Last week, my wonderful wife shared an article entitled Four U.S. presidents were cheerleaders that immediately caught my attention.
Did you know that Franklin D. Roosevelt, Dwight D. Eisenhower, Ronald Reagan, and George W. Bush were once cheerleaders? While cheerleading is often seen today as a predominantly feminine activity, that wasn’t always the case. In fact, women were largely excluded from the sport until World War II, when many college-aged men were called to serve overseas.
What’s even more fascinating is that these three iconic Presidents not only cheered for their teams but did so while aspiring to be on the field themselves. Franklin D. Roosevelt didn’t play college sports but wrote about Harvard’s teams for the university newspaper. In the 1930s, Ronald Reagan cheered for the Eureka College basketball team while also serving as captain of the swim team. And George W. Bush, tired of sitting on the bench at Phillips Academy Andover, took up cheerleading and eventually became the head cheerleader during his senior year.
What unites these three leaders? They understood the importance of recognizing and celebrating the contributions of others. They knew that a team’s culture—its spirit and support—was just as crucial as individual skills.
So, how can reverse mortgage originators channel their inner cheerleaders to support potential and existing borrowers? Here are some practical ideas:
1. Celebrate Milestones Along the Way
The process of securing a reverse mortgage can take months, and it’s easy for borrowers to feel overwhelmed. By celebrating key milestones—such as submitting all loan documents, passing the financial assessment, completing the appraisal, receiving a clear-to-close, and finally funding—you can help borrowers stay motivated and engaged. Recognizing these small wins fosters a sense of progress and accomplishment.
2. Be a Source of Comfort and Encouragement
Cheerleaders provide support both on and off the field. Similarly, reverse mortgage professionals can offer encouragement during challenging moments. Whether it’s helping borrowers navigate a required Lifetime-Expectancy Set-Aside (LESA), manage a lower-than-expected appraisal value, or addressing necessary repairs, your reassurance can make all the difference. Simple affirmations like, “I know this feels tough, but you’re doing great, and we’ll get through this together,” or “You’re closer than you think to eliminating those mandatory monthly mortgage payments,” can instill confidence and perseverance.
3. Personalize the Experience
Throughout the loan process, refer back to the homeowner’s goals. Remind them why they decided to pursue a reverse mortgage in the first place—whether it’s achieving financial freedom, renovating their home, or supporting their retirement dreams. Keeping the focus on their objectives helps maintain clarity and motivation.
4. Be There at the Finish Line
Whenever possible, attend the loan closing. If you can’t be there in person, make yourself available by phone to address any last-minute questions or concerns. After closing, follow up in the weeks and months ahead. Help borrowers understand their first loan statement, explain how to draw from their line of credit, and ensure they know who to contact with future questions (hint: it’s you!).
By cheering on borrowers with positivity, personalized support, and encouragement, reverse mortgage professionals do more than just close loans. They build trust, forge lasting relationships, and create memorable experiences. A borrower who feels supported and celebrated is far more likely to become a lifelong client and a passionate referral source.
Shannon Hicks
Editor HECMWorld.com
As a prominent commentator and Editor in Chief at HECMWorld.com, Shannon Hicks has played a pivotal role in reshaping the conversation around reverse mortgages. His unique perspectives and deep understanding of the industry have not only educated countless readers but has also contributed to introducing practical strategies utilizing housing wealth with a reverse mortgage.
Shannon’s journey into the world of reverse mortgages began in 2002 as an originator and his prior work in the financial services industry. Shannon has been covering reverse mortgage news stories since 2008 when he launched the podcast HECMWorld Weekly. Later, in 2010 he began producing the weekly video series The Industry Leader Update and Friday’s Food for Thought.
Readers wishing to submit stories or interview requests can reach our team at: info@hecmworld.com.
No comment yet, add your voice below!