Preparing for Your Busy Season

There might be something embedded in our collective consciousness about autumn that signals, “Down to business.” An inner wiring that trips a lever when the weather begins to cool. Maybe it’s the vestigial back-to-school gene, which, like the prehensile tail, enables us to seize the day, exchanging sunscreen for a serious focus on the future.

Whatever the impetus, fall is typically a busy season for the reverse mortgage industry: more people apply for their reverse mortgages from September to November than during other times of the year. So it behooves reverse mortgage professionals to get ready to reap the rewards of this interest.

How can you prepare now for a rewarding fall?

Hone your listening skills. Elders generally love to talk, though not everyone takes the time to listen. The reverse mortgage business is a relational business, so start by focusing on the individual’s or couple’s needs by asking insightful questions, such as:

Why are you considering a reverse mortgage now?

• How is your health? (Be prepared for a possible lengthy discourse on this one!)
• Do you understand that a reverse mortgage means you will have less equity to pass along to your heirs?

Become a good tracker. Systems and tools such as the ACT Database, a client manager template available through ReverseFortunes.com, enable reverse mortgage professionals to track prospects, loans and relationships.

Cast a wider net. What are your lead sources? How can you expand this network? In addition to seniors who may need the reverse mortgage income for regular expenses, more affluent elders can also make excellent prospects. Reach out to certified financial planners (CFPs), financial advisors and other retirement experts to create win-win scenarios for their clientele.

Talk it up! Senior “lunch and learn” gatherings are a wonderful way for you to introduce the concept of a reverse mortgage to people who may be considering it, or pondering various options for their upcoming retirement. A lunchtime talk also allows people to ask questions in a relaxed environment where they don’t feel “put on the spot.”

So while there or may not be an actual psychology of timing that impels people to begin their reverse mortgage qualifying process once fall arrives, if you prepare for this influx as you once did for a new school year, you’ll have a head start over those who never crack the proverbial book.