MortgageWise Strategic Group is a dedicated team of experienced loan professionals within Resource Financial, focused on delivering thoughtful, strategic mortgage solutions for today’s buyers, investors, and builders. From first-time homebuyers and move-up purchasers to seasoned real estate investors and construction clients, our team offers a full spectrum of financing options tailored to your goals. We combine deep product knowledge, personalized guidance, and a consultative approach to help you navigate everything from traditional and government loans to portfolio, construction, and specialty financing. Backed by the strength and resources of Resource Financial, MortgageWise Strategic Group provides clarity, confidence, and smart lending strategies at every stage of the process.
MortgageWise
Your Trusted Mortgage Advisors
Our team is driven by the Five P’s of mortgage lending:
PEOPLE – All members of our team are senior mortgage professionals.
PROCESS – We provide efficient and streamlined upfront underwriting.
PRICING – Our philosophy is higher volume and lower margins.
PERFORMANCE – We close on time every time. That’s our guarantee.
PRODUCTS – We offer all of the agency products as well as portfolio products.
Mortgage Solutions, Built With Purpose
Strategic lending expertise for homeowners, investors, and builders—delivered by a dedicated team within Resource Financial.
What We Offer
Conventional & Property Types
Government Loan Products
Jumbo Products
Portfolio Loans
Construction & Bridge Financing
Equity, Assistance & Specialty Products
Mortgage Wise Blog
Utilizing Home Equity in the Planning Process
By Ken Updegrave
In a recent column from TheStreet a notable personal finance commentator issues a strong warning against reverse mortgages, which he labels a “predatory program” and a “major rip-off” and I’d like to address his concerns and offer my take on how using client’s home equity in the planning process can help you produce superior outcomes for your clients and also for your business.
Mortgages or Home Equity Lines of Credit are like any other financial vehicle that a Financial Advisor works with, in that each client is unique, and the Advisors goal is to achieve the best possible results for their clients given their individual circumstances. Those goals change at different stages of life, and one size fits all advice like the above column, doesn’t consider individual circumstances. The needs of a First Time Homebuyer in taking out a mortgage are much different than a client that is retired or approaching retirement and the planning conversation needs to be different for each client.
One is trying to structure a product that gives them the ability to build equity at the lowest cost, while the other is trying to figure out how to utilize the equity that they have built over the years to give them the best combination of liquidity & cash-flow planning. The article points out a couple of items that the writer takes issue with, mainly the initial closing costs being higher than a conventional loan and the “risk” that the borrowers will erode their equity. The closing costs are somewhat higher than a conventional loan because the majority of Reverse Mortgage loans are FHA insured and that FHA insurance has a cost that allows the loan to be non-recourse, meaning that no matter what happens to the loans collateral value that they will have access to their equity based on the terms at closing and can never owe more than the value of the home. The cost of the loan allows them to stay in the home that they want to and be able to use some of their equity without having any required principal and interest payments. They are still responsible for maintenance and any property charges like property taxes, homeowners’ insurance and homeowners’ association dues.
Since most Reverse Mortgage borrowers do not pay anything towards principal and interest the loan balance is gradually increasing, however since the home values are also generally increasing the amount of equity that is given up is often times smaller than might be expected since the loan balance starts off much smaller than the home value. For example, a borrower taking out a $200K loan with total annual costs of 6.5% would have total annual accrual of roughly $13K and if their home value is $400K and appreciates at 4% the appreciation in $16K in that same year leaving them with an additional $3K in equity.
Having the ability to use their home equity often can provide opportunities for your clients to grow their overall wealth or increase their cash flow for lifestyle purposes while giving up some of their equity as part of the trade-off. Considering the alternatives to how they can access that home equity all have some associated costs, selling for instance might cost them 5-6% of the total value of the home, Reverse Mortgages give them some of the benefits at a smaller cost to them. The main caveat is that their home needs to be one that they plan to and can live in for 3-5 years minimum to offset the initial closing costs on the Reverse Mortgage.
In future columns I will illustrate some different use cases where home equity utilization can improve your clients planning prospects, but this month I want to illustrate a recent case that we worked on with a Capital Investment Advisor where we were able to help them with solutions to multiple issues their client was facing.
The Case:
Clients were wife (86 years old) and husband (90 years old) that owned a free & clear home that they had bought for about $280K in 2001 and had a current value of $600K. The husband has health issues requiring in home care and this was creating an issue with the draw rate on their investment accounts that was putting them at greater risk of running out of funds prior to end of life.
The Solution:
The Reverse Mortgage allowed them to set up a scenario where they took a small draw to pay off some current bills and have a small cash cushion, set up a bucket to fund $1K monthly payments for life and a Reverse Mortgage Line of Credit with an initial balance of $185K that would increase by 7.25% annually. This scenario solved the issues they were facing in needing immediate liquidity and on-going monthly cash flow and setup a bucket of equity that they could draw from in the future while slowing down their draw rate on their investment accounts. That future bucket gives the wife some added peace of mind in her future planning as she would lose roughly one-third of the family income should her husband pre-decease her.
If they never take draws against the Line of Credit during the first 7 years, they will have drawn $115K from the loan, have a $160K loan balance and a $305K Line of Credit left and if the property appreciates at a 4% rate would have $60K in additional equity from when their loan funded.
Ps. We also offer a Home Equity Line of Credit product that is designed for Seniors where the interest only feature never changes into a fully amortized payment.
Why Choose Us?
Every loan is approached with a customized strategy—matching the right product to your goals, not forcing you into a preset solution.
Broad Lending Expertise Under One Roof
From traditional and government loans to portfolio, construction, and investment financing, our team offers solutions many lenders simply can’t.
Backed by the Strength of Resource Financial
Clients get the personal attention of a dedicated team with the resources, stability, and lending power of an established financial institution.
Clear Guidance From Start to Finish
We simplify complex loan options, communicate proactively, and guide you confidently through every step of the process.
Resource Financial Services
Established in 2008 as a retail banking firm serving borrowers across the Southeast, Resource Financial is licensed in 13 states and headquartered in Columbia, South Carolina where it is South Carolina’s largest privately owned mortgage bank. We are proud to have been listed on the Inc. magazine 500/5000 list of fastest growing privately held mortgage companies in the nation four times since 2012.
Rick Joyner
Mortgage Banker
Rick has more than 30 years experience in the mortgage industry in both commercial and residential lending. During his tenure in the industry, he has provided mortgages to clients covering all product types to include VA, USDA, FHA, Conventional, Jumbo and the North Carolina Housing Programs. Rick leverages his experience in the industry to help his clients choose the best programs and products.
Rick serves on several community boards and is active in his church, First United Methodist Church in Cary, NC, where he serves on both the Finance Committee and Building Committee. In his free time he enjoys traveling with his wife as well as playing golf and tennis.
Ash Gurgis
Mortgage Banker | Director of Corporate Partnerships
With more than 25 years experience in the mortgage industry, Ash enjoys using his extensive knowledge to help clients achieve their dreams of home ownership. A graduate of the University of North Carolina at Chapel Hill, he is dedicated to exceptional customer service and makes sure the mortgage process is always positive and rewarding for his clients. He tailors loans to meet individual needs and has special expertise in government loans including VA, USDA and FHA loans.
Ash also applies his industry experience and customer service skills to lead the Credit Union / Commercial Bank division throughout the Carolinas, working with our bank partners to help them meet the mortgage needs of their members. Call Ash today and let him make your dreams come true with a better mortgage.
Ken Updegrave
Retirement Mortgage Planner
Rick has more than 30 years experience in the mortgage industry in both commercial and residential lending. During his tenure in the industry, he has provided mortgages to clients covering all product types to include VA, USDA, FHA, Conventional, Jumbo and the North Carolina Housing Programs. Rick leverages his experience in the industry to help his clients choose the best programs and products.
Rick serves on several community boards and is active in his church, First United Methodist Church in Cary, NC, where he serves on both the Finance Committee and Building Committee. In his free time he enjoys traveling with his wife as well as playing golf and tennis.
Christine Miller
Mortgage Banker and Credit Repair Specialist
Christine is a graduate of the University of Maryland University College with a bachelors degree in management studies. Her background includes six years experience working as a credit analyst with a mortgage company. As a mortgage banker, she uses that knowledge to streamline the process for her customers, moving them quickly through the approval and loan process.
As our in-house Credit Repair Specialist, Christine helps you build a positive credit profile and gives you the tools to work towards a great credit score.
When she isn’t assisting her customers with mortgage loans and refinances, Christine volunteers to help victims of kidney disease and their family members. A kidney donor herself, she raises awareness and offers support to families all over the country who are affected by this debilitating disease.
Ashley Hales
Certified Mortgage Planning Specialist
Ashley Hales is an award winning and highly successful mortgage banker with 16 years of experience in the fields of mortgage origination and mortgage planning. In April of 2014, Ashley received his Certified Mortgage Planning Specialist (CMPS) designation. In November of 2015, Ashley received his Certified Divorce Lending Professional (CDLP) designation. In February of 2019, Ashley received his Certified Veterans Loan Specialist (CVLS) designation.
Ashley and his beautiful wife Lorie have four children: Daughtry Reese, Carter Blake, Bailey Camryn, and Sawyer Brooks. In his spare time he enjoys surfing, fishing, spending time with his family and coaching his kids soccer teams. Contact Ashley today and have him customize a mortgage plan that will put your mortgage to work for you!
Sean Seabring
Mortgage Banker
Sean helps borrowers in South Carolina with his attention to detail and commitment to customer service. A member of the National Guard, he brings his military experience and discipline to the mortgage industry, helping to help turn what can potentially be a stressful thing – purchasing a home for the very first time and moving – into an exciting and hassle-free experience.
“I listen and put the needs of my customers before mine, and will work as hard as I can to help them achieve their goals and aspirations,” says Sean. “I remember how crazy the whole process of buying my house was and having a loyal dedicated person in my corner really made the difference. That’s the kind of support and guidance I want to give my customers, so that buying a house can be as happy and stress free as possible.”
An avid outdoorsman, Sean enjoys camping, hunting, shooting, hiking and all outdoor activities.
Kasey Davis
Sr. Team Closing Manager
Kasey Davis ensures that every mortgage loan closes smoothly, accurately, and on time. She leads and supports the closing team, coordinates with loan officers, underwriters, and third-party partners, and oversees compliance throughout the closing process. With a focus on efficiency and a seamless borrower experience, Kasey keeps the team organized and ensures every loan reaches the finish line successfully.
Ashley Cauller
Sr. Team Processor
Ashley manages and organizes the mortgage loan process from application through closing. She works closely with loan officers, underwriters, and clients to ensure all documentation is complete, accurate, and submitted on time. With a keen eye for detail and a focus on efficiency, Ashley keeps the loan pipeline moving smoothly, helping borrowers and the team stay on track every step of the way.