![]() ![]() ![]() It’s a life-changing product to many Americans. We’re very proud to offer reverse mortgages. That side of our business has really taken off. We were very fortunate to eventually cross paths with Torrey and Tyler Larson, who managed Synergy One. Beginning in 2014, we started having conversations about how this product was different from the one that existed prior to 2008 and what the risks were getting into the business. There was always this intrigue about the product and how it could fit into a broader financial plan or a broader offering to that demographic of the customer base. TC: From the time I joined Mutual of Omaha in 2014, there was always this interest in the reverse mortgage product, simply because of the demographic that the insurance company served, the senior-aged customer. RM: What were the motivating factors for Mutual of Omaha to offer reverse mortgages? There’s a lot of work to be done to educate the general public, to knock down the misperceptions and the bad press that persist and to really work to get this to be much more of a mainstream product. The other thing that has become so evident to me is how under penetrated this market is. I get to hear stories firsthand from our loan officers and from the borrowers themselves and to me that hits home. TC: What has stuck with me the last couple of years is all the changes that have improved the product and how reverse mortgages can have such a life-changing effect on so many seniors. What has been the biggest lesson you’ve learned overseeing a reverse mortgage business? RM: It has been two-and-a-half years since Mutual of Omaha acquired Synergy and RFS. I was at Wells Fargo for over a dozen years and with Mutual of Omaha since 2014. After graduation, I did go back to the ranch for a short time, but I chose a different career path and ended up in the mortgage world. I always thought that maybe I would end up in the agricultural field. TC: I attended the University of Nebraska-Lincoln where I majored in Agribusiness. RM: How did you choose finance as a career? The experiences that I enjoyed growing up are pretty special to me. I was very blessed to have great parents and a great family. It may have been somewhat of a unique upbringing, but I wouldn’t trade it for the world. The ranch is still in the family and there are four generations currently involved in the ranching operation. Growing up, all of us helped the folks on the ranch. Terry Connealy: I grew up on a cattle ranch in western Nebraska. Where did you grow up? What did your parents do for a living? How have they influenced your life and professional career? Reverse Mortgage: Terry, help our readers get to know you a little bit better. Reverse Mortgage Magazine sat down with Connealy to learn more about his background, Mutual of Omaha’s recent restructuring and his plans for the future. ![]() Under Connealy’s leadership, Mutual of Omaha Mortgage has remained a dominant force in the business, ranking fourth among HECM producers in fiscal year 2020.Ĭonnealy has also become an important thought leader through his participation on NRMLA’s Board of Directors. Just recently, Terry Connealy was named president of Mutual of Omaha Mortgage, allowing Torrey Larsen to focus on strategy and business development for the company. Synergy One co-founders Torrey Larsen and his brother Tyler have continued to be instrumental in the operation of the company, now re-named Mutual of Omaha Mortgage. Having the iconic Mutual of Omaha brand name involved in the reverse mortgage space was welcome news, because it further legitimized reverse mortgages as a retirement planning solution for America’s aging population. In July 2018, the reverse mortgage industry received exciting news when the acquisition of San Diego-based mortgage company Synergy One Lending and its reverse mortgage subsidiary, Retirement Funding Solutions, by Mutual of Omaha Bank was finalized by federal regulators. ![]()
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