We all know the one thing that is certain in life is change. And change is coming in a big way to the reverse mortgage industry. How you prepare and how you handle change tells a lot about you and your future in the business.
Do you embrace change or resist it? I'll be the first to admit it's not always easy, but if you can train yourself to first view change as an opportunity to learn more and grow it might make it less painful. I've heard a lot of concerns raised about how to deal with all this given the current environment.
Let's take a look at the changes we have coming along soon. Counseling is going to change (very soon), MIP is changing, and the principal limit factors are expected to change. The new HECM Saver is on the horizon. While the details and exact timing of some of these are not immediately known, you need to prepare anyway.
Do you view the coming changes as a detriment to your origination business or a chance to kick things up a notch? Do you continually reach out to your prospects to make them aware of potential changes to the industry? Of course scare tactics and the like are never appropriate nor acceptable, but keeping your clients informed allows them to make the best choice for their needs.
Evaluate how you are keeping in close contact with your prospects. There is a lot to talk about and each of these potential industry changes provides you the opportunity to continue to position yourself as the expert.
Education and information are key to this practice. Embrace the mindset that change can be a positive and your senior clients will benefit.
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. Sue 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
