For the next few weeks, Broker Universe will feature some of our favorite Sue Haviland columns from the past year.I was recently speaking with an experienced reverse mortgage originator who has a bit more time on her hands than she would like right now. She asked what she could do to keep her activity level up, set her apart, and above all, not spend a lot of cash doing it.
Here are a couple of suggestions that are easy, cost you nothing but time and will certainly set you apart. See what you think - maybe you're already doing something similar.
For each reverse mortgage I close, I remind the borrower(s) that I'll be calling in about 30 to 40 days to see if they've received their first statement from the lender. First, it's another reason for me to reach out.
Second, if they tell me, yes they have received it, I set a time to go to the home and review it with them. Pretty smart, huh? It takes very little effort on my part and it reinforces their decision to deal with me. After all, how many seniors really get a call from their loan officer telling them they'll drop by and review the statement? Not many, I'd wager.
If the borrower lives in another state, we'll do the review by phone and involve other family members if they request. More often than not, a question will be raised and they'll thank me for performing the statement review. Of course I'm using this opportunity to ask for referrals again (I ask an average of five times throughout the course of the transaction).
My next suggestion is to offer to do an "annual statement review." This is the perfect time of year, since you'll get questions about the deductibility of the accrued interest for tax purposes. Once again, it is a chance for you to be the expert and remind them to consult their tax advisor about such matters.
I offer an annual review to every reverse client and I even send a postcard reminding him or her that it's time for the review. Just one more way to keep in touch and provide the expert service I promised on the day I first met them. Try this for a few months, and let me know what you think.
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
