Reverse mortgages

Today's piece will be something of a follow up to last's week's entry. As we continue to deal with pricing changes at a rapid pace, let's not lose focus and start marketing based only on price. It's important to remember that we all have marketing strategies in place and long after these pricing shifts are behind us, our seniors will still look to us as a source of information and advice. Stay on pace with your current plan- do not deviate. You are in this for the long term and the commitment to your well thought out marketing plan is crucial. That being said, remember these tips to reach out to your prospects who may have been on the fence, or simply did not qualify-

For the last few days, I have received so many inquiries about the changes to the HECM fixed rate product that choosing a topic for this article required no thought on my part whatsoever - it was obvious.

I received a very good question recently via e-mail and I thought I'd share it with you. You may have heard me comment on this topic before but it bears repeating. The question went something like this: "Sue, I'm an experienced loan officer thinking about getting into the reverse mortgage business, but I'm only 31 years old. I am concerned that my senior clients will not want to work with me because I am so much younger than they are. Should I even try?"

Every once in a while I get a slew of questions and comments centered on the family members of the seniors. And yes you guessed it, those questions and comments are about the kids.

For the last few weeks, it seems that here in Baltimore where we've had a lollapalooza of a winter, everyone's in a funk. Yes it's been tough to get outside and the snow is finally almost gone. I've taken this time to look at a few projects I've been considering and also trying to figure out how to make the best of this time of the year. By the way, spring is only a couple of weeks away.

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.

For the next few weeks, Broker Universe will feature some of our favorite Sue Haviland columns from the past year.As a reverse mortgage specialist, you probably have a marketing plan and strategy that you can rely on that provides predictable results. If not, we need to talk! I'm sure you use a mix of tools that position you as the local expert and that you can track the effectiveness of each.

For the next few weeks, Broker Universe will feature some of our favorite Sue Haviland columns from the past year.I've received a great many calls and e-mails lately from coaching clients regarding seniors who "just won't make a decision right now about the reverse mortgage." Those readers who know me are fully aware of my typical advice in this situation: "Look in the mirror."

For the next few weeks, Broker Universe will feature some of our favorite Sue Haviland columns from the past year.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 the next few weeks, Broker Universe will feature some of our favorite Sue Haviland columns from the past year.In a follow up to my previous piece, let’s look at what we as reverse mortgage originators can do to be proactive about how we and the reverse mortgage product are perceived in the market place. What can you do today right in your town to improve your standing in the community and your profession? It’s probably a bit out of the box but you CAN do it. And it will elevate you to a new level and bring you more credibility.

For the next few weeks, Broker Universe will feature some of our favorite Sue Haviland columns from the past year.Seems like more often than not, the stories you see in the media about reverse mortgages are, well, less than complimentary. Let's face it they are down right ugly. Seniors are cautioned to be extra careful and our segment of the industry is labeled as the next subprime crisis. Gimme a break.

A couple of weeks ago I asked the readers of this column to let me know what they are looking for from me in 2010. The response was swift and sure. You very much want to be connected to the reverse mortgage world and our senior clients. You want guidance and to feel your efforts are being supported. You've come to the right place.

Over the holiday season I was fortunate to be invited to a client appreciation holiday party by one of my financial planning firms. This is a father and son team and I have worked with them for a few years but had never been asked to attend an event like this. I felt honored to be included. They just said, "Sue swing by if you can, we like you to see what we do for our clients."

As many readers of this column know, I try to focus on practical items that affect the "on the street" loan originator who is in the reverse arena. No pie in the sky, no using the readers as guinea pigs for a new untested strategy. With that in mind, I'm throwing out a call to action: What is it that you want to see in this column in 2010? Are you looking for marketing strategies? Have you been relying on direct mail that is just not producing results anymore? Maybe it's a script that needs tweaking. Having trouble with that "kitchen table talk?" Wish you could increase your closing ratio? Perhaps if you are new to the reverse space it's something more basic.

As 2009 winds down and many of us are traveling to see friends and family over the next week or so, it's easy to get sidetracked in the hustle and bustle.

I've seen conflicting articles in the last few days referring to the predictions of reverse mortgage volume for 2010. Some say volume will be down, others say the opposite. I of course prefer to look at the "glass half full" position. Let me outline a couple of reasons why I think the reverse mortgage business will do just fine in 2010.

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.

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?

On this day before Thanksgiving 2009, I hope you all get to spend some time with family and friends over the holiday weekend. We have so much to be grateful for. I thank all the readers of this column for your commitment to the senior market. At a time when so many of our seniors are facing financial challenges, you remain in the forefront bringing the information they need. I hear from you week after week telling me the success stories that make what we do so unique. At the National Reverse Mortgage Lenders Association conference last week, I was able to speak with our peers from around the country and heard that many of us are dealing with the same issues. Property values remain a challenge in many parts of the country, the press is often mentioned as painting us in a less than favorable light. We can deal with all this; because we know what we do is important and brings real value to our clients.

As I write this article I am on a plane bound for San Diego and the annual conference of the National Reverse Mortgage Lenders Association. I can't help but wonder what my colleagues and peers will be saying this year. Some may say it was an "off" year despite another record in volume. What about you? Have you met your production goals? If so, did you find it more difficult than last year? What plans have you put in place now for 2010?