From his first job and his favorite TV show to his thoughts about the future of the reverse mortgage market, we get the personal and professional facts from Jim Milano, partner at Weiner Brodsky Kider, in this month’s edition of The Hot Seat.
Ten years from now, my twin daughters will be in high school… yikes!
Something nobody knows about me is that I am a co-inventor of the “Muslim mortgage” with Mohammad L. Hammour and Harvey Weiner. With this mortgage, devout Muslims in the U.S. can access Sharia-compliant financing for home acquisition and debt replacement that does not involve the payment of interest, which is not permitted under Islamic (Sharia) law.
My favorite vacation was in Tobago in February 2014 with family and friends. We stayed at a remote villa on a cliff overlooking the ocean and had an infinity pool, an incredible view and, most importantly, fully functional Wi-Fi. I am trying to convince my law partners to open a winter office there.
My celebrity crush is Brandy Edwards.
My most embarrassing moment was after giving a one-hour presentation to the board of a large bank on the Dodd-Frank Act, looking down and realizing my fly was open.
The craziest thing I’ve ever done was 15 years ago, leaving a “cushy” corporate job to go into the private practice of law. The “insanity,” however, is working out well thus far.
If I had three wishes they would be widespread, worldwide use of alternative energy; the elimination of food waste; and a solution and end to gun attacks in schools and other public places.
If I could meet anyone, past or present, it would be Joseph Campbell.
My favorite movie is Unforgiven with Clint Eastwood.
I never miss an episode of CBS’ Sunday Morning (where Fred Thompson ads appear regularly, and yes, I do look for the regulatory compliance disclosures on the ad each time it runs).
Every morning I wake up to two little “chirping birdies,” my 4-year-old twin daughters, Katherine and Kristina.
I can’t go without coffee in the morning.
My first job was as a “soda jerk.” Some people think I am still a jerk, sans the soda.
My parents taught me how to work hard and save money.
My favorite time of the day is sunset.
My iPod go-to is nonexistent at the moment. I have an iPod, but don’t know where I put it. I will find it and download Outkast’s “Hey Ya,” Blur’s “Song 2,” House of Pain’s “Jump Around” and, of course, Pharrell’s “Happy.”
I’ve never been skydiving or scuba diving, much to the satisfaction and relief of my life insurance company.
I always look both ways before crossing the street (even on one-way streets).
The most memorable moment in my life was when my kids were born.
The worst purchase I’ve ever made was more than a couple of “round lots” of the stock of a publicly traded subprime mortgage company in 2006. It went bankrupt and was a total loss.
The best purchase I’ve ever made was heavy dollar cost averaging into blue chip U.S. stocks starting in October 2008.
If I could trade places with someone for a day, I would choose Richard Cordray (and I would direct all of the CFPB enforcement attorneys heretofore to “play fair.”)
For success I have sacrificed time away from family.
The biggest challenge in the reverse mortgage industry is attempting to address long-term wishes with short-term actions.
The future of reverse mortgages is very bright, IMHO.
The greatest setback for our industry was the financial crisis of 2007-2008.
Ten years from now the reverse mortgage industry will be thriving and much more integrated with retirement and financial planning (and even more regulated than it is today).
The most fascinating things about the reverse mortgage industry is the upbeat and motivated nature of the sales and operations force; how pleased an overwhelming majority of seniors seem to be with their loans; and the apparent desire of some journalists to stir up negativity merely to “sell” a headline.
If I could change one thing about the reverse mortgage industry it would be to reduce some of the drama.
I entered this industry because I was asked to draft conventional (proprietary) reverse mortgage loan documents, and I thought it would be professionally challenging.
Before I entered the reverse mortgage industry I was corporate counsel at a finance company.
Reverse mortgage professionals can best support the public image of reverse mortgages by putting seniors first and profit second.
Industry growth is dependent upon Otto Kumbar.
In shaping appropriate regulation of the reverse mortgage industry, government officials need to understand that it is not for everyone and those in the industry know that; it will not be the next subprime; and those in the industry want to and are trying very hard to do things the right way.
The development of a proprietary market for reverse mortgages will require secondary market capital, and someone to draft the loan documents (hint, hint!).
The most important influence technology will have on reverse mortgages is the incorporation of reverse mortgages into financial planning software.
The ideal characteristics of leaders in the industry are confidence, decisiveness and good judgment based on the best information available (and not personalities or egos). Good looks don’t hurt, but are not necessary.
