Have you found that the reverse mortgage business in your area has become more competitive? Or is it maybe that the senior borrower is more hesitant about making a decision? Whatever your perception of your local market, I am hearing these concerns raised more and more in our coaching calls. What can you do to change this perception and get yourself back on track?
The answer may be a fairly simple one. Often we get so wrapped up in our marketing efforts that we forget that the decision to take a reverse mortgage is a very personal one for the senior. What are you doing consistently to follow up with each and every lead you receive? If you are not letting the senior know how much you want to earn their business you may end up with a significant number of new leads, but a low capture rate overall. Let's look at how to improve that capture rate.
Whether you follow up via letter, phone, e-mail, newsletter (I recommend a mix of all these media) be sure to let the senior know you are interested in his or her needs. Is the goal to pay off a mortgage? If so have you emphasized the feeling they will have when they no longer have to write that check each month?
Are they concerned about one spouse's health issues? Remind them that the line of credit option on the Home Equity Conversion Mortgage can be a safety net for those unexpected expenses. And have the amortization schedule with you; an illustration can work wonders.
Match the message to the borrower, on an individual basis. Keep your communication positive and focus on the basics. Is the borrower local to you? Consider just stopping by to drop off a copy of an article you found in the newspaper or magazine that you thought would be of interest to him.
Or, how about just stopping by to see how they are doing? Many seniors are feeling the effects of rising expenses and in this challenging economy they can feel isolated. Imagine how you'd change their mood if you take an extra couple of minutes from your day and stop by the home. You just may catch them on the day when they are making the decision about the reverse mortgage!
You've heard it said again and again, and your mother was right- you never get a second chance to make a first impression. When you have an appointment at the home (always go to the home whenever possible), arrive a few minutes early - never get there late!
Plan your time accordingly. I admit, I have struggled with this in the past but once I began working with seniors, I quickly realized the value of being punctual. I once got the deal simply because I was the only person who showed up. When I got to the borrower's home there were three other reverse mortgage application packets on her dining room table. Think about it - all I did was show up.
Always address the borrower as Mr. or Mrs. If they ask you to call them by their first name(s), then you have been granted permission. Find something in the home to compliment and make it sincere. They have probably lived in the home for a long time and there's a lot of "history" there.
If a senior did not decide to do a reverse mortgage with you, but went with another originator or company, don't be afraid to call and ask why. The answer may help you in the future. Keep your mindset positive and focused and in these trying times, remember what your senior customer is going through. Put the borrower first and you'll see the results.
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
