All too often when a mortgage product is seen as the "next big thing" loan officers will flock to it in droves hoping for the quick buck. They picture loans falling out of the sky and phones ringing off the hook. When they make the decision to jump into the reverse space, they realize that they truly are dealing with a segment of the population that is unique. To be successful as a reverse mortgage originator, you need to understand what is important to the senior client and how and when they decide to buy.
Keep this overriding fact in mind: Seniors buy when they are ready to buy, not when we are ready to sell. If you understand this, you'll be better able to construct a marketing and outreach plan that will be effective. Once you make the commitment to becoming the reverse mortgage expert in your area, and implement the proper tactics and strategies, you'll have a steady stream of senior clients eager to do business with you. Seniors will work with professionals they know and trust.
Let me say that again. Know and trust. Do they know you because you mailed one postcard? Of course not. Do they know you because you did one seminar? Doubtful.
In my consultations with reverse originators, so many times, they express frustration with the results of their marketing, and are seeking help. If a direct mail campaign is being used, is it targeted enough? Are you concerned with the response rate?
That may not be the real issue. I know that if I direct my outreach to my true target client, I will write more reverse mortgages. Not just 62 years and older and a homeowner. You need to dig and find out who your target customer is. The average reverse mortgage client today is about 74 years old.
How often do you mail? Of course the piece itself must have the right components. What is your compelling offer? Are you educating the prospect? Know your budget. If you can only afford to mail twice, you might consider altering your list so you can mail more often, or postponing mailing.
How can you position yourself as the local reverse mortgage expert so that seniors will come to know and trust you? I suggest a mix of approaches that compliment your strengths. If you are comfortable in front of a room, a series of seminars along with follow up mailings is just one strategy. Consider putting together continuing education for professionals who will become referral sources for you.
If you love to write, offer to do a series of articles in a local publication. Note the word series. Never just once. You are building credibility. Why not start a column in a local publication where seniors can write in with reverse mortgage questions, an "Ask the Expert" column for example.
I find that successful reverse originators are really 'in' the senior space. Meaning that they know what's going on in their community, what the local issues are affecting seniors and they can speak to the issues. Consider volunteering. Meals on wheels, Alzheimer's Association, senior centers, all can use your help and volunteering is another way to become visible.
So perhaps it's not that your marketing isn't working. Maybe you just need to focus your dollars and your energy in a more targeted way. Then, when the senior is ready to buy, there is no doubt who they are going to call. Give it a whirl, and keep moving forward in reverse.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. She 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, and SRES - Senior Real Estate Specialists, Brian Sacks' Insider Seminars, as well as the public. She is a Certified Senior Advisor and is active in many professional organizations. Sign up for her free seven-part mini-course at
