How many times have you heard someone say, "that's so simple, why didn't I think of it?" Too often we want to look for complicated procedures and plans that go on forever when adding new products to our menu. To be truly successful in the reverse mortgage business, sometimes all you need to do is look around at what's right in front of you.
For example, are you a forward loan officer who wants to make the transition to reverse? You've heard it's tough: working with seniors and learning a new product; it's kind of like you're starting all over again. And of course, it takes a bundle of cash and time, lots of time. Hogwash!
All you need are a few time-tested, proven, strategies and the correct ways to apply them. Take a look at what you are already doing to market yourself. Much of it, with just a bit of tweaking, properly applied, can put you on the path to becoming the local reverse mortgage expert.
Right out of the box, I suggest a new reverse loan originator look at their current (forward) book of business. Seems contradictory, right? These are not seniors. Correct, but everyone in your current book of business has a family member, a friend, a neighbor, a co-worker (possibly facing early retirement) who may be a perfect candidate for a reverse mortgage. Prepare an announcement or press release, and send a copy to everyone in your list of current and past clients, as well as prospects. Tell them how proud you are to be serving this segment of the population with the one product that can be the solution to so many problems. In addition, send this press release to the many sites that accept them (some will post for free).
Next, make a list of professionals in your area who have senior-oriented businesses. Think about it - what business owners in your area could benefit from knowing about reverse mortgages? In a previous article we talked about how financial planners are struggling now. In addition, contact insurance agents and accountants. Elder law and estate planning attorneys are a natural fit. Look for in-home health care agencies and visiting nurses. Talk to your local Department of Aging and ask for contact information for the local social workers. Every one of these professions deals with the senior population on a regular basis and they should be in your professional sphere. Geriatric care managers. Assisted living facilities. Let's think outside the box for a moment - how about home improvement contractors. These are just a few ideas. They can all be a tremendous source of referrals, once you have positioned yourself as the reverse mortgage expert in your area. Imagine building your business on the referrals that come from these many trusted sources, with which the senior already has an established relationship. This can be the foundation of a reverse mortgage business that will continue to build upon itself for years to come.
Sue Haviland is a reverse mortgage consultant in Baltimore and the founder of Reverse Mortgage Success, a leader in the training and education for originators around the country in the rapidly growing reverse mortgage arena. Ms. Haviland has worked in the lending industry since 1981. She has been originating reverse mortgages for the last six years and still originates loans every day. She has helped hundreds of families all over the country in the last several years. Sue also shares her knowledge of this market in presentations before the Women's Council of Realtors, Mortgage Bankers Association, National Association of Professional Mortgage Women, SRES - Senior Real Estate Specialists and Brian Sacks Insider Seminars, as well as the public. Sue is a Certified Senior Advisor and is active in many professional organizations. Sign up for her free seven-part mini-course at
