From his first job and his first car to his thoughts about the future of the reverse space, we get the personal and professional facts from John Yedinak, founder and managing editor of Reverse Mortgage Daily, in our monthly edition of The Hot Seat.
Ten years from now I’d like to be married and have a family.
My favorite vacation was in Italy with my entire family.
My celebrity crush is hard to pick, but if I had to choose it would be Marion Cotillard.
My first car was a ’99 Ford Explorer Sport.
If I could meet anyone past or present it would be Richard Branson.
My favorite movie is Love Actually. It’s the best Christmas movie too.
My favorite website is gawker.com—it’s trashy and awesome at the same time.
I never miss an episode of Showtime’s Homeland, the best show on TV.
When I was younger I wanted to be Ryne Sandberg, the second baseman for the Chicago Cubs.
I can’t go without Diet Dr Pepper. I seriously go through withdrawal without it.
My first job was a lifeguard and swim coach at Salt Creek. It was probably one of the best jobs I’ve ever had.
My parents taught me how important hard work is to accomplish your goals. Nothing worthwhile comes without putting in the hard work.
My favorite time of the day is brunch on the weekends.
My iPod go-to artists are Kanye West and Jay-Z.
I’ve never taken a journalism class.
I always root for the underdog, unless they’re playing the Chicago Bulls.
The most memorable moment in my life was when I was about 10 feet from President Obama as he was accepting his nomination for president in Grant Park. Even if I don’t know whether I’m going to vote for him again, it was an amazing experience.
The best purchase I’ve ever made was a MacBook Air. It’s the best computer ever made.
My favorite book is The Tao of Pooh.
The biggest challenge in the reverse mortgage industry is public perception. It will take a lot of hard work to change.
The greatest setback for our industry was the mortgage crisis and the impact it had on home values.
I am optimistic about the reverse mortgage industry because you can’t argue against the need that exists for the product. Anyone who says that it’s not needed doesn’t realize how little people have saved for retirement and how hard it is for many seniors to pay for daily expenses.
If I could change one thing about the reverse mortgage industry, I would make it less reliant on the government for a solution.
In shaping appropriate regulation of the reverse mortgage industry, government officials need to understand how the product ACTUALLY works and how seniors benefit. It’s pretty simple, but many government officials fail to understand.
The development of a proprietary market for reverse mortgages will require time and lots of capital. Anyone who thinks there will be any type of proprietary product to compete with the HECM in the next few years is crazy.
