Reverse Mortgage Jan-Feb 2021

IN JULY 2018, the reverse mortgage industry received exciting news when the acquisition of San Diego-based mortgage company Synergy One Lending and its reverse mortgage subsidiary, Retirement Funding Solutions, by Mutual of Omaha Bank was finalized by federal regulators. Having the iconic Mutual of Omaha brand name involved in the reverse mortgage space was welcome news, because it further legitimized reverse mortgages as a retire- ment planning solution for America’s aging population. Synergy One co-founders Torrey Larsen and his brother Tyler have continued to be instrumental in the operation of the company, now renamed Mutual of Omaha Mortgage. Just recently, Terry Connealy was named president of Mutual of Omaha Mortgage, allow- ing Torrey Larsen to focus on strategy and business devel- opment for the company. Under Connealy’s leadership, Mutual of Omaha Mortgage has remained a dominant force in the business, ranking fourth among HECM pro- ducers in fiscal year 2020. Connealy has also become an important thought leader through his participation on NRMLA’s Board of Directors. Reverse Mortgage magazine sat down with Connealy to learn more about his background, Mutual of Omaha’s recent restructuring and his plans for the future. Reverse Mortgage: Terry, help our readers get to know you a little bit better. Where did you grow up? What did your parents do for a living? How have they influenced your life and professional career? Terry Connealy: I grew up on a cattle ranch in western Nebraska. I was the youngest of seven children. Growing up, all of us helped the folks on the ranch. The ranch is still in the family, and there are four generations currently involved in the ranching operation. It may have been somewhat of a unique upbringing, but I wouldn’t trade it for the world. I was very blessed to have great parents and a great family. The experiences that I enjoyed growing up are pretty special to me. RM: How did you choose finance as a career? TC: I attended the University of Nebraska-Lincoln, where I majored in agribusiness. I always thought that maybe I would end up in the agricultural field. After graduation, I went back to the ranch for a short time, but I chose a different career path and ended up in the mortgage world. I was at Wells Fargo for over a dozen years and with Mutual of Omaha since 2014. RM: It has been two-and-a-half years since Mutual of Omaha acquired Synergy and RFS. What has been the biggest lesson you’ve learned overseeing a reverse mortgage business? TC: What has stuck with me the last couple of years is all the changes that have improved the product and how reverse mortgages can have such a life-changing effect on so many seniors. I get to hear stories firsthand from our loan officers and from the borrowers themselves and to me that hits home. The other thing that has become so evident to me is how under-penetrated this market is. The Terry Connealy, President, Mutual of Omaha Mortgage By Darryl Hicks Terry Connealy From the Top From the Top continued on page 12 REVERSE MORTGAGE / JANUARY-FEBRUARY 2021 11