ENCOUNTERS IN THE LAND OF ICE

I am writing this story on the plane as we fly home after two unforgettable weeks in Iceland. Before coming here, I knew only two things about this island: nature and friendly people. To be honest, I was not very enthusiastic about the trip. It was my wife’s idea, and I simply went along with it.

We arrived two weeks ago, and after recovering from jet lag, we boarded an HX Expeditions ship in Reykjavík. For the next eight days, it carried us around the coast of Iceland.

I would not call what we experienced sightseeing. We certainly saw many remarkable places, but what we had were experiences. How else can you describe walking through a landscape created by volcanic lava, covered with snow, while strong winds blew snowflakes into your face like tiny needles? Then, a short time later, sitting in the warmth of a bus, looking back at the same wild scenery on my phone and feeling nothing but joy from having lived through it.

It may sound crazy, but that is what adventure is all about. The beauty that surrounded us often left me without words. Some places cannot truly be described. They must be experienced.

After eight days at sea, we returned to Reykjavík for four more days. We attended a concert at the remarkable Harpa Concert Hall and enjoyed dinner there. My wife turned to me and said, “For this experience alone, we have to come back.”

The next day we immersed ourselves in the warm waters of Sky Lagoon. Two hours later she said, “We have to come back for this experience too.” Along the way, we met and befriended a local couple who spoke Russian. The following day, Viktor took us to Þingvellir National Park, where the North American and Eurasian tectonic plates are slowly separating. We actually walked between two continents. What an experience that was!

Then, during our final hours before leaving Iceland, we met a woman President of Iceland Halla Tomasdotir, who proudly described Iceland as a country with a wonderful sense of community. Our conversation reminded me once again that Iceland is not only about breathtaking landscapes. It is also about the people who call this island home. After all these experiences, I realized that I need more encounters, more stories, and more images before I can write one of my next books.

The working title is: “42 Encounters in the Land of Ice.” And for these, I need to come back. So, stay tuned. And if you have not yet visited Iceland, put it on your list.

Meanwhile, for this story I have chosen three photographs featuring Iceland’s amazing skies.

Enjoy and share.

THREE REVERSE MORTGAGE CALLS FROM ICELAND

While on vacation in Iceland, I still found time to work for a few hours each day. Because Iceland is seven hours ahead of California, I was able to handle business between 4:00 p.m. and 6:00 p.m., before heading to dinner.

During those two hours, I spoke with existing clients, a new client, and received several calls. Three of those calls involved reverse mortgages, and each demonstrated how this financial tool can help people facing very different life situations.

The first call involved an inheritance issue. My client needed enough money to buy out the interests of relatives who had inherited property. A reverse mortgage provided the funds needed to complete the transaction. Without it, there was no practical way to obtain the required cash.

The second call came from a former client who wanted to sell his home in Oakland and purchase another property in San Francisco. Because of his age and health situation, he could no longer work full-time, and his income was not sufficient to qualify for a conventional mortgage. After reviewing the numbers, we determined that a reverse mortgage could provide approximately $300,000 in financing. By combining the proceeds from the sale of his Oakland home with the reverse mortgage, he could purchase an $800,000 property and have no required monthly mortgage payments for the rest of his life.

The third call came from another former client on behalf of his ex-wife. She lived in a manufactured home, had health problems, and needed additional funds to pay for her care. Since she was no longer working, qualifying for a traditional mortgage was not an option. A reverse mortgage offered a solution that could help her access the equity in her home and cover her healthcare expenses.

These were three completely different situations, yet in each case a reverse mortgage provided a practical solution. One lesson I have learned over the years is that it is often better to prepare before a financial need arises. Establishing a reverse mortgage line of credit while you qualify can provide a valuable source of funds later in life. If obtaining a conventional line of credit becomes difficult because of retirement or reduced income, your home equity may still be available to help meet future needs.

If you have questions about reverse mortgages or would like to discuss whether one might be appropriate for your situation, please give me a call.

Manny Kagan
(415) 225-7920

 

GREETINGS FROM ICELAND

It was my wife’s idea to take a cruise around Iceland. At the beginning, I wasn’t very enthusiastic. However, after seven days cruising around this remarkable island, I have to admit—as is often the case—my wife was right.

This was not a typical cruise. The company we sailed with, HX Expeditions, operates a small ship carrying only about 400 passengers. There are no casinos and very little traditional entertainment. Instead, the focus is on exploration and learning. Scientists and expedition leaders give lectures about wildlife, marine life, birds, and the natural environment, and much of our time is spent outdoors experiencing Iceland firsthand.

The weather during our trip was far from favorable. It was unusually cold, and as they say in Iceland, the weather can change several times a day. We dressed warmly and were provided with waterproof jackets. We were also advised to bring waterproof pants and special boots because many of our excursions involved inflatable rubber boats.

During the week, we experienced rain, snow, strong winds, and icy conditions—sometimes all on the same day. Surprisingly, those challenging weather conditions made the trip even more memorable and special.

It’s impossible to fully describe the experience. You really need to come and see Iceland for yourself. We met people who had visited Iceland before by car and traveled around the island independently. While that certainly has its appeal, I found exploring from a ship like this incredibly convenient. No matter where you go during the day, you return to a comfortable cabin, a good meal, and wake up the next morning in a completely new destination.

Will I come back to Iceland? For me, one visit was probably enough. But if you have never been here, I strongly recommend it.

Today, for example, we traveled by rubber boat to an area surrounded by magnificent snow-covered mountains. It was also a bird sanctuary, especially known for puffins. The puffin is a colorful and fascinating bird, and you’ll see photos of it among the images I share. Thousands of puffins nest here, and people travel from all over the world just to see them. But Iceland offers much more than puffins. We observed many other bird species and spent time immersed in the fresh, clean air. At times, I felt almost intoxicated by how pure and refreshing it was. The food was excellent, and we met many interesting people along the way.

I strongly recommend Iceland to anyone looking for a unique travel experience. Thank you, and enjoy the images.

YES, WE CAN DO IT

A few days ago, I received a phone call from a real estate agent I’ve worked with for many years. He asked a simple question: “Can we find financing for a 15-unit apartment building that was originally built as a condominium?”

Apparently, the potential buyer went to a different mortgage broker who told him that he could not finance it. After the call, I made a few phone calls, sent a few messages, and received an answer from one of our banks: yes, we can finance this project.

This is a typical situation. Many of the inquiries we receive are along the lines of, “Can you do that?” and, most likely, our answer is going to be yes.

I am currently working on a construction loan for a project that has already started building, and we secured a line of credit of half a million dollars to finish it. I’m also working on the acquisition of a commercial building in a different state. One of my clients, whom I am helping now, is refinancing her home to pay off her ex-spouse. Another client asked me if I could get her financing because she wants to buy a coffee shop—not the building, just the business—and my answer was yes, we can do it.

So, regardless of the project or its scope, there is a good chance I can help. Most financing needs to be secured by real estate, but we also arrange lines of credit for businesses.

So, give me a call at (415) 225-7920. You’re welcome to ask me if we can do it. There’s a good chance that I’ll tell you yes.

OUR TRIP TO ICELAND

When I mentioned to friends about our upcoming journey to Iceland, I heard many different reactions. Some said, “Oh, I’ve always wanted to go to Iceland,” while others who had already visited excitedly shared stories about their own experiences.

I am writing this on our second night in Reykjavík, the capital of Iceland. Iceland was officially settled in the 10th century, making it a relatively young European country. Throughout its history, it was under Norwegian and Danish rule, and during World War II it was occupied by American forces before becoming fully independent afterward.

After spending two days here, we find Reykjavík to be a charming city. With a population of about 140,000 people, it feels comfortable, welcoming, and easy to navigate. The people are friendly, most speak excellent English, and the restaurants have been wonderful. Downtown has several main shopping streets offering local gifts and Icelandic products.

We already visited two museums, and tomorrow we are planning to explore the photography museum, which should be especially interesting. For my wife and me, coming here also gave us a chance to overcome jet lag from our long trip from San Francisco before boarding our cruise ship tomorrow for the next stage of the journey.

Stay tuned for more of my stories from Iceland.

Meanwhile enjoy images of:

• people standing in line to buy hotdogs,
• young future famous painters practicing their graffiti skills,
• and your favorite writer and photographer having a good time.

FYI: The outside temperature is about 10° C (50° F)

Enjoy and share!

ADDING A LINE OF CREDIT BEHIND YOUR FIRST MORTGAGE: HOW IT WORKS

Sometimes I get calls from clients who need a line of credit behind their first mortgage. Instead of taking a traditional second loan, many clients prefer a line of credit because it offers flexibility. You can draw only the amount you need and pay interest only on that amount, unlike a second mortgage where you receive the full amount at once.

Recently, we had a presentation in our office by Suzie De Leon from Angel Oak Lending. She introduced an interesting option for qualifying for a line of credit using bank statements instead of traditional income documentation.

One advantage of this program is that borrowers may not need to show large taxable income to qualify. By using bank statements to calculate income, some self-employed borrowers and business owners may have more opportunities to qualify for a combination of a first mortgage and a line of credit.

This type of financing can sometimes be easier to obtain if you have enough equity in your property. However, it is important to understand that payments may be higher because of the way these programs are structured.

If you need any type of mortgage loan, including a line of credit, give me a call — I may be able to help.

Thank you,

Manny Kagan,
Your professional mortgage broker since 1983
(415) 225-7920; mannykagan@comcast.net

WHAT IS SHAVUOT

Thursday night begins the holiday of Shavuot, which comes seven weeks after the Exodus from Egypt. After leaving slavery behind, the Israelites counted 49 days — seven full weeks — and on the 50th day stood at Mount Sinai to receive the Torah and the first Ten Commandments.

Shavuot also celebrates the harvest season, when the Israelites brought the first fruits of their harvest to the Temple in Jerusalem as an expression of gratitude. These two ideas — receiving guidance for how to live and showing gratitude for life’s blessings — are deeply connected.

One of the traditions of Shavuot is eating dairy foods: blintzes, cheesecake, yogurt, ice cream, and other milk-based delicacies. In honor of the holiday, I decided to get my own taste of celebration with ice cream from a small shop near Golden Gate Park called San Francisco Hometown Creamery. The homemade flavors were delicious, and as often happens in that neighborhood, there was a long line of people waiting patiently for their sweet reward.

Since you cannot taste the ice cream through reading these words, I can only tempt your imagination and hope this inspires you to take a trip there yourself someday.

Shavuot reminds us that freedom alone is not enough. Freedom must be accompanied by purpose, wisdom, and gratitude. Three images are from my visit to the Creamery.

Enjoy and share!

RELATIONSHIPS

This week, an old friend came to my office. We have known each other for over 30 years. Our relationship started when he became my client and I helped him obtain a mortgage. Over the years, that professional connection grew into a lasting friendship.

Since then, we have continued working together through different stages of life. Recently, I helped him refinance some of his properties. After his mother passed away, he and his brother needed guidance regarding the family property, and once again I was there to help.

Moments like this remind me that business is never only about transactions. It is about relationships, trust, and being present for people during important moments in their lives. The paperwork may change, the market may change, but what truly lasts are the human connections we build along the way.

One of the greatest rewards in life and business is looking back after many years and realizing that clients became friends, and professional relationships became meaningful parts of our journey.

Thank you to all the people who continue to place their trust in me through the years. It is something I never take for granted.

You’re welcome to click this link to watch my short YouTube video that echoes the story above.

KEEP DANCING

The title of my weekly post, “Fridays with Manny”, you are now reading, was inspired by the book Tuesdays with Morrie written by Mitch Albom. Later, I also came across another touching book, Morrie: In His Own Words, written by Morrie Schwartz himself.

Morrie was dying from ALS, often called Lou Gehrig’s disease, and in this little book he shared his feelings and experiences while going through this difficult process. When someone asked him, “If you had one day when you felt completely well again, what would you do?” his answer was simple: “I would go dancing with my wife.” Those words stayed with me.

Last Saturday night, my wife and I attended the wedding celebration of the daughter of our good friends. It was a joyful evening filled with music, laughter, and dancing. Two belly dancers performed incredible routines, even balancing swords on their heads. My wife later told me it was the best party she had ever attended because of the dancing.

I would like to share short poem from my recent book, 42 Encounters with Love:

KEEP DANCING.

Since my teenage years I have always loved to dance.
I still remember my first steps.
She was 12, I was 13,
And we danced — cheek to cheek.
I asked her for the next dance too, but she had chosen another boy.

Years passed.
Then, when I was 19, I met a new dance partner
With whom I fell in love.
And now, 55 years later, Elfa and I are still dancing —
Cheek to cheek…

***

Now, you can see why my wife enjoyed the party.

Three images are from that night’s event. Enjoy and share!

CAN AI REPLACE MORTGAGE BROKERS?

Saturday night at the wedding celebration of our close friends’ daughter, I had two interesting conversations about AI.

First, I spoke with an 82-year-old retired tax attorney who told me AI will replace many attorneys. A few minutes later, another guest in his early 60s shared that he had just been laid off from Disney along with thousands of others. He simply said: “AI.”

That made me ask myself: Can AI replace me as a mortgage broker?

I asked both ChatGPT and Claude. Their answer was similar — AI can replace people who only deal with numbers and quote rates, but it is much harder to replace professionals who solve problems, guide clients through difficult situations, and build trust.

In San Francisco, many real estate agents know me as a “problem solver.” Over the years I’ve handled challenging loans, including financing in the Millennium Tower, by understanding the business, communicating with lenders, and helping clients stay calm throughout the process.

Am I concerned about AI? Not really.

Technology will continue to change our industry, but experience, judgment, and relationships still matter. That’s why I plan to continue working until our company celebrates its 50th anniversary in about eight years.

Stay around and let’s continue this journey together.

Manny Kagan