Never Too Late for That Dream Job:

How to Switch Careers Later in Life



When my friend Susan moved back to California with her family in the summer of 2014, she began job-hunting for the first time in fourteen years. At 56, this might have seemed a daunting endeavor — a generation ago. As it was, Susan sent out resumes somewhat casually for a few months, and by late autumn she had two solid job offers within easy commuting distance. Now, at 58, she’s considering spreading her work wings in a grander direction, and has already had one interview.

reverse mortgage newsClearly, this is not your mother’s career trajectory.

Whereas once upon a briefcase few employers would have given a second glance to the resume of someone less than a decade from retirement, today, with longevity creating an entire additional generation of life for many active adults, the 50s are prime time for companies to harvest talent at its peak.

Consider Alice Longworth, who says getting laid off at 62 was “the best thing that ever happened to her.” She decided to leave non-profit fundraising and start fresh in graphic design, something she’d always enjoyed. After taking courses at both the School of Visual Arts in New York and NYU’s School of Continuing Education, Longworth interned at age 66 (which makes the movie, The Intern, starring Robert DeNiro as a 70-year-old intern, seem not at all far-fetched), later landing two part-time positions that utilize her new skills.

Driven to Help

And as we explored in this post, Longworth is on the youthful side of the career reinvention spectrum.

With the advent of just-in-time services to rival traditional businesses, mature adults are also expanding the definition of what elder employment can look like. For instance, while two years ago we explored elder driving and when your reverse mortgage clients and prospects ought to consider relinquishing the keys, today older adults aren’t just requesting rides from services such as Uber and Lyft — they’re providing them!

Carol Sue Johnson, 73, is an Uber driver, one of a growing number of seniors who are augmenting their retirement income by getting behind the wheel on a part-time basis. Drivers are in such demand, in fact, that in 2015 Uber and Life Reimagined (a subsidiary of AARP) formed a partnership to recruit more 50+ drivers. Older drivers are prized because as a group they are careful, insured drivers who keep their vehicles in good repair, and tend to have fewer accidents than their younger cohorts.

And older drivers appreciate the freedom and flexibility, as well as the cash. Since they’re not depending on these ride services for full-time income, they can fit driving into their schedules, leaving them plenty of time to enjoy other activities while supplementing their Social Security or other sources of income (such as a reverse mortgage).

So however your still-spry reverse mortgage clients choose to spend their days, a part-time job that meets their needs may be the perfect way to reimagine work that’s a lot like play.

 

Our Mother’s Keeper: Part 1


A Resolution to Last All Year & Beyond

reverse mortgage newsWe all know how ephemeral New Year’s resolutions can be. With the best of intentions the first of January, you plan to join a health club, spend more time with your family, watch fewer ball games on the weekends… Whatever is on your checklist, chances are it’s relegated to the bottom of the to-do’s by February.

There’s one area that all reverse mortgage professionals can resolve to improve in 2016, however: situational awareness and action with the seniors with whom you interact.

Here’s a potent example:

Just before the holidays I watched an elderly man attempt to refill his prescription — at the meat counter in our local market. The young butcher explained that he needed to go to the pharmacy, about a mile away. I was concerned that a) the man was obviously confused and b) it was much too far for him to walk, especially in the dark. The deli worker told me not to worry. “We know him; he comes in here all the time. This is only the second time he’s asked about his medication, though,” he said, amused. When I reiterated that I was worried about him walking all the way to the pharmacy, and possibly getting lost or tired, the deli worker replied, “Oh, he has a car.”

What’s wrong with this picture? This is precisely the type of scenario where timely intervention can be crucial. While the gentleman in question may still be OK to drive, and only a little disoriented on occasion, what I witnessed could signal the beginning of a mental decline, or be a clue to some underlying health issue, or “simply” mixing up his medications — and is a red flag for a medical check-up and family awareness.

How can loan officers become more attuned to such health and safety issues?

  • When you make a home visit, look for telltale signs of a senior who may need help: uneaten food on the table, or prescription bottles scattered across the counter. The reverse mortgage professional may be the point person, perhaps even before a family member, who may gloss over what they see because they’re not ready to admit their loved one needs help — or because they visit so often, they’re accustomed to the disarray.It’s easy to become desensitized to what’s around us. I once insisted I smelled gas at a friend’s house where I was a frequent visitor. Finally, to humor me, he called the gas company, clarifying that although he didn’t think he had any leaks, his friend did. The next time I stopped by, to my amazement he said, “I’m a believer!” The gas technician found and fixed leaks in both the stove and wall heater. My friend didn’t suffer any ill effects, but imagine if this had been an elderly person, and the gas had been leaking for months or even years…
  • Take appropriate action. On a home visit, one loan officer noticed that the smoke alarm was “chirping”. The reverse mortgage client dismissed it casually, saying, “Oh, it’s been like that for months!” The savvy LO took it upon himself to go to the nearest hardware store, buy fresh batteries, come back to the client’s home and install them. Such small steps can make all the difference between someone being able to remain at home, or needing to go into assisted living — or perhaps being misdiagnosed with early-stage dementia when the truth is, they’ve been unknowingly breathing toxic fumes for months!
  • Communicate with discretion. If you’re already in communication with family members who are actively involved with your client’s care, it’s probably a good idea to gently mention what you’ve discovered. If this would be inappropriate, you can be a silent Samaritan — and make an extra effort to ensure this client or prospect is receiving the care and assistance they need.

With a resolution like this, you’ll not only be able to keep it, but will also improve the lives of the seniors you serve. Happy New Year!

 

Looking for more reverse mortgage news, commentary and technology? Visit ReverseFocus.com today.

The Kids are All Right


Six Tech Startups to Help Seniors Age in Place

From robots to wearable safety detectors, end-of-life decisions to daytrips for dementia patients, 20- and 30-somethings are turning their immense drive and creativity towards helping seniors and their family members as never before. These young entrepreneurs are filling senior market gaps, some of which we might not have conceived of until the visionary company appeared.reverse mortgage news

Such as a ride service for patients with early stage Alzheimer’s disease. Yes, Silver Sedans offers rides to all older adults in need of transportation. But they also offer a specialized ride service for Alzheimer’s patients that provides mental stimulation along with the ride.

Or Attendant, an aptly-named platform that aggregates tasks for the family of a just-deceased loved one, from funeral arrangements to death certificates and beyond — “from social security to social media” says the site — so families can focus on grieving rather than on details at a time of loss. The startup team is young enough to be a reverse mortgage client’s grandchildren — which may be precisely why they understand the importance and value of such a service.

Robots to the rescue

We’ve written before about how robots are infiltrating the senior landscape to make life easier, such as with household chores. Now Luvozo is developing SAM, a robot who’ll be able to roam senior living communities, assist residents with non-medical tasks, and participate in activities. For those who may be lonely, with few people to talk to, SAM might be a welcome friend. Hopefully he’ll be programmed to be a good listener and scintillating conversationalist.

Women are often at the helm of disruptive health care technology startups, such as Caremerge, a health tech company that’s revolutionizing care coordination and communication for seniors by providing a HIPAA-compliant, web- and mobile platform that allows family members to communicate in real time with their loved ones’ doctors and other health care providers.

Humetrix puts medical intelligence in a senior’s hands, literally: the company’s mobile applications give consumers their own health IT systems for improved patient safety and cost control, from a customizable ICEBlueButton (In Case of Emergency) to an iBlueButton, a patient-controlled button that enables consumers to easily and securely pull, receive, aggregate, store and share their emergency medical records summary at any point of care or in a telemedicine scenario.

Finally, when a senior needs to move, the very thought of sorting through and packing up a lifetime of memories can be overwhelming. Senior Move Success helps manage the transition to assisted living or independent housing, providing the compassionate support that can smooth the way to an older adult’s next, and likely final, place of residence — by planning, finding, arranging, coordinating, and managing all of the resources necessary.

All of these startups and many others point to the extensive support both youth and the healthcare IT sector are devoting to an aging population, welcome news for both reverse mortgage professionals and the seniors you serve.

Looking for more reverse mortgage news, commentary and technology? Visit ReverseFocus.com today.

The Angst of Caring

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Loan Officers Torn Between Borrower Need & Product Restrictions


reverse mortgage newsAfter reconnecting with a friend who had reentered the reverse mortgage space after a year and a half absence I told my wife “you know what I love about the folks I work with? They are mission-driven”.

Most of the reverse mortgage professionals like those of you watching are mission-driven individuals. Certainly we want to succeed, make a good living and a healthy income but never at the expense of our mission to help older homeowners have a more comfortable and secure retirement. Being mission driven does have it’s downside: the angst of caring. Beyond the challenges of overlapping regulations, numerous product changes and the financial assessment is the frustration encountered when we simply cannot help those who don’t qualify.

I can recall hundreds times sitting in the kitchens of…

 

Download a transcript of this episode here.

Looking for more reverse mortgage news, commentary and technology? Visit ReverseFocus.com today.

Scam Alert: How to Keep Seniors Safer


reverse mortgage news, senior scamsNot long after filing his 2014 tax return, my father received a strange, somewhat sinister message on his answering machine: the IRS was going to sue him for back taxes! At 90, my dad is sharper than a premium kitchen knife, but he was still alarmed. Thankfully, he remembered what I’d told him about the Internet being a useful research tool. He typed the phone number of the purported IRS caller into a search engine, and the results screamed “SCAM!” It was a number in Washington, all right, but not Washington, D.C.: Washington State. And despite the many warnings about this well-known scam, even elders as alert as my dad fall prey to it every year. 

But IRS scams aren’t the only ruse older adults need to watch out for. We’ve looked at ways to protect seniors from financial fraud as well as identity theft and property crime. Here’s a recap of six senior scams that reverse mortgage professionals can share with their prospects and clients to help them stay safe. You may wish to print this list and hand it out to seniors and their families:

1.   “Grandma, can you loan me some money?” According to the National Council on Aging, scammers place a call to an older person and when the “mark” picks up, say something along the lines of: “‘Hi Grandma, do you know who this is?’ When the unsuspecting grandparent guesses the name of the grandchild the scammer most sounds like, the scammer has established a fake identity without having done a lick of background research.”

What to do: If you think the caller might actually be your grandchild, say, “Oh honey, I’m right in the middle of something! Give me your number and I’ll call you back.” A scammer will either hang up or try again to get you to guess their name. Hang up. Then call your local phone company and have Caller ID installed.

2.   “You’ve just won our sweepstakes!” Though sweepstakes and lottery scams are old news, seniors still fall for them — along with the scammer’s request that they provide personal data so the winnings can be directly deposited into their bank account.

What to do: Hang up and install Caller ID.

3.   “Look younger by Monday!” Fake anti-aging product scams are mushrooming in popularity, especially as the Boomer generation ages.

What to do: Buy and use only those products that have been vetted by a health care professional you trust.

4.   Mock meds. Like fraudulent anti-aging products, counterfeit prescription drugs have proliferated as seniors increasingly shop online in order to save money.

What to do: Before buying a product that can harm your body as much as your pocketbook, check with your doctor or other healthcare provider to be sure both the product and the company are genuine. If you plan to do a lot of online shopping, open a separate checking account with a credit/debit card that you use only for this purpose; this way, any fraudulent charges will be easy to spot. In addition, keeping your online transactions completely separate helps protect your primary account(s) from being compromised.

5.   “This car needs a lot of work.” An RV repair shop tried this on me when I brought a new-to-me camping van in for leaking A/C. Along with the bill, the shop presented me with a list of other “necessary” repairs totaling $2000! I told them if I’d thought the van needed that much work, I wouldn’t have bought it.

What to do: Have a younger family member or trusted friend negotiate any repair work (such as auto repairs or yard work), or ask someone you trust to review the estimate prior to giving the go-ahead to start work.

6.   Upselling the bereaved. One of the most reprehensible scams involves preying on the grieving, by selling the most expensive funeral services, caskets, etc., or adding charges to the bill.

What to do: It’s difficult to think clearly while in deep grief. Ask a family member not as closely related to the deceased, or a trusted friend, to help with the arrangements.

These are some of the more common scams smart seniors should be aware of in order to keep their finances, property, health, safety, and sanity intact.

On the Move — or Not

In 2015, retirees are fully embracing the old fast food commercial to “Have it your way” when it comes to how and where they’re choosing to retire. Many still opt to stay put, and renovate their homes to suit their changing needs. But there’s a twist: they’re not downsizing or remodeling with an eye towards growing older, but often upsizing.

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Got Wisdom? Pass It On! A Global Exchange for Positive Aging

Everywhere, the time is ripe for elders to step up and change the culture of aging worldwide, guiding the shift from a needs-based, consumer society to a collaborative society, an intergenerational society in which people throughout life have responsibilities to share their strength to help themselves, to help each other and to help their communities.

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