love the Red Sox, you.

Speaker 2 (22:38):
Know, Yeah, finally got that world series.

Speaker 3 (22:40):
Yeah, but anyway, we live here and this is our
home now, I mean where my my wife has often said,
you may be from Boston, Massachusetts, but your kids are
from Tampa, Florida. Don't forget that. That's right. Yeah, And
you know we're we've been living in the house for
thirty five years for the house we bought when you here,
and we love that. It's it's our home. And over

(23:04):
the years, you know, in the roof, oh boy, my
daughter's getting married. My daughter's getting married, and you know,
you go to the asset you have your house to
get the financing for all this stuff. So we look
at each other and at this point in our life,
we still have this mortgage hanging over our head, and
we were paying it regularly. I mean, we're not behind
or anything like that, but we reached a point we said,

(23:26):
you know what, this mortgage owns us and we just
still want to live like that anymore. So I started
looking into the reverse mortgage concept.

Speaker 5 (23:35):
Right.

Speaker 3 (23:35):
I started out with Tom Selleck on the He's on
TV all the time. I don't know if you've ever
seen him, But then I heard your ads, your commercials
on The Morning Show with Ryan Gorman.

Speaker 2 (23:48):
Ryan Gorman and I said, well, you know, I don't
have to.

Speaker 3 (23:51):
Call anybody to go to these websites and learn something.
So i'm i'm because you call those numbers and you're
you're another lead coming in, right, someone's paying for that
to be transferred. You have you transferred to them? And
so I liked what I heard, you know, and I
made my wife watch them too, and she said, yeah,
that makes sense, and I called I called the number,

(24:15):
and later that afternoon, mister Frank the bank called me back.

Speaker 2 (24:20):
Frank himself.

Speaker 3 (24:21):
Yeah, I know, yeah, I said, where's Tom Salad?

Speaker 2 (24:26):
Well you got Frank the.

Speaker 3 (24:27):
Bank anyway, anyway, we talked for about twenty minutes, and
I told my wife about the conversation and we proceeded
with it. And from about the time of that conversation
to maybe forty five days fifty days, I haven't actually
counted them. We're we closed on the loan. I went

(24:49):
to my Wells Fargo app on my you know, check
my balance, and it says paid in full. More is
that paid? That was a nice feeling. Yeah, And I
know that, you know, next month, when that payment was
normally due, I'm not going to pay it.

Speaker 4 (25:08):
And that's the biggest smile on his face.

Speaker 2 (25:10):
I have to tell you right now, and I'm.

Speaker 3 (25:13):
Not going to get a call from the bank. Where's
our money?

Speaker 2 (25:17):
Maybe break the bank. I might call you just to
say hi.

Speaker 3 (25:21):
It's funny they want that every single month. Yes, the
boy they're greedy.

Speaker 2 (25:28):
Yeah they are. So what were some of the you know,
the reasons obviously having no mortgage payment, What are there
any other reasons that you really felt compelled to do
the reverse mortgage?

Speaker 3 (25:37):
Well, you know, it's it's one of those things like
everybody has an opinion about it, and they have but
they have no information or inside knowledge about it.

Speaker 2 (25:44):
But they have an opinion, right, So usually a negative one.

Speaker 3 (25:47):
And it's always a negative one, right because negative opinions
they're always willing to share with you. And you know,
the explanations and the information about you're not going to
lose your house. You still have it as an asset
for your heirs, for your kids, and and the other

(26:07):
thing about this now, too, is my my wife recalls
when her mother was getting older, she lived in a
house in Bethesda, Maryland, right outside of Washington where she
grew up, and it was like a tri level kind
of place, and her mother was elderly and she couldn't
had she had to like move into the living room
you know that, you know that thing, and so our

(26:28):
home is all one floor, and she said, you know,
we can roll in this place because we don't have stairs. Yeah,
and we looked at you know, go into one of
the condos over on the golf course right right there.
They're monthly joy are a thousand bucks a month, and
I would only I don't know what end of a

(26:49):
golf club to hold, so I don't know. So that's
not what you know, that's not a draw for me.

Speaker 2 (26:54):
Well, that's a great point because a lot of retirees
look to townhomes and condos and and but you still
have this stairs issue a lot of times, especially the
carroll Would ones and even the single level ones. Uh
those association fees, I mean girls, you know.

Speaker 5 (27:07):
Carroll Would village.

Speaker 4 (27:08):
So yes, right, there's typically two. There's the h O
and then the Masters.

Speaker 5 (27:13):
And you probably had the Master one there as well.

Speaker 3 (27:15):
No, I only have one a year. I get an
annual bill, and it's every year it's gone up since
I've lived there. I still don't know what I get for.

Speaker 5 (27:21):
If you're in a condo. I think that you have
the main carroll, ye, and then the condo complex as well.

Speaker 3 (27:27):
Right, yeah, And it was just not a choice. And
I mean they're not cheap. You know, those condos are
fetching some oh.

Speaker 2 (27:32):
No, over half a million, I'm sure, the condos man.

Speaker 3 (27:36):
And so you know, we went Susan my wife's name.
She said, when would we do this? I said, when
will we? I mean, what what's the what's the reason
to wait is? You know, there is no reason to
wait our circumstance. You know, if we wait, the only
thing that's going to happen is if we wait six months,
we're gonna make six more payments to.

Speaker 4 (27:58):
Spend more money.

Speaker 2 (28:00):
Yeah, right, And so we I.

Speaker 3 (28:04):
Said, heck with it. I'm I'm gonna We're gonna do this.
And we signed the papers and uh, you know, any
of these transactions are complex, and so there's always going
to be a need for this and we will get
I need this, that kind of thing. And you know,
they weren't unreasonable requests. As the process was going through,
I had them, you know, and everything up wrapped up

(28:26):
and the traveling uh, the mobile notary, not traveling notary.

Speaker 2 (28:37):
She comes with a little monkey on her shoulder.

Speaker 3 (28:38):
And what do you want to be when you grow
I want to be a mobile.

Speaker 2 (28:46):
The freedom of the road.

Speaker 3 (28:49):
And he came and you know, we saw the packed
stack of papers was.

Speaker 2 (28:54):
About one hundred and something.

Speaker 4 (28:55):
You're holding like a big book.

Speaker 3 (28:57):
Yeah, which the tele phone thing? I said, well, they
want me to sit on this. I guess it is.

Speaker 1 (29:04):
Uh.

Speaker 2 (29:05):
And and people understand this. It is a government loan product.
And we know our government does nothing but cover their butts.

Speaker 4 (29:11):
Right, So it's lots of documents that are required to sign.

Speaker 3 (29:15):
Yeah, yeah, government there is an oxymoron called government intelligence.

Speaker 2 (29:20):
Right, yeah exactly.

Speaker 3 (29:23):
So yeah, we we It took us a half an
hour of sign all this stuff. But yeah, that's we
came to our home and and now it's over with.

Speaker 1 (29:31):
You know.

Speaker 2 (29:32):
And now what else? Uh, I believe you guys, and
we don't have to give any personal information. But you
guys got a little bit of cash out on your mortgage.

Speaker 5 (29:39):
We did.

Speaker 3 (29:40):
We got a little bit.

Speaker 2 (29:41):
And that is an opportunity that some people, based on
their equity and their age, they can get that.

Speaker 3 (29:47):
And so you know, we like most houses in Carrowood
where they have a pool, right, and the pools have
a lifespan, they have to be repaired.

Speaker 2 (29:56):
And the Mars site there you go to the Mars yep.

Speaker 3 (30:00):
So we're gonna use the money to do that bring
the pool back to right. I mean, we have a
beautiful area out there, you know.

Speaker 2 (30:07):
I mean I grew up in Carrowood Village, so I
mean I was, I was your neighbor. Matter of fact,
I just found out that the guy, a guy who
works for me for a couple of years now, grew up.

Speaker 1 (30:16):
He was.

Speaker 2 (30:16):
I trick or treated at his house when I was
a kid, and I didn't even realize it. But Carewood's
a great area, you know.

Speaker 3 (30:22):
You know, I get calls from people I don't know,
and we'd like to buy your house. Yeah, I said,
I don't blame you. It's a nice house, but it's
not for sale.

Speaker 2 (30:34):
That's when you tell him one million dollars.

Speaker 3 (30:38):
I did that once. Yeah, I said, well, you know,
I do have an offer, but I haven't signed anything yet.
If you'd like to make a counter offer, give an opportunities.
Well what's the offer you have now? And I said, well,
I'm supposed to tell you that.

Speaker 1 (30:50):
But I love it.

Speaker 3 (30:53):
I love this guy. Uh yeah, it's it's uh, it's
seven figures. Yeah. Click.

Speaker 2 (31:01):
Yeah, that's actually the easiest way to get off that list.

Speaker 5 (31:07):
They do that.

Speaker 2 (31:07):
I've got a piece of land up in in Citrus
County and I get I get a text or call
every day, and so I just throw out I throw
out a number every time, throw out a number, and
then they don't call back. And it's wonderful. Apparently that's
how it. You don't have to be mean, you just
throw out a number. So in the reverse mortgage, we
got about a minute left in here. You you you
did get a little cash out, no mortgage payment for

(31:29):
the rest of your life. I mean, how beautiful is that?

Speaker 3 (31:32):
That's nice. I mean, you know, we still have to
pay the insurance in the and and the taxes and
the taxes, but so does everybody.

Speaker 1 (31:41):
I love it.

Speaker 2 (31:42):
I love your attitude.

Speaker 3 (31:43):
Well it's the truth. I mean, in reality, you can
never actually own your own home because you're gonna have
to pay taxes until the day you die, no matter what.
And if they if they don't pay them, then they
will take that home. Yeah, so you gotta pay that.
That's just a reality that cannot be undone.

Speaker 2 (31:58):
So that is that is and if you are in
a financial hardship. I want to make a point that
Rick made, and that's that him, him and his wife
have no problem making their mortgage payments. They were fine.
They did this to better themselves, to to to make
the retirement and the end. You know, the second half
of your life awesome, you know, with less liability. But

(32:19):
if you are in financial hardship, the reverse mortgage is
the only loan program that if you can actually be
in foreclosure. We have a lady whose whose house is
going to get sold in foreclosure on the twenty second
of this month, and we are rushing trying to get
it closed because if we do, we will save her house. Oh,
when you're in foreclosure. We'll talk about more about that
when we get back here on the Business Happy Hour

(32:39):
with Maharan associates, Senya and Rosa. Stay tuned for more
from Rick from Carewood.

Speaker 1 (32:44):
Now we're back with some serious real estate and business
talk with three of Tampa Bay's top experts, your host
of the Business Happy Hour, Frank the Bangkodo, Rosa and Senia.

Speaker 2 (32:55):
All right, Tampa Bay, welcome back to the Business Happy Hour.
It's our final segment here. We're gonna be continuing our
conversation with Rick from Carewood talking about reverse mortgages. Before
the break, I brought up something I saw. I saw Rosa.
She's like, whoa, So I'm gonna bring this up again.
Rick decided to do his reverse mortgage just just to
basically make things better for him and his wife. You know,

(33:19):
they just got more money in the bank. They don't
have to pay that mortgage, but they keep get to
keep the house. And I love that, Rick, you mentioned
that because that is the number one of falsehood. The
number one objection that people have is they hear the
word reverse mortgage, and the first thing they think is,
I'm giving the house of the bank, right.

Speaker 3 (33:35):
Right, Well, they think you're eventually gonna run out of
equity and then you're done right right. It's like it's
like a gift card that only has so much money
on it.

Speaker 1 (33:43):
You know.

Speaker 3 (33:45):
I love your analogies to that, but that's not the
case at all.

Speaker 2 (33:49):
No, And you understand, you get to live there forever
if there is equity. When you're gone, the house goes
to your heirs, no question. If there's no equity. Here's
the part a lot of people do. I don't realize
your heirs when you're gone off this planet can buy
the house for five percent under the value, not what
you owe. So Rick could end up owing a million dollars.

(34:11):
If you lived one hundred and five and the market tanks,
you could owe a million dollars on the house and
it could be worth eight hundred thousand, but your family
gets to buy it for five percent under eight hundred thousand.
It's it's an amazing product. But what we mentioned before
the break was the whole thing about if you're in
financial difficulty or you're in foreclosure right now, the reverse
mortgage is the only product that is a legitimate mortgage

(34:34):
that can get you out of that. The lady who
are helping out right now, we've got I think like
nineteen days left to close her, but she was going
to lose her home at the end of this month,
and we will refinance her and she will live there
for the rest of her life. Wow, it is yeah,
and it kind of goes back to you know, Rick,
Rick mentioned I called him directly, not to say I

(34:55):
won't call everybody, but it is the one product that
I make a point to make that phone call myself,
because I truly believe in it. I think it really
helps people out and that's why I asked Rick to
come on today. Well what else, Rick? How about the website?
You mentioned originally that you didn't want to just become
a lead, so you went to the reverse guru dot com.

(35:15):
Did you like the website?

Speaker 3 (35:16):
I did, and it answered my questions. And you know,
you call those and like I said, you call I'm
in the sales business too. You call those numbers and
who's next in line to get that call is what
really comes down to. And I wanted to be able
to do some leisurely researched, you know what I'm saying,
And the website allowed me to do that, and I

(35:41):
could take information that was imparted through there and do
some side research on my own, you know. So it
gave me time freedom to move around.

Speaker 2 (35:50):
Did you find everything to be rather accurate?

Speaker 3 (35:52):
And yes I did. I did. Yeah. I wouldn't be
sitting here on your Ringer show if I.

Speaker 2 (35:56):
Didn't know you.

Speaker 4 (35:58):
Also, that information was so valuable that it led you
to here today and now you're famous on the radio.

Speaker 3 (36:04):
Well you like that?

Speaker 2 (36:06):
I know, I love it.

Speaker 3 (36:08):
I love it.

Speaker 2 (36:09):
Is this actually the first time we've ever done this before.

Speaker 3 (36:11):
Rick, I'm your first customer.

Speaker 2 (36:13):
Yeah, yeah, first customer ever, twenty two years in business
and I finally finally closed it.

Speaker 1 (36:21):
I got it.

Speaker 2 (36:22):
I think I've made it. I think I've made it.
But no, I mean, I didn't know that Rick would
be willing to come on, and I'm really happy that
you did because we get to hear it, you know,
from your your words right there on the benefit of
the product. Did you ladies have any questions? If not,
I'll kind of go over some of the other things
that you can do with the reverse mortgage.

Speaker 5 (36:38):
I just I agree that we're really happy that you're
here to give us that first hand perspective because as
real estate agents, obviously we're not really involved in that process.
You already have the home that you love, that you're
living in, so it's just the financial side of it.
And Frank's told us about the reverse mortgages. But yeah,
this is very informative and I'm glad to hear it,
you know, from a first hand customer, you know.

Speaker 3 (36:57):
And the other thing too, is our house. It is
sort of like the soul of our family, and it's
a big it's almost a three thousand square foot home. Yeah,
and so Christmas is there, Thanksgiving is there, you know,
my granddaughter's birthday is there, that kind of stuff. Everybody
comes to that place because there's room for all of us,
right and you know, it's a happy front door to

(37:21):
come through.

Speaker 2 (37:22):
I'm so happy he just said that because my kids
twelve and fourteen. If you're listening, all your friends listening
right now, we mentioned my wife and I mentioned maybe
selling the house when they both, you know, go off
to college and stuff like that, and both of them
looked at us and said, you can't do that, And
I'm like, what do you mean. They're like, this is
our home, this is where we grew up. And they

(37:44):
both said to it. I'm a freaking cry. They go,
we want to come back here, like we want to
come back and have events here. So you just nailed it.
So many people the home is their soul. It's the
soul of their family, and they want to have it.
So that's I think why I'm so convicted about this products.
All the other mortgages are just you owe somebody money,
you pay them, you move on, right right, Rick, I

(38:05):
do have one.

Speaker 5 (38:06):
Question, because you said you've been here for thirty five years,
and the same home. How much did you buy this
home for thirty five years ago?

Speaker 3 (38:15):
Well, we actually bought it from a bank. It was
a full.

Speaker 2 (38:19):
Yeah years five years ago.

Speaker 3 (38:21):
Yeah. I remember approaching the front door with a real
estate agent. She saw some kind of locker on the door.
She said, oh, this is a foreclosure. I don't know
how she knew that, but we paid one hundred and
seventy two thousand dollars for that house.

Speaker 4 (38:35):
Oh did you end up doing a full remodel or
remodeling over the years over the years.

Speaker 3 (38:40):
Yeah, I mean the kitchen is well now it's ten
years old, but it was it was it was new,
and the bathrooms and so forth.

Speaker 5 (38:51):
Your equity pretty much like quadrupled.

Speaker 2 (38:53):
Yeah, and it probably added twenty five percent to it
just in the last three years according to any of that.

Speaker 3 (39:00):
Well, you know, when I'm from the New England area,
Cape Caught actually, and I worked for this company that
moved me here. And the good news was they gave
me a promotion. The bad news was I had to
move to New Jersey to take it. But New Jersey's
a pretty nice place. Sorry, And we sold that house

(39:20):
at a big profit. When I came to Florida and
bought that house. I could have paid cash for it.

Speaker 2 (39:27):
He's one of those guys. You're exactly who we're talking about.

Speaker 3 (39:30):
No, I mean I was shocked. I said, who can
do this?

Speaker 1 (39:34):
Not he.

Speaker 3 (39:35):
I'm going to wake up tomorrow and and I'm going
to realize it's not true. But so we put a
big hunk of money down on it and it just
kept going and going and going and going and going.

Speaker 2 (39:44):
And look at us now. And now you're going to
live there for the rest of your life, your the
rest of your wife's life, your kids are going to
get to go there until the day you two leave
this earth, and you'll never make a payment. I really
appreciate you coming on today, Rick, It's been phenomenal. We're
gonna do quick video together, you and me at the end,
but we only have about forty five seconds, so I
want to make sure we mention this house.

Speaker 5 (40:04):
Oh darn, that's quick.

Speaker 2 (40:06):
Let's k's doue. I know we have lost time.

Speaker 5 (40:08):
We do have one in Panellas County and Saint Pete
righte the heart, ten minutes from downtown, less than fifteen
minutes to the beach, and we haven't been able to
sell it. And I'm looking at our Panela's median sale
price for August four hundred and eighty four. We're listed
at three hundred and seventy four thousand, one hundred thousand
dollars less. It's a goodbye. It's a three bedroom, three

(40:29):
bath over sixteen hundred square feet. Sellers motivated. We need
to get it sold. I think it's a great setup
for maybe roommates. So I was thinking, if you've got
kids that are, you know, going to college. Yeah, if
you don't want to just rent, buy this, have the
kids rent it from you.

Speaker 2 (40:44):
And the payment on that is going to be under
three thousand months by the way.

Speaker 5 (40:47):
Everybody there fire out, So yeah, the kids could split
it and then you can still make money on it,
you know, four years when they graduate.

Speaker 2 (40:53):
Thank you for coming, Rick, Thank you everybody the business.
Happy our We'll see you guys next week.
Advertise With Us

Popular Podcasts

Dateline NBC

Dateline NBC

Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com

Stuff You Should Know

Stuff You Should Know

If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.

The Breakfast Club

The Breakfast Club

The World's Most Dangerous Morning Show, The Breakfast Club, With DJ Envy And Charlamagne Tha God!

Music, radio and podcasts, all free. Listen online or download the iHeart App.

Connect

© 2025 iHeartMedia, Inc.