A common question asked by new reverse mortgage originators is "what is the best way to get started?" It's a question that is to be expected since beginning any new venture requires a plan.
But even seasoned reverse mortgage professionals can miss out on business that is quite frankly staring them right in the face. If you are currently in the forward mortgage business, the fastest way to get the word out is to contact your entire database and announce the fact that you are engaged in helping the fastest growing segment of the population with retirement strategies.
That's right - that is what you are doing - be it paying off their current mortgage or increasing monthly cash flow for basic necessities, the fact is that your are providing a strategy to assist seniors who are retired (or who wish they were).
Once you have established a database of satisfied (OK, raving) senior clients, you need to ask for referrals. And you need to make this a part of your customer outreach on a regular basis.
A senior who is pleased with their reverse mortgage (surveys show that the vast majority are happy with their reverse) will be likely to refer you to other family members or friends. You just need to ask.
Some successful originators will conduct a brief survey right at closing to assess the senior's overall experience with the process. That is a perfect time to introduce how valuable their referrals are to you.
They are feeling good about the transaction (maybe even relief at retiring that mortgage payment) and are often willing to suggest others that could benefit from a reverse (folks "just like you"). Of course we already know that clients that come to you by way of referral are already pre-sold on using you. There is rarely any question about the origination fee, etc. You are seen as the expert right from the start.
As your database grows, you'll find that if you keep asking for referrals and reminding your past clients (or even your prospects who have not done a reverse yet), how you appreciate the trust and confidence they demonstrate by referring your name, you will find that seniors enjoy helping other seniors and are happy to recommend a service or product.
Offer suggestions to get them thinking, such as: who they know who would also love to be relieved of their mortgage payment, who might benefit from having extra funds to visit out of town grandchildren, etc. Is there someone at church or at a social club ("folks just like you") whose life could be improved with this unique product? Someone who would love to retire but thinks they just can't afford it yet.
There are many originators who are experts in their local area and are continually building their business by actively, consistently asking for referrals. Don't let this low cost, highly profitable strategy pass you by.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
