At the Share & Tell Session at this year's Turn On Your Million Dollar Brain event in Florida (2005), Dennis Papiernik, Added Value Mortgage, Naperville, IL presented a niche market he has had great success with!
When a person suddenly finds themselves handicapped due to age, an accident or medical problems, it's a life-changing event for them. They have lost some of their mobility and one of the changes that they may need to make is the "functionality" of their home.
Maybe they require a handicap ramp. Wider doorways. Hand rails. The bathroom needs to be handicap accessible. Whatever the updates, Dennis has not only teamed up with companies who specialize in providing equipment to the handicapped, but with remodelers who specialize in upgrading homes to meet their needs.
In most cases, the person has a substantial amount of equity in their home and Dennis not only advises them whether a refinance or second mortgage is their best option, but looks at their total financial picture as well. After all, not only is becoming handicapped a big life-style change, they may have to restructure their finances to meet their monthly obligations.
Working with the handicapped is not for everyone. It takes a greater amount of patience. Other family members may be involved. However, you may be one of the few loan officers in your area who can offer their unique service to the community.
