Article By: Jim Porter – December 15, 2023
My business partner Lisa Porter is a technology and social-media wizard, and will one day teach me how to use ChatGPT. At some point, I will probably need her to help me pick out a Chatbot to purchase from a Bot dealer (if that’s a thing).
For now, I just talk into my Apple iPhone and this woman answers my questions and texts me with documentation to support her answer. I asked her about the expression “kicking the can down the road” and she sent me the Webster and Cambridge dictionary definitions, which is basically to avoid or delay dealing with a problem. Cambridge used it in the following sentence: “I don’t think we should kick the can down the road and let our grandkids solve the problem.”
December is a good time to write down goals and make things-to-do lists for the new year. I and my fellow loan officers that have been around for a while are accustomed to swings in our income, and no one should feel sorry for loan officers after record-breaking years in 2020 and 2021, but 2023 was the worst year for retail mortgage lenders in history.
I thought it would be fun to make some suggestions to my readers on how a local loan officer can help you meet your goals and avoid kicking the can down the road.
No. 1: Move up to the four-bedroom house now that your family has outgrown the three bedrooms.
No. 2: Move down from the five-bedroom, two-story home to the one story, three-bedroom house now that your four kids are all over 40.
No. 3: You cannot keep telling your wife that you will remodel the kitchen and bathrooms next year like you have for the past five years, do it now!
No. 4: Investigate all your HECM reverse line of credit options. Ask your financial adviser if your $400,000 IRA is enough for you to meet your long-term goals.
No. 5: Get your last will and testament done and set up a revocable living trust. Most loan officers can give you the contact info for a couple of local attorneys that specialize in senior estate planning.
No. 6: Build an accessory dwelling unit on your property for grandma or as an investment for income.
No. 7: Call your 85-year-old mom and dad and help them make some financial moves because they may have kicked the can down the road over the years.
No. 8: Oopsy-daisy, you have nearly $100,000 in credit cards and loans, and you need to consolidate immediately because you are starting to “rob Peter to pay Paul.:
No. 9: You have tried everything, and your differences are irreconcilable, you care about each other and it’s amicable, but it is now time to make the separation legal and sell the house, split the equity or buy out your spouse and let them move on.
Finally, No. 10: Buy a boat or a $225,000 motorhome, but only if your spouse says it’s OK and you have corrected all the deferred maintenance on your house and replaced the leaky roof.
Jim Porter, NMLS No. 276412, is the branch manager of Solano Mortgage, NMLS No. 1515497, a division of American Pacific Mortgage Corporation, NMLS No. 1850, licensed in California by the Department of Financial Protection and Innovation under the CRMLA / Equal Housing Opportunity. Jim can be reached at 707-449-4777.
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