A generational shift in attitudes regarding reverse mortgages

by Rob Lauer

Agenerational shift is taking place, and no one is more welcoming than Dee Liles. Generational shifts are usually observed among young age groups, but in this case, the shift is happening in certain segments of the senior population.

“Seniors in their 60s today tend to be a little bit more savvy with technology. Technology can really help individuals conduct better research on different financial options,” Dee explains. “Seniors are realizing what a wonderful option a reverse mortgage can be!”

As a Reverse Mortgage Consultant with TowneBank Mortgage, Dee has dedicated the last 16 years of her life to educating the senior community through all different types of generational and technological shifts. She was born and raised in suburban Philadelphia. Dee now lives in Virginia Beach with her husband of 47 years and is a proud mom of three.

Dee’s goal is to help seniors access this wonderful financial tool for their retirement years. She came to the Reverse Mortgage field after assisting her father with the product 16 years ago. Since then, she has consistently been recognized as a top producer.

Dee understands the financial needs and possible challenges seniors can face. She can assist any senior homeowners age 62 or older better explore those financial options to utilize their home’s equity.

As a financial tool, a reverse mortgage has many uses. Some seniors use it to pay taxes and maintain their homes without touching other investments. Others use it as a way to put off drawing on social security. By choosing to wait, they can reach their full retirement age and enjoy the maximum benefits that social security offers. One type of reverse mortgage is a Home Equity Conversion Mortgage (HECM) for Purchase, which allows seniors, age 62 or older, to purchase a new principal residence using loan proceeds from the reverse mortgage.

“The HECM For Purchase has become very popular in recent years with senior homeowners looking for their rightsize home,” Dee explains.

“Whatever the situation may be, I am there with the client, walking them through the process, and holding their hand the whole way.”

Seniors Mr. and Mrs. Robert Davis of Hampton Roads say working with Dee was a remarkable experience: “From our very first meeting, our process flowed smoothly due to Dee’s knowledge. Her degree of expertise was amazing - no surprises. Mrs. Liles saw to every detail and our process was flawless. We were treated with the utmost level of respect and courtesy. Everything was covered from beginning to end!”

“I enjoy educating seniors, their families, and their trusted advisors about reverse mortgages,” Dee affirms. “When I meet with clients, everyone is invited to the table.”

In fact, when Dee meets with clients, it’s almost always in their kitchens and living rooms. “I go to my clients. I don’t want to make recommendations based on a few visits in an office. I want to see what my clients really need,” she asserts.

“When I strike up a conversation with someone in their kitchen, that’s when I find out what’s going on. The more a senior homeowner and their family members understand about these products, the better for everyone. Many families have felt pressured to act quickly because of the way our economy can fluctuate, but I want them to take their time while considering all possibilities. I don’t want them to just focus on today. I want them to be happy far into the future.”

The Spivey/Lovko families came together and worked with Dee Liles. “My elderly parents (79 and 82) were quickly running out of funds to cover their living expenses due to the high costs of their medications. At first, my father was quite reluctant about obtaining a reverse mortgage because he was afraid of losing his home and property to a bank.

“The professional way my loan
was serviced could not have been better.
It was a pleasure working with Dee.
Always in touch with me anytime
I had a question.”

—Ms. Mabel McDonald

“Thanks to Dee’s patience and ‘teaching,’ my parents were able to understand the advantages of a reverse mortgage loan. She came to their home, sat with them around the kitchen table, spoke plainly and answered their questions. In this way, my parents felt reassured that a reverse mortgage loan would enable them to remain in their home of many years and afford the medications that sustain them.”

“We are all grateful to Dee Liles for her professionalism, compassion and tenacity. My family can have a peace of mind knowing that my parents have ample funds to afford healthcare and medications, as well as the ordinary expenses of life.”

Many seniors can initially be hesitant, concerned that there might be some truth to the tall tales they had heard of helpless elderly couples losing their homes. But those who decided to secure a reverse mortgage have found that reality bears no resemblance to such myths.

Federal regulations require that any senior considering a reverse mortgage speak with a HUD approved counselor, to ensure that they fully understand the terms and conditions.

Dee believes that more seniors than ever are discovering what a valuable tool a reverse mortgage can be for establishing continued financial security and growth. With a huge smile on her face she states: “I am so happy to see and be a part of these changes in the world and so thankful for having played a part in it.”

TowneBank Mortgage - Dee Liles

600 22nd Street
Virginia Beach, VA 23451