firm founded by his father, George Downey, CRMP. Chris Downey joined Harbor when the business was primarily an investment advisory firm. He originally reported to his father’s business partner at the time, but when they split, Chris Downey says he followed the “blood is thicker than water department” and went with his dad. As the firm shifted to reverse mortgages, he helped lead the transition. Even during challenging times, the impact of reverse mortgages keeps him in the field. “There’s been no other point in time when this demographic has been more worried and has more reason to worry about outliving their retirement assets,” he says. “The utilization of home equity to supplement traditional retirement savings is not only something that more people are looking at but also an absolute necessity for a growing number.” George Downey, now regional senior vice president of The Federal Savings Bank in Braintree, MA, also brought Chris’ sister, Pam Connolly, into the business, where she oversees back- office operations. Recruiting family simplifies the goal of acclimating team members to a business culture built on doing what’s right for the customer, he says. “Family members are probably predisposed to subscribe to that culture,” George Downey says. “Hiring All in the Family continued on page 26 Chris Downey George Downey Precise Control. Expert Execution. ASSET MANAGEMENT SOLUTIONS Five Brothers’ reputation for integrity, accuracy, and reliability has been built upon a relentless drive towards customer satisfaction. For over 55 years our expertise in nationwide field services, advanced technologies, and unrivaled Reverse/HECM/FHA expertise continues to build value for our customers, while improving communities across the country. Experience the Five Brothers difference… stronger results from the ground up.™ www.fivebrms.com • 855.552.8020 Inspections • Property Preservation • Violation Resolution Utility Management • Registration Services • Hazard Claim Repairs REO Asset Management and Disposition Safe. Sound. Secure. “Hiring the right people has always been very difficult, especially right now. But we have had some extraordinary employees. We’re very lucky now to have the team together that we do because we all work and mesh together very well.” —George Downey, CRMP, regional senior vice president of The Federal Savings Bank REVERSE MORTGAGE / JANUARY-FEBRUARY 2024 25
RkJQdWJsaXNoZXIy MjQ1MzY1