EPISODE 5 - Working with real estate experts in consideration of seniors and their unique needs.

Moving has always been identified as one of the three most stressful things anyone can do, so imagine doing that as a senior with 75 years of belongings. The fear of change. Leaving your home. Financial burdens, and more. Learn how to minimize this stress!

Transcript

Jamie Callahan: Hi, this is Jamie Callahan with the Team Senior Podcast. Our goal is to simplify aging society, grooms us to plan for retirement, but what about life beyond retirement, where the rubber meets the road? Perhaps you've had a stroke or you've been diagnosed with cancer, or maybe you're forgetting things and now you have dementia.

That's our area of expertise, and we are here to share our insight. And now the Team Senior podcast. Hi, this is Jamie Callahan. We are back in the studio and we have a fabulous guest that we're interviewing today. Her name is Sheila. I'm gonna let her introduce herself and tell you a little bit about what she does before we take a deep dive into the reason that she's here.

Sheila Gunderson: I am Sheila Gunderson. I've sold real estate here in the valley, southern Oregon for the last actually this is my 50th year, and I've owned seven offices and worked for a couple of independents here in the valley, and now I'm with Sotheby's, one of the largest franchises in the world. 

Jamie Callahan: I love that. I love that.

I did not realize you had been in real estate for so long. Yeah, 50 

Sheila Gunderson: years. Holy smokes. We're just adding it up. I got licensed at 18 and I'll be 68 this year. 

Jamie Callahan: Holy smokes. That is amazing. So the reason why we wanted to invite Sheila into the studio is because she has come alongside. So many of our clients, and she's really proven that in working with seniors there is an expertise that is required in consideration of their emotional needs.

The transition sometimes into assisted living or maybe just downsizing. So we're gonna go through a. Series of questions that will hopefully provide a little insight to families that might be faced with some of these same challenges right now. Can you just tell us a little bit about your role as a real estate agent and somebody who has for our benefit, been working with seniors or specializing in that?

Absolutely. 

Sheila Gunderson: The thing that's so special about seniors is usually what happens is they've taken a fall or something big in their life has happened and that's the time they start thinking that they maybe need to move to a different facility. Assisted living, their family starts to get involved and we start down that path.

And so I think the most important thing is to have a real estate agent that really understands the needs, wants and desires of what they're trying to accomplish. Absolutely. Yeah. 

Jamie Callahan: What are some unique challenges, outside of a crisis that leads to them making decision? What are some unique challenges that you see seniors facing when it comes to buying or selling or downsizing their homes?

Sheila Gunderson: To start with, a lot of people are on reverse mortgages. Some people have equity, some people don't. There's so many different avenues that it's really just setting down with them and finding out specifically where do you wanna go? I. You know how fast you wanna make that happen. And so many times it's one of the spouses that forces it to come to a head.

A lot of these people don't have family members, and if they do, their family's not local. They're clear across the country or overseas. We've experienced every single dilemma or circumstance that can be brought up. There's. Very few that I haven't already, hit head on. I dunno if that really answered your question, but 

Jamie Callahan: I definitely think it does.

I think that we could take an even deeper dive into, when you're working with a senior, there are all of these challenges that are obvious, right? The families across the country, maybe there's a reverse mortgage in place, but when we consider the emotional aspects of working with somebody that is having to make a decision because of some significant changes in their life how do you handle that?

Sheila Gunderson: The great thing is we sit down and we just start talking with them. And in most cases, they need assistance, whether it's cooking we've dealt with, wheelchairs and broken hips and, the healing process. But they can no longer take care of themselves where they're at. They've gotta go to another, their second home, and they've, they have to realize that it's not easy to let go of what they've got, what they've built, what they've accomplished in their life.

And the fun part for me is sitting down with them and saying, okay. You've found the place that you wanna go to because you're working with team Senior, you've been out there, you've seen, 4, 5, 6, 7 different places. Let's narrow it down. What do you like about, your favorite? And then it's like we look around the house and we just say, what do you wanna take with you?

And the rest, we're just going to leave behind. And we've got a full team of people that we work with on our team that help move them, help them box up everything that they wanna take. The big furniture that needs to be left behind. We go on shopping sprees, we buy them new with what they need. Special beds.

We make it fun. 

Jamie Callahan: This is definitely what has made you such an asset to our team senior, because you see the big picture, not just you're selling a house and getting a commission and moving somebody down the road. I can share many personal stories with you, but we shared a client a couple of years ago and Sheila received a phone call out of the blue that this individual was at a crossroads, literally in their vehicle and.

Unable to identify how to get home or even recognize where they were. And Sheila talked them off the ledge. She said, read to me the road signs where you are. I'm going to come to you and I'm gonna help you get back to where I know you lives. It's just really an opportunity to sing her praises and what sets her apart.

Moving can feel very overwhelming. It's, we see that in, every facet of, what we do. I'm curious to know how do you connect them to other experts that they might need? 

Sheila Gunderson: We do it all. We don't connect them with anyone. We connect, I work directly with team senior, and then we have movers and we have house cleaners.

We've got trash out people. We've got whatever they need, we have in our back pocket so they don't have to go searching. It's one stop shopping and we try to get as many of the family members that wanna participate involved or as little believe it or not, a lot of family members, they don't wanna be burdened.

They don't understand the process. They don't. Really, they want us to do the heavy lifting and that's what 

we do. 

Jamie Callahan: Sure. So let's put some examples out there. Okay. So let's say that you're working with a family who is now in the hospital and we know that their house needs to get sold and they don't have any family here.

They're going to discharge from the hospital to their new assisted living community or whatever that looks like. What would you do in that scenario? How do you help that family? 

Sheila Gunderson: Yep. It's really simple. We just had one a few weeks ago. The little lady that we were working with was blind and we had no family members to work with.

She did have a house that needed to be sold, a bridge loan. We just put a bridge loan in place. She had no savings, nobody to really work with her, and so we made a call. Put a bridge loan in place. We did that through Elder Life, who I work with specifically. They're amazing. They've got a full staff. We love them also.

Jamie Callahan: 

Yep. 

Sheila Gunderson: Yep. We popped on, I think it was $30,000, and what that did is within a 48 72 hour turnaround time, she was dispersed from the hospital. We took her directly where she wanted to go. And it was just easy breezy. They dotted all their i's, crossed all their T's. It was just simple to get her moved and then we came in, packed up everything she wanted, put it exactly where she needed it in the room.

And we had an estate planner sell what was left, sold the house closed, escrow paid off Elder life and. Everybody was happy. 

Jamie Callahan: That's the part of the symbiotic relationship between Team Senior and being able to work with somebody who generally gets the bigger picture. So talk to me a little bit about how the Elder Life Bridge Loan works.

I want folks to know how they would implement that, if that was something that they needed to use. 

Sheila Gunderson: Absolutely. Okay. A person does have to have equity in their home, which most seniors really do. They've got they're setting on some pretty good cash, and what Elder Life does is that we pull up a package for them from the title company showing what the property is worth.

I do a CMA, send it to Elder Life comparative Market analysis, a comparative market analysis, so they know approximately what it's worth. Where it gets to be a little more touchy is they have to have. The proper equity, which usually these folks are only buying or borrowing anywhere from five to 30, maybe 45,000.

It's not a huge amount of money, and those interest rates are a little higher because it is a bridge loan and you can work it out where they have payments or they don't. It's placed against the property. When we sell the property, it's paid off, and the reason it's important that you have an agent. In the mix for that is you don't want the DHS or Medicaid.

Medicaid coming back. And saying, oh, you sold it to a family member. Oh, you sold it to the neighbor? I have. I've been called to go back and verify why we got the bridge loan, why it was paid off. So that everything's above board, everybody knows exactly why it's being done, 

Jamie Callahan: right? That's an important piece to touch on here in consideration of what happens with your finances and consideration of Medicaid.

Medicaid does a five year look back? Correct. So any monies that were moved around used to pay an individual or an assisted living community or anything like that, Medicaid will use your places where you've spent money against you in terms of the qualification process. So as Sheila mentioned, it's really important to have someone credible and licensed helping you through that process so that when the Department of Human Services comes back and says, Hey, where did you use that?

That equity she's able to help you answer that question as your advocate. Exactly. And that's important and people don't understand that I. So are there any services that you provide that don't involve selling a house or the moving logistics? Like how do you help folks find, say, trusted moving companies?

You're not a moving company, are you? 

Sheila Gunderson: I'm not a moving company, but we have three on our roster that we. They're at our beck and call. We just call, we set it up. They take ownership of making it all happen. Either my partner, Jamie, or myself are there to oversee and we've got pretty much three of everything, whether it's estate still moving or house cleaning.

Trash outs. We've got a portfolio that we pull from that's seriously 

Jamie Callahan: amazing. I know that we've had to lean on you for some of those services in the past as well. And it is amazing to have a one stop place for us to go where when we can't solve the problem, we certainly know who can. I'm curious to know when, I wanna put another example out there because this is something that, that sometimes happens.

Let's say that we have a spousal situation or maybe an individual where there's a dementia diagnosis in play. And the house needs to be sold in order for this person or this couple to move into assisted living, but they don't have capacity to list their house for sale because they have a dementia diagnosis.

So we need a power of attorney in place, but a power of attorney doesn't currently exist. So we know we're gonna have to pursue guardianship or conservatorship through the state. It's court appointed, but that puts us in a holding pattern. So what do you do in that scenario? 

Sheila Gunderson: In a lot of those cases, there is a power of attorney that usually has been put in place.

It just doesn't cover the real estate. So I'm able to move forward and list the property with that power of attorney because I don't need signatures for a few months to come. So the great thing about that is it gets us started and then we've got a list of three or four attorneys and paralegals that work with us to put all the proper things in place.

And one of 'em that we did, it's been about a year and a half ago, we had the basic power of attorney, but we still had to go through probate. So through that period of time, we were able to sell the house, get it pin. Liquidate what was in it, and we closed the very next day after it was signed off through the courts.

Got it. And it was a four month process. But up to that, if you don't have an agent that's willing to push the envelope and get all the ducks in a row, most agents won't start until that. Probate is completed. 

Jamie Callahan: So essentially I think what I hear you saying is that you can. You can do all the mechanics of this correct.

And the house can be sold even. And it's not until the house sells and all the documents need to be signed at that point. So at for the time that it takes to be getting guardianship and conservatorship in place, or getting a power of attorney appropriately in place, you could be listing the house and getting it sold so that the timing essentially lines up rather than they line up, rather than missing all of those months that you would be trying to get that in place and then listing the house 

Sheila Gunderson: exactly.

And the one thing that I do have to cover in my listing is it is contingent upon the court system signing off. Of course. So the buyers are aware. And in that case where we had one that was, we were going through the probate, which was a four or five month period of time, those people knew we could not close early.

We had to have the court sign off, but the whole time. There's different things. We were still able to give them access. They were changing out carpets and doing things. They put up a large deposit for earnest money. So there was a lot that could be done. And in the day of closing, it was a win for both parties.

I love that. I love was huge that, 

Jamie Callahan: so talk to me a little bit about reverse mortgages. Let's say that you come, we have a mutual client and we know that they're going to maybe need an elder life bridge loan or not. We can talk about both scenarios, but they have a reverse mortgage. How do you help that person that needs $6,500 a month to pay for assisted living, but they have no savings and they only have $2,000 a month maybe in income and they have a reverse mortgage?

What's gonna happen in that scenario? 

Sheila Gunderson: Okay. Usually with a reverse mortgage that's already in place, they are able to go back to that entity, whichever lender it was, and they can up that. So that's number one. We can help them increase that. But if they're moving out of the house to move into assisted living, which is okay, so say the house is worth 500,000 and their reverse mortgage, when they took it out, it was for 250.

They still have equity there because prices have gone up since they put that in place. So there's maybe now it's worth 700,000. They still have. A couple hundred thousand that they can borrow from. So we, I've only done a couple of those because on those bridge loans. If there's a death by one spouse, the clock starts ticking in a number of different ways.

So they're all different. And I, on that, I'd rather say, I need to know which lender you have. And if the bridge, if the reverse mortgage is not put in place, I've got a portfolio of three lenders that I work with and we can put one in place. 

Jamie Callahan: Got it. So this is a perfect example of how. Wildly confusing everything that we do around long-term care, aging, finances, selling of homes, qualifying for Medicaid, veterans benefits, all the things, right?

It's very confusing and no two cases are the same, which is what we which is what we keep going back. To which is why it's so important for you to know that not only do you not need to remember everything that we're discussing today, or even try to comprehend the ins and outs of how to navigate a reverse mortgage, all you need to remember is to contact Team Senior.

Exactly. Team 

Sheila Gunderson: Senior does it all they. Brought me into the equation because I'm one vein of the 15 veins that they do. 

Jamie Callahan: Yeah, that's so true. We help people with literally everything. And like Sheila said, this is just a part of the puzzle. Sheila, I'm curious to know I'd like for you to share a success story that you've had in helping a senior, it doesn't have to be a mutual client that we've worked on together, but give us some unique scenarios or even just some beautiful endings of families that you've been able to assist.

Sheila Gunderson: Okay, one that comes to mind we had a gentleman, it's been a year and a half ago, and he had a really good income. He was making about $5,000 a month. Unfortunately, when he bought the home that he was in, he was. Buried in it, what we say. He bought it on the type of loan where it was a hundred percent financed.

And so what happened is he wanted to go to assisted living because he could no longer cook for himself. He was living. Just in two little rooms of his house and he wanted to go to the manor, which in this particular case, it was a perfect match for him. And what happened is he had interviewed two or three different agents and I came along and said, I'm sorry to tell you this, but you need to just let your home go.

We need to sell it on a short sale. You don't have the equity. You've got just enough money. To get relocated to your new facility, but you can no longer make a payment on your house. And I opted for a short sale and a couple of the agents that had interviewed with him called me back and said, how dare you tell him this?

And I'm like, how dare you tell me I can't. Because he's in a situation where he has no more money and he wants to move. It's time to cut the cord and the bank negotiated with us. They covered all of the closing costs, and he walked away with not one nickel, but he was then saving $2,700 a month, and he got situated in the manner which he loves.

And it all worked out beautifully because he trusted me as an agent and it could have gone a thousand different ways, but in the end, I would say call him and he's happy. Yeah, he's thrilled. 

Jamie Callahan: Yeah, that's such a fabulous example. There are so many different, very unique scenarios that we face on a daily basis, Sheila, myself.

Sheila's assistant, Jamie, who's in the room here with us today and the team at Team Senior. I'll share another story with you that happened with us and I would be just very curious to know what your interpretation is of what transpired. So we had a little lady that was living in Williams.

You may have actually been a part of this with Leslie at some point. Leslie Bauer, who's another community. Liaison with team senior. She had dementia. She had a caregiver that was on her bank account. She was also a hoarder and a wide variety of other things. We'd had services in there. Adult Protective Services was very involved in this case because we suspected that there was some fraudulent behavior happening with the caregiver eventually, this.

Person needed to move into assisted living, but it was not easy because we needed to get a guardian in place and some other things, but some complications arose when we realized that the income that this person was receiving in social security was being spent. By the caregiver. So we had a lot of worry around when Sheila or whom, I think it was you, Sheila.

It 

Sheila Gunderson: was, I remember that one. That was my first transaction with you folks. Oh, this was a really difficult one. I'm sorry. It was so what? That we got through it? 

Jamie Callahan: Yes. So what ended up happening was that we knew when this person sold their home that a great deal of money was going to get deposited into her checking account.

Remember the caregiver, some fraudulent activity I do. Spending all of this poor lady's money we were able to work with the social security office and the bank to open a different bank account. Yeah. Have the social security checks redirected to a bank account where the caregiver was not on it, sold the house.

All of the proceeds from the house, from the title company got deposited into the new banking account where the caregiver did not have access. It took a lot of people working on that particular case, but that is a perfect example of us being able to work with you and, solving lots of different problems, but I'm curious to know what your perspective was on, on all of those dynamics.

There are so many moving parts and pieces in every sale, but that was a really difficult one. It 

Sheila Gunderson: was a really difficult one. Plus the location, it was very off, I don't wanna say off the grid, but it was very isolated. And plus the caregiver brought in. A live-in who had two ferocious dogs, and I remember I still have the scratches down the side of my car.

When I went to get out of my car going out there, I couldn't get out of my car because he wouldn't call off his dogs. And that was the first. Time I ever thought, you messed with the wrong agent. This is not my first rodeo and you are not going to win. I remember that so vividly because there were two units on the property and they were living in one and she had been in the other.

Yeah, it was, I learned a lot on that. Oh, I bet. 

Jamie Callahan: Yeah. We all learned a lot on that one. Yeah. But it's just a perfect example of, not looking at a situation and saying, this is so complicated and we don't know what to do, or We don't know how to help you. We are so willing to get in the trenches with these families.

Help you make the really hard decisions, get you connected with the right attorneys, the right guardians all the things to ensure not only are your financial resources being protected, but you too are being protected. Your best interest is always what we care about. Absolutely. Yeah, that's powerful for sure.

Sheila, I wanna say thank you so much for being here today. This is, we're still in the middle here of creating this podcast that you're coming in our first probably 10 podcasts here. What do you think so far? I 

Sheila Gunderson: think this is so necessary. The calls that we get. We always just refer them to team senior.

I don't know how many times I've called Leslie. I had one the other day where I couldn't help the seller because it was a manufactured home and I don't sell manufactured in parks, but I knew that Leslie could step in, get her relocated, and we made it all happen. And it just closed. I referred them to a friend, so my daughter's girlfriend closed it for her and I just felt so good about it because she's safe.

She had no kids, her husband was killed in a car accident. And just amazing how. She came home from the hospital and could barely walk. When I called team senior, Leslie had three different people that could come stay with her through every single night for at least three weeks. We were racking up bills like crazy, but we had a cash buyer and it closed was only $75,000.

We paid all of the workers. And she still had enough to get completely relocated, furnish her little apartment, and I think she's gonna live there happily ever after. 

Jamie Callahan: That's such a great story and it is again, just a great example of why we do what we do, right? Yeah. It's not. About the paycheck. It truly is about moving the dial for these folks.

I get to go home and go to bed every day and feel like hero. And I know that you feel that way too. Yeah, 

Sheila Gunderson: I do too. And Jamie and I, we've worked with so many people this year, you're like our number one. Client. We love working with Team Senior and I was really ready to retire after 50 years. I thought, I'm just gonna back up.

And when Leslie started calling me, I felt like I had a new lease on life because I'm a senior. My husband's 75. And now he looked around the house the other day and he goes, we need to declutter. We don't wanna leave all of this for our kids. So if I had anything for the public, I would say, go visit your parents and help them start decluttering now.

You don't want us doing it because we're not gonna have them take all that. Crap to the next place. Oh my gosh, that's 

Jamie Callahan: such a great point. My parents are actually going through that right now. Tough stuff. And so I appreciate tough that stuff. Yeah, for sure. Yeah. Thank you Sheila, and thank you Jamie.

Thank you both for being here. I am so excited to be working with you guys and I know that we're gonna have you back just to talk about, some other things that help and in the real estate world. But until next week, thank you all and we will chat again. Thank you for listening to the Team Senior podcast.

We're here every week sharing new and relevant information. Remember that we're just a phone call away. Team Senior can be reached at 541 295 8230. Again, 5 4 1 2 9 5 82 30. Until next time, this is Jamie Callahan.