Hot Seat: David Peskin

Written by David Peskin, as originally published in The Reverse Review.

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 David Peskin, president of Reverse Mortgage Funding LLC.

Ten years from now I will still drive Jean Noble, my head of marketing, crazy. I flood her inbox with ideas!

My favorite vacation was in Iceland with my boys.         

My celebrity crush is Margot Robbie.

If I were a professional athlete, I would be a football player.

My first car was a Toyota Camry.

The craziest thing I’ve ever done was parasail off the side of a mountain in Jackson Hole, Wyoming.

If I had three wishes they would be to have my own private plane, a yacht and five more wishes.

If I could meet anyone, past or present, it would be John D. Rockefeller.

My favorite movie is The Shawshank Redemption.

I never miss an episode of Game of Thrones.

When I was younger I wanted to be a veterinarian.

I can’t go without seeing my kids for too long! I have four kids and they keep me super busy, but I love it. I can’t wait to see them at the end of the day.

When I was a kid I was very entrepreneurial. I had various businesses, from a painting company to a restaurant delivery service, and I was even a magician for a very short period of time!

My first job was working as a cashier at a grocery store—worst job ever!

My parents taught me how to work hard for what you want.

My favorite time of the day is bedtime. I can relax after a long day and watch some TV with my family.

The best lesson I’ve ever learned was to hire the right people, take your time and make the right decision for your business.    

If I could trade places with someone for a day, I would choose the president of the United States. Who wouldn’t want to be the most powerful person in the world for just one day?

For success I have sacrificed personal time with my family.  

If I could time travel, I would go to the year 2100 to see what technology exists and what the future holds.

The greatest setback for our industry was focusing the sales pitch on the “no monthly mortgage payment” benefit. While this product feature appeals to the needs-based customer, today’s reverse mortgage client likes the idea of being in control. They can choose if they want to make payments and how much, or make no monthly payments at all. 

The future of reverse mortgages is educating influencers on the importance of the product. If financial advisors, Realtors and builders incorporated the benefits of reverse mortgages into their client meetings, they would provide a value-added service. Just as a car salesman can sell more cars with an array of auto financing options, influencers need to include reverse mortgages as a solution to help fund retirement or buy a home.  

People should seek a career in the reverse mortgage industry because there are tremendous growth opportunities. The demographics speak for themselves, we help people, and it is not a cyclical business like the forward mortgage industry.

Ten years from now the reverse mortgage industry will be a mainstream solution for all homeowners 62-plus. The product will be offered in banks and credit unions and recommended by financial advisors, Realtors and builders. The stigma of the “loan of last resort” will be gone. Homeowners will use reverse mortgages just like any “lifestyle loan.” When you go to college you get a student loan, when you buy a car you get auto financing, when you buy a home you get a mortgage, and when you are 62 you get a reverse mortgage to fund your retirement.

I would encourage a family member to consider a reverse mortgage because it provides an array of options and it’s unlike any other solution on the market. In fact, my mother-in-law purchased her new home using a reverse mortgage. She bought the model home she wanted, got some upgrades and still has cash in the bank. It was the right decision and she is happy.

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