Reverse Mortgages
By Joyce Moed

It comes as no surprise to Joseph Zexler's family and friends that he is working hard as a reverse mortgage consultant, instead of relaxing during his retirement years. The Royal Palm Beach resident likes to keep busy. When he moved to South Florida in 1995, he said he would never work again. "But after two years of golfing and becoming a couch potato, I said 'no way,'" Zexler said.

So the retired CPA worked part time as a comptroller for a local restaurant chain for three years, then went on to work as a part-time comptroller for a developer. He left them three years later when the company grew and asked him to work full time. "I didn't want to work full time," Zexler said.

After that, Zexler worked during tax season for CPA offices. "I gotta keep busy," he said.
He then went to work as a part-time comptroller for a painting company, a position he kept for about six months.

The need to stay busy and work hard is nothing new for Zexler.

"I've been very active in a lot of civic organizations," Zexler said. "I was an only child, and came from very humble parents. We were a closely knit family, and I never forgot where I came from."

After he got out of the service, he said, when he was 19, he worked as a musician on the weekends, playing the saxophone and clarinet. He then realized he needed to do something that would him prepare for his future. "So I enrolled in college," he said. After becoming a CPA he opened up his own practice, which he had from 1950 to 1993 in Massachusetts.

"My son is also a CPA," Zexler said. "He was in practice with me. He went with the firm I sold my practice to. He is one of four partners."

Zexler's CPA background is what led him to what is keeping him very busy these days, working as a certified consultant for Reverse Mortgage of America. It all started when he got a call from his cousin, a 70-year-old Lake Worth resident, who is disabled. "She wanted my opinion about reverse mortgages," he said. "We sat down and talked. I found out she was struggling. She was living on Social Security, with a broken-down car and a broken-down air conditioner.

"When I heard all of this, I asked her why I wasn't aware of this, and she said she was embarrassed. I met with the representative who had spoken to her. I got to know her. I knew more about reverse mortgages than she did. We got my cousin the reverse mortgage and it worked out marvelously for her."

After that, the company the representative consulted for, Reverse Mortgage of America, asked Zexler to work part time. "I said if it was part time it may interest me," he said. After training for a few days, and attending a seminar in Orlando, Zexler had put in 81 hours of training - enough to make him a certified reverse mortgage consultant. He then became a representative for Palm Beach County for Reverse Mortgage of America. "I work for them out of my home," he said.

The Reverse Mortgage is a method for homeowners, age 62 or older, who wish to divest themselves of their home equity without having to move out of their homes, he said. "Simply put, the reverse mortgage pays a portion of the home's equity to the homeowner. Repayment is not due until the borrower sells, moves or dies. There are no monthly payments," Zexler said. "Reverse mortgages are backed by HUD, and the homeowner always retains ownership. Title passes to their heirs. Once the reverse mortgage is paid, the heirs inherit whatever remaining equity the sale of the house provides."

When Zexler was deciding whether to take the position, he called his son. "I am very close to my son," he said. "We consult with each other. I'm his mentor and I'm his dad and we have a great relationship. We highly respect each other. When I told him about the office from Reverse Mortgage of America, he quickly said 'Dad, go for it.'"

Zexler asked his son why he came to that answer so quickly. He said his son gave him four reasons: "1) I know you love a challenge, 2) You have the ability of being able to explain things to people in layman language, 3) You're working because you want to work, not because you need to work, and 4) If you can do something for someone, you get so much satisfaction."

"Reverse mortgages have been in effect since 1989," Zexler said. "The two requirements are you must be at least 62 and reside in the home. There are no credit checks. I can't find anything negative. It's 100 percent positive for seniors. It's based on an appraisal of the house. It's a phenomenal product. There's nothing like it in the industry. There are so many seniors that need help. This company alone does 2,000 closings a month."

It is not only his professional life that keeps Zexler so busy. He is on the advisory board for Recreation and Parks for Royal Palm Beach Village and is the treasurer of the Men's Club at Temple Beth Torah, in Wellington. He has also been very active in the Rotary Club, and is the president of his Homeowner's Association at Huntington Lakes. "I'm a pretty active person," he said. "I love it. It keeps my mind active."

Zexler plans to stay in the reverse mortgage industry for a while.

"I get paid, and I get paid well, but that's not why I do it," he said. "There are people out there that need help but don't know where to turn. I don't know what they do without this. I feel like I'm a savior."

Zexler speaks to many local groups about reverse mortgages. His next presentation will be Oct. 29th for the Men's Club at Golden Lakes, Section A. For more information, call Joseph Zexter at 561-798-0627.