From his first job and his first car to his optimism about the reverse mortgage market, we get the personal and professional facts from Pete Engelken, president and CEO of Liberty Home Equity Solutions, in our monthly edition of The Hot Seat.
You can’t always be right, but you can always do the right thing.
Ten years from now I’ll hopefully still be working some (because I enjoy it) and spending a lot more time exercising, golfing and relaxing on warm beaches.
My favorite vacation was any of the many trips to Hawaii with family and friends. I’ve never had a bad one!
If I were a professional athlete I would be a PGA golfer. There are very few professional sports careers that can continue to an age where one could also have a reverse mortgage.
My first car was a 1969 Chevy pickup… loud, fast and seemingly indestructible.
The craziest thing I’ve ever done was climb to the top of a very high river bridge and jump into the American River… 17 and stupid.
If I could meet anyone past or present, it would be Ronald Reagan—he was an incredible leader who helped change the world.
My favorite website is wsj.com for business news and amazon.com for stuff.
I never miss an episode of CNBC’s Fast Money.
When I was younger I wanted to first be an architect, then a lawyer, and never a CPA.
Every morning I immediately check the financial markets.
I can’t go without my morning coffee (which is made at home).
My favorite time of the day is the early morning (after coffee) when I have a lot of energy and time to think about all the exciting things I hope to accomplish that day.
My first job was at a Shell gas station when I was 16, filling gas tanks, changing oil, repairing flat tires, doing engine tune-ups and frequently unclogging restroom toilets.
My parents taught me that success requires very hard work; there are no shortcuts in life.
I always try to be optimistic and constructive.
The most memorable moments in my life were my two boys’ births.
The worst purchase I’ve ever made was WorldCom’s common stock in the late 1990s.
The best purchase I’ve ever made was my wife’s wedding ring.
People should seek a career in the reverse mortgage industry because they genuinely enjoy working with seniors and helping them overcome the enormous challenges they may face in their retirement years.
I am optimistic about the reverse mortgage industry because so many people are (and will be) entering their retirement years, living longer and healthier lives than ever before, and they will need access to financial resources, including reverse mortgages, to help maximize their standard of living throughout retirement.
If I could change one thing about the reverse mortgage industry it would be to share more of our client success stories with the mainstream media so people can better understand the true benefits of the product and the role that reverse mortgages can play in helping seniors live a more comfortable, financially secure retirement. We can do a lot more as an industry to share these success stories with the world.
Reverse mortgage professionals can best support the public image of reverse mortgages by being professionals, being well educated in all relevant aspects of the industry, understanding their clients’ situation and always putting their clients’ interests above all else.
The most important thing financial advisors can learn about reverse mortgages is that the current reverse mortgage product offerings have new features and flexibility that may help financial advisors manage investment portfolio risk and supplement other planning strategies. A good place to start is by reading the recent research by Salter, Evensky and Pfeiffer, which was published in the Journal of Financial Planning.
