Thomas Reeh: Insights from a Financial Services Veteran
Thomas Reeh is hardly a newcomer to the financial services profession. In fact, he has stood as a stalwart member of Australia’s financial services industry for more than two decades now. His current role is one of leadership; though not a financial planner himself, he manages a team of more than 300 financial representatives, spread across Melbourne and Tasmania. Reeh works to lead and guide them as they seek to serve clients in a variety of advisory capacities—which means that Reeh’s role really speaks to the repute that he has within the financial services trade.
In addition to his commitment to his team and his clients, Thomas Reeh is characterized by his sense of service. This is seen quite vividly in his involvement with numerous charitable organizations throughout Australia—including organizations that work to serve the poor, the underprivileged, and the handicapped. Reeh not only donates his personal resources to these charities, but also his time and his energy—even participating in annual charity cycling events.
He shows his zeal for service in other ways, though. For instance, he is not at all reluctant to share the insights and expertise he has amassed through his 21-year financial services career, even opining on the top stories and headlines of the day and providing a bit of clarity and perspective. Read on as Mr. Reeh shares a few comments on a few recent news stories and pertinent financial articles.
The Importance of Mortgage Protection
We begin with a recent article from the UK publication Mortgage Strategy. The article, called “Lending Zone: Falling Down on Protection,” makes note of some troubling trends. Specifically, it notes the fact that more and more lenders are failing to offer mortgage protection products to their clients and consumers. The article makes the claim that these lenders need to rethink their strategies and to forge meaningful relationships with parties who might prove able to provide effective and efficient mortgage protection products—and Mr. Reeh agrees.
The importance of mortgage protection insurance boils down to some simple facts, he continues. “The fundamental premise of insurance is about protecting yourself and family in the event of misfortune,” notes Mr. Reeh. And yet, he affirms that more and more families are taking out mortgages—the biggest financial commitments many of us will ever make—without properly protecting themselves, or insulating their families from misfortune.
Thomas Reeh acknowledges that many mortgage protection programs have received bad press in recent years, but he ultimately believes that lenders and consumers need to work to make mortgage insurance more prevalent. He says it all boils down to the question of what if? Should a grave illness, unemployment or injury leave a family unable to afford a mortgage payment, what would happen? The best way to sufficiently prepare for these sobering contingencies is to think seriously about mortgage protection products.
A Few Words About Bankruptcy Courts
Thomas Reeh then moves his attention to a recent Fox Business report. The report’s title is offered as a sobering question: “Can Bankruptcy Court Force Home Loan Modification? As Mr. Reeh notes, the very title of this article suggests a bleak set of circumstances, and yet they are circumstances that many homeowners must deal with. As such, it is important to think through some of the what-ifs associated with financial loss.
There are two things that a homeowner might consider when bankruptcy or financial destitution renders it impossible to make timely mortgage payments. The first, Reeh says, is that it is next to impossible for a lender to reduce the amount of principal on a home loan. There is simply no mathematical way for this to happen without the lender incurring an enormous loss.
With that said, not all hope is lost for homeowners. Reeh encourages them to simply speak candidly and honestly with lenders, and seek to work something out. He notes that lenders would really rather receive partial payments than take legal action, take control of the home, or whatever else; likewise, lenders are adverse to any kind of bad publicity. As such, they are frequently willing to work with honest and up-front homeowners, to arrange long-term payment plans and deferments.
Thomas Reeh: Further Counsel from a Financial Pro
Finally, Thomas Reeh turns his attention to a topic that is closely related to the concept of mortgage protection insurance—which we talked about earlier. This is the product known as mortgage life insurance, and it is essentially a more affordable cousin to the mortgage protection insurance we discussed before. In a nutshell, it ensures that your family can immediately pay off mortgage debts, in the event of your unexpected passing. The pros and cons of mortgage life insurance were weighed in a recent Business Insider article.
Reeh says that mortgage life insurance is, for many homeowners, “a necessary evil.” He goes on to note that death and illness is just a part of life—and that nobody ever plans for it, but it is nevertheless essential to do whatever it takes to provide for our families. “The last thing you want is for your family to worry about paying off a mortgage during a season of grief,” offers Reeh.
With that said, the financial services professional is nothing if not critical of the options currently available to consumers. He notes that there is not yet a truly customer-centric option for mortgage life insurance—but that the market is ripe for it. Reeh notes that consumers are increasingly aware of the need for mortgage life insurance, but they are also increasingly discerning with how they spend their money—pointing to the need for a product that is more cost-effective and offers better protection.
Financial Acumen and Zeal to Serve
These words of wisdom are culled from many years of work in the financial services sector—but what they reveal about Thomas Reeh is really quite simple. When it comes to consumer finance, he knows what he is talking about, and he is never anything less than fully invested in serving his clients. It is not difficult to understand how he has come to earn a place of such prominence in the financial services world. In the end, Thomas Reeh is knowledgeable and service-oriented in equal measure.
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