I recently read a couple of articles that started me thinking about how we can best serve our senior clients and increase our business at the same time. The first was regarding how our children are not really encouraged to think creatively and how important this will be in the future. The second was at norwichbulletin.com on July 20 and focused on an out of the box way to use reverse mortgage proceeds. Both articles got me thinking.
Are you stuck, trying to find a way to jump-start or re-energize your business? Sometimes just using your imagination a bit can work wonders. For example, I know a reverse originator who gives a "thank you" party to all his reverse clients once a year. He also encourages them to invite family and friends. This not only continues to cement his relationships, it promotes good will and he just might get in front of a few new prospects. Do you think?
One very simple and inexpensive thing I do without fail is send handwritten birthday cards to all my current and previous clients. My prospects also get a birthday card. I have to collect their dates of birth to be able to prepare a scenario anyway, so why not use that data. I get many calls from people looking for ideas about what to mail to their database each month. Put birthday cards on your list and you've got one month covered.
But back to the article that talked about what I consider to be a timely and creative use of reverse funds. I have advocated this for a long time where it makes sense in the client's overall plan, but I think it will get a bit more traction given the current state of the real estate market.
Do you have a reverse mortgage prospect that could benefit from purchasing another property? Not a new residence necessarily, but an additional property? The proceeds from a reverse can be used (either alone or in combination with other assets) to purchase a piece of real estate. And it can be for investment property, vacation home, land and the like.
There are some bargains in the marketplace right now, particularly in many resort areas. If this fits in your client's overall plan, it could be a suitable (and profitable) use of reverse mortgage proceeds.
Keep a couple of these creative ideas in your pocket, be a true advisor to your senior client, and you'll continue to squash the competition.
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
