As we look forward to 2010, we continue to see stories of companies closing their doors or scaling back their operations. Have you taken decisive steps to be sure that in 2010 your reverse mortgage business will continue and you'll be able to serve the seniors in your community? You've heard it said, "hope is not a strategy" Are you sitting around just hoping that things will be OK in 2010? Or have you taken stock of your business and put a plan in place that reflects your goals and current conditions?
For instance, let me throw out a question - who are you taking advice from? There are many "pretend experts" out there who will happily take your hard earned money and tell you things they think you want to hear and offer the latest gimmick which promises a flood of reverse mortgage clients will fall at your feet. Be selective about who you listen to. Ask questions. What is their background? Have they ever originated a reverse mortgage?
Some will tell you that doesn't matter. I wholeheartedly disagree. If you have never sat across the kitchen table from a senior and listened to their story, how can you possibly be in tune with their needs? When I run a training session, we discuss real life scenarios and how to best address the many concerns a senior has when deciding on a reverse mortgage. Be sure your skills in dealing with the senior "belly to belly" are fine-tuned. In fact that should be part of your plan, getting advice and coaching to keep your skills sharp.
As I speak with new recruits (the company I originate for is actively seeking to expand our reverse business and sales force) I don't hesitate to ask about how the originator is seeking to grow their business. By listening to the "feet on the street" and comparing their experiences with my own, I can better assess how I can help them.
As we look forward to 2010, I welcome your questions and comments about what you are seeing out there "on the street." The potential for this reverse mortgage product continues to be bright and by keeping our focus on our seniors and their needs we will all reap the benefits.
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, and SRES - Senior Real Estate Specialists, 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
