Hot Seat: Michael Crossett

Written by Michael Crossett

From his favorite movies and his first job to the worst purchase he’s ever made, we get the scoop from Michael Crossett, executive vice president at Federal Savings Bank.

Ten years from now it will be fascinating to see the advances in technology and medicine, and how those advances impact life!

My favorite vacation was on Cape Cod. We used to go to the Cape as kids, and now we’re blessed to still go with my parents and entire family.

My first car was a 1974 Chevy Chevelle, my grandfather’s car. I miss the studded tires!

If I could meet anyone, past or present, it would be Steve Jobs.

My favorite movie is any comedy, but the classics prevail: Caddyshack, Fletch, Slapshot, Spies Like Us, Stripes… need me to keep going?

My favorite website is smartmoneytrackerpremium.com

Every morning I start the day finding five things I am thankful for, and practicing Hoʻoponopono. It helps me start most days in the right frame of mind!

I can’t go without ice cream. Love it!

When I was a kid I loved to waterski. I could spend the entire day on the lake and finish the day with my legs and arms burning from skiing so much.

I’ll never forget the many men and women I served with in the military. I am especially grateful to those who paid the ultimate sacrifice for our freedoms, and to their families who continue to sacrifice and bear their loss.    

My first job was in residential lawn care. I learned the value of hard work, and the need to understand the job and compensation before you complete the work! 

My parents taught me how to be responsible, to love, to treat others with respect, and to believe in and trust God.

My favorite time of the day is the morning.

My iPod go-tos are multiple Tony Robbins podcasts.

I always try to start and end every day in a grateful frame of mind.

The best lesson I’ve ever learned was to believe in someone higher than you. For me, it was faith in God.

The worst purchase I’ve ever made was a Wyndham Exploratory Timeshare… agh!

The best purchase I’ve ever made was our current home. So many great memories with my wife and our two girls.

My favorite book is… there are too many to list. I am reading Grit: The Power and Passion of Perseverance by Angela Duckworth right now. 

If I could time travel, I would spend time with Albert Einstein.

The future of reverse mortgages is incredible. A HECM used properly can help clients accumulate, protect and better distribute their assets as part of an overall financial plan.

 People should seek a career in the reverse mortgage industry because they love serving other people, have a passion for helping seniors orchestrate home equity into a larger financial plan, and enjoy the thrill of completely changing someone’s life!

If I could change one thing about the reverse mortgage industry it would be a standard file format (similar to FNMA) that can be shared among all investors and LOS systems.

The most important thing financial advisors can learn about reverse mortgages is that it should be considered as part of an overall financial plan for everyone over 62 who owns a home. It is a fiduciary responsibility to learn how a HECM can increase the probability that clients will not outlive their assets and protect their legacy.  

Industry growth is dependent upon originators with good character working with seniors and their trusted advisor teams to clearly articulate how a HECM can benefit the client.

The most important thing seniors should understand about reverse mortgages is that it is first and foremost a HECM, a Home Equity Conversion Mortgage, so please forget all the stigma associated with “reverse.” Second, the product is now safe and secure, and if used responsibly as part of an overall financial plan, it can change your retirement and positively impact the legacy you leave. 

I would encourage a family member to consider a reverse mortgage because the HECM product is now safe and secure, protecting borrowers from the ills of the prior “reverse” product. Borrowers can now leverage their home equity to help secure a better retirement.

 

About Michael
Michael Crossett is an executive vice president at The Federal Savings Bank, overseeing retail mortgage sales and growth in the western suburbs of Chicago, and the central and western half of the United States, and the national growth of the HECM business. Crossett graduated from the United States Military Academy at West Point with a degree in systems engineering and was a four-year varsity lacrosse letterman. After being commissioned as an Army Officer, Michael served in Army Aviation, primarily leading various organizations equipped with the AH-1 Cobra and AH-64 Apache Attack helicopters. Michael lives in Chicagoland with his wife and two daughters and is active in sports, reading and real estate investment.