From his favorite movie and the craziest thing he’s ever done to his thoughts about the reverse mortgage market, we get the facts from Shannon Hicks, president of Reverse Focus.
Ten years from now I want to be working both in the U.S. and abroad, helping train home equity lenders and loan officers.
Something nobody knows about me is that I used to play in a blues band that opened for national gospel acts. Don’t mention my hair and ’80s outfits, please.
My favorite vacation was in Belize and Mexico. I love new cultures, food and people.
If I were a professional athlete, I would be a MotoGP rider. It would be a dream to have the skill to drag elbow and knee around corners at over 100 mph.
The craziest thing I’ve ever done was ride a motorcycle at 140 mph. I want to live, so I stay off motorcycles and only watch races.
My favorite movie is The Count of Monte Cristo, with James Caviezel and Guy Pearce.
I never miss an episode of Entourage.
When I was younger I wanted to be a police detective.
Every morning I ride my mountain bike to and from work. Might as well get some exercise while commuting.
When I was a kid, we left the house at sunrise, returned at sundown, got in plenty of trouble and lived to tell about it.
I’ll never forget to say “I love you” to my friends and family each day. Tomorrow is never guaranteed.
My first job was at Skipper’s Seafood, working as a waiter.
My parents taught me how to make a lot with a little, be accountable, and that it’s better to tell the truth, even if it hurts.
My favorite time of the day is mornings, with a cup of coffee in my hand.
My iPod go-to is Spotify. I love the freedom of finding anything I want without having to buy the track.
The best lesson I’ve ever learned was “do it scared.” Don’t let your fears keep you from your dreams.
The worst purchase I’ve ever made was a new car.
The best purchase I’ve ever made was my mountain bike. It has provided thousand of hours of enjoyment, memories and exercise.
For success I have sacrificed mediocrity. I’ve learned there is only room for excellence when striving for success.
If I could time travel, I would go back to the 1950s and watch the Rat Pack perform live at the Sands Hotel in Las Vegas.
The greatest setback for our industry was the housing crash and the popularity of the fixed-rate, full-draw HECM loan.
Before I entered the reverse mortgage industry, I was a director of marketing for a nonprofit and a restaurant sales representative, and I worked in the financial services industry.
Reverse mortgage professionals can best support the public image of reverse mortgages by avoiding cliché marketing, replacing the words “reverse mortgage” and understanding how to use a HECM as a true financial tool.
The most important thing financial advisors can learn about reverse mortgages is that their client’s largest asset is often their home. Ignoring this sizable asset may endanger their client’s ability to retire comfortably or encourage other risky financial decisions.
Industry growth is dependent upon a more sophisticated sales force, better branding and first impressions, and the continued need of unprepared pre-retirees.
In shaping appropriate regulation of the reverse mortgage industry, government officials need to understand the law of unintended consequences. Government officials would be well served to seek the detailed input of trade organizations, lenders and leading industry spokespersons prior to enacting new rules.
