You may have seen our CEO, Richard Mandell, from our Tune in Tuesday video about using the reverse mortgage in your retirement planning. Or, perhaps you recently read his quote in the Wall Street Journal.
For me, Richard is the friendly face I see every morning when he makes his rounds to say “good morning” to his team members and jumpstart the day. Many interns would feel intimidated to interview the CEO of their company, but at One Reverse Mortgage, there are open doors, not corporate barriers. While Mandell is a leader, he is also a team member.
To start off the interview, Mandell talked about how he became the CEO of One Reverse Mortgage.
“Well, I’ve been with the Quicken Loans family of companies for 20 years and I’ve had a number of different roles. I started out my career as a mortgage banker. I was the Vice President of Mortgage Banking at Quicken Loans, and then I made the move to One Reverse Mortgage in January 2010. After being here for a couple years, I was promoted to CEO.”
Mandell knew at a young age that he wanted to have a career in business. “When I was young, I would go to the office with my father, who was in business, and I always had an interest in how businesses worked. When I got into the mortgage business [the culture] just was a good match for me here at our family of companies.”
Regarding the culture at One Reverse Mortgage, Mandell simply stated he loves that the company believes numbers and money follow, they do not lead – one of the Quicken Loans Isms.
“[I] just always find that when you focus on doing the right things by the client, and you focus on your team members… all the positive stuff come.”
When asked about what he liked most about working for a reverse mortgage company, Mandell specified two reasons: He loves helping seniors with this stage in their lives and he loves seeing his team members grow, both professionally and personally.
“For many years, I helped clients refinance their home, consolidate debt, maybe buy a new house… [but] the help we give to clients, whether it’s helping them with an immediate need or helping them plan for the future, I find that… [to be] really really rewarding.”
Currently, Mandell would recommend to anyone interested in learning more about the reverse mortgage “… to look at your whole picture and really think about it long term.” He listed two questions someone should ask themselves.
- What is my financial picture going to look like in 10 or 15 years?
- How can this benefit me or help me down the road versus just the money I might need now?
As the CEO of a successful company, Mandell never has a typical day in the office. However, he does manage a list of different tasks to make sure the company continues to grow and succeed.
“I do focus a lot on how we can make the client experience better. And that comes in many forms of meetings, coaching our team members, listening to phone calls to hear opportunities that we have to make the experience better, [and] working with our marketing team to make sure our communications are clear.”
Currently, Mandell’s favorite HECM product is the reverse mortgage line of credit. “I think… it can help someone who has an immediate need, but also benefit somebody with their overall financial planning.” He also spoke about the overall flexibility of this product in terms of receiving your funds and repayment options.
“I think it offers the most flexibility because people can choose to not make payments,* they can pay it back and still have the line of credit available to them, so it offers the most amount of flexibility.”
As the leader of a company, Richard spends most of his time running the business. But, he spends as much time as possible with his family outside of the office. He enjoys being outdoors with his wife and two sons, “… whether it’s going for a walk with the dogs or spending time at the pool or the beach.”
He also enjoys staying fit, watching sports, particularly basketball, supporting charity and community efforts, and even helping other businesses by giving leadership advice.
*Homeowner is still responsible for taxes, insurance and property maintenance.