“I have been living in Corona Del Mar for 40 years.”
After decades as a self-employed entrepreneur in the restaurant and food industry, Richard has learned a great deal about the ups and downs of business and making smart real estate choices.
An avid entrepreneur finds his happy place watching the sun set over the Pacific Ocean.
Right out of college, Richard and a couple of his fraternity brothers started the Cask and Cleaver chain of steak houses in California. They were young and committed to working long hours for several years to see the chain grow to 30 restaurants and finally sold the business.
Later on, Richard and some colleagues set out to recreate their previous success with another restaurant group, “But second time around it failed. I learned that you can’t always come back because things change in your life. You get married, you have children, you have people tugging at you to come home. The difference in time and dedication everyone was willing to contribute at such pivotal points in their lives was apparent,” remembers Richard.
But failure didn’t discourage Richard. He and his partners decided to change tactics and went into the food manufacturing business making soups, salad dressing and sauces for restaurants and caught the eye of Heinz. The condiment giant bought the business for a hefty profit back in 2001.
“This is the perfect program for people that don’t have the income to qualify for a mortgage but have enormous equity.”
Location, location, location. My wife got it right.
40 years ago, Richard’s late wife convinced him to move to Corona Del Mar. They built two homes, with the last one being on a large coastal lot and has been an amazing investment. “I walk everywhere or ride my bicycle. I’m only one house from the ocean and I just really enjoy the feeling of the old village of Corona Del Mar.”
Being retired with a couple of other small businesses and assets in his portfolio, Richard went looking for a way to access his home equity without disturbing his retirement savings. He came across an ad for a jumbo reverse mortgage and presented the program to his financial advisor who was opposed to the idea. “He wanted me to just sit on this enormous amount of equity I have built up in this house.” Richard was confident after doing his research that this unconventional approach was the best option for him to be able to take advantage of his equity without having to qualify for a traditional mortgage.
“Now I am remodeling the house with a large kitchen for my girlfriend and I don’t have to go out and borrow against my own liquid assets that I have. That can just sit with my financial advisor.”