The fha letter lowering principle limits to the home equity conversion mortgage is not favorable news to senior borrowers or those of us in the reverse mortgage industry. Being the optimist I am ( I have no choice) the lowering of the annual MIP Fha insurance to .50% is great. This is a huge selling point. Most of my clients also have loan balances exceeding 60% of the net principle limit so the up front MIP to 2% has also been favorable. The October 2nd changes are not the end of the world!

Reinventing Yourself In Middle Age

It is inconceivable, at the height of success and achievement, to consider that one day I would be reinventing myself in a completely new career and life direction.

After many years as a successful chiropractor I have chosen a new path. Success was not based on a financial basis but one where there was such a great satisfaction and enjoyment to what I did every day. The positive  patient outcomes were so gratifying and I was privileged to be trusted with their health concerns. Our office helped reduce and alleviate pain, counsel patients on exercise and dietary practices, worked with athletes and coaches and created a community where people enjoyed coming for treatment.

It was a blast! After 20 something years in practice I noticed things change. The economic climate and personal change. I still loved treating patients but the administrative burden and economic changes made this boutique office a more challenging place to continue our growth and level of comprehensive service. I sold the practice!

A few years of exploring other industries I never quite found a home. I did find a few jobs that paid very well but did nothing for me on a deeper and more profound level. Although a paycheck comes in (for which I was grateful) there was an emptiness and feeling of being lost. I felt so out of place and disconnected from myself. I yearned for the client interaction and personal connection. I missed that feeling of gratification from my work. I never realized how valuable the gratification component is when you spend so many hours a day doing something until you do not have it anymore. There is almost a loss of identity. I was a practicing chiropractor for so many years and took such great pride in it that it becomes a large part of my identity. I felt displaced.

My brother who is a very successful loan officer (REALLY SUCCESSFUL) has often tried to get me to look at a career in mortgage and real estate. I did not seriously consider that but I took the academic exercise of obtaining a real estate sales license. After winding down one of my temporary employment stops I decided, upon prodding from my brother, to work for the mortgage company he did. It was quite a change.

Since then I have obtained a California broker license and a Loan Officer license. My specialty has been in the arena of Home Equity Conversion Mortgages. It was great. I get to work 1 on 1 with prospective clients. Trust, friendship and great rapport is established which was almost like my chiropractic experience. I enjoyed this very much.

Armed with a Broker license I thought why not list homes for sale? This also has been a gratifying pursuit. I sold my first home weeks after obtaining the broker license.

Selling homes and helping clients through the HECM mortgage process has awakened the same gratifying feelings my old chiropractic practice did. I get to work closely in a position of great trust and confidence with the clients. This is truly an honor. Besides health (which I got to work with before) and family, people’s homes are usually their most precious possession. It is a valued privilege to be charged with the duty to represent my clients with everything I got!

I found a home again. It feels right. Gratification and enjoyment present.


Agency Professionalism

As I’ve had the opportunity to host a weekend open house for my very first listing, I have been so impressed with the professionalism and etiquette of the purchasing agents who toured the home. They were friendly and very supportive of their clients who were looking at the home. Every agent made a point to express thanks for granting them access to the home and said a cordial good by.

This has made for a great weekend and I learned so much as everyone had a unique presentation and style. It was great. I’m so glad I selected this profession after many years as a chiropractor.

Let’s see how the offer and counter offer process goes……..


The excitement of doing something new has been invigorating and joyful. After receiving a listing Thursday evening I conducted an open house Saturday and Sunday (July 22- 23) and we are in the process of receiving offers to purchase the property.

As a newly licensed broker this has been a very educational and exciting experience.


Richard Monoson