Name: Walt Gephart, 63, of Marmora, Upper Township
Education: Attended Villanova University
Family: Married to Marsha, with daughter Mikayla, 13
Company: Acre Mortgage and Financial, of Galloway Township
Position: Director of the reverse mortgage department
Acre Mortgage and Financial specializes in affordable housing programs for the first-time homebuyer and people looking to move to the next step, people who bought a beginner house and are looking to move up.
Our area of expertise includes the FHA 203(k) rehab loan and the zero down payment plans offered by the USDA and the VA, as well as our reverse mortgage program.
We have a small staff but we have more than 85 years of combined experience.
Acre has a full line of the FHA home equity credit mortgage products. We do the reverse mortgage on your existing property, where you can open a line of credit, take a lump sum or take a monthly payout — or any combination of those.
I think what distinguishes me and my staff here is personal attention. In the last 10 years, I’ve closed more than 350 loans, and I’ve never not met my people in person or failed to go to a closing with them. I’m with them all through the process if they live in the region, and I’ve traveled to Pennsylvania and Delaware as well.
I meet them in their homes and in most cases we go back to the home for the closing. The people working for me here will be doing the same thing.
The key to a reverse mortgage is having a complete knowledge of the pros and cons. It’s not one-shoe-fits-all. Just because you’re 55 and own your home, doesn’t mean a reverse mortgage is best for you.
There are risks and most can be controlled by the borrowers themselves, such as making a poor selection in what option to use.
We offer a weekly lunch/seminar in our Galloway office, providing lunch and information about the products. We also offer the same process at home if people prefer.
In 10 years, I’ve never taken an application until I’ve done a presentation to educate the client.
Entry: I spent 30 years in the automotive industry, in charge of sales and finance. I got into this after we adopted our daughter, looking for more flexibility in my schedule and something that helps people.
About me: I spend a lot of time on visually impaired issues because our daughter is blind. I’m also a sports nut, and very involved with the Catholic Church.