Boomers Rock with a guitar, not a chair

Reverse Mortgage Marketing to the Mature Home Owner

Marketing to the Mature Home Owner / Part 2:
If They Rock, It’s With a Guitar!

A business magazine recently ran this “humorous” column: “Middle-Age Texting Codes”. The list included such abbreviations as ATD (“At the doctor”), BFF (“Best friend fell”), BYOT (“Bring your own teeth”) and FWIW (“Forgot where I was”).

It’s doubtful these acronyms would amuse many people in their eighties, let alone someone who considers him- or herself middle aged. President Obama celebrated his mid-century birthday last month, and while he loves his BlackBerry, it’s unlikely he’ll be texting any of the above messages any time soon.
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The eldest of the approximately 79 million Baby Boomers reach retirement age this year, at the rate of about four million per year. For reverse mortgage professionals marketing to active adults 57-65 years of age — early Boomers who are planning work and lifestyle changes — respect is the keynote that will win their attention, and ultimately, their interest in qualifying for a reverse mortgage. As noted in the first post in this series, Marketing to the Mature Home Owner / Part 1, nobody becomes “old” overnight simply because they celebrate a birthday.

From the Baby Boom generation onward, the new American senior might best be defined by the Dylan Thomas poem, “Do Not Go Gentle Into That Good Night”. They will forever consider themselves youthful, and as such, the marketing mindset that worked with previous generations must be modified if it is to succeed.

Younger seniors (many of whom prefer terms such as “mature” or “older adult”) will be interested in quotes for a reverse mortgage, not because they want to rock on the front porch (unless it’s with a guitar), but possibly because:

  • They’re planning to help put kids (or grandkids) through college
  • They need to care for an elderly parent (these days it’s not uncommon for two generations to be “seniors” simultaneously)
  • They want to travel
  • They’re considering surgery — plastic surgery, to look as good as they feel

To make the second half golden for both your “younger” reverse mortgage prospects and your business, focus on how you can help these elders fulfill the next great adventure in their lives. That’s the spirit that will win their trust, because while denial may not be a river in Egypt, it flows through the fecund minds of the newly minted senior set.

Not saying anything is often times doing harm to clients

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Does the doctor really know what’s best?

What if you went to the doctor and they didn’t know about a life-saving treatment that had been used for 20 plus years and you left becoming worse? That’s similar to the situation many retirees find themselves in when meeting with financial planners who either don’t know about, or misunderstand reverse mortgages. It is a potential solution that should always be considered and presented for the client (patient) to choose.

We look at the changing perspective of financial professionals and the need for our industry to spearhead an effort to educate the financial community at large about the uses and functions of a reverse mortgage.

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Remembrance: What makes us strong. Friday’s Food for Thought

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During this week of remembrance here are some things to remember that have made the reverse mortgage industry stronger:

  • We’re not selling loans, but changing lives
  • Our industry has improved consumer education, product choices, and costs
  • 4 million plus Baby Boomers will reach retirement age each year
  • We are getting traction in the mainstream media
  • Investors and the secondary markets support our product
  • We will remain as a long-term solution for years to come.

Reverse Mortgage Industry

Lenders see business uptick in wake of big bank exits: Industry Leader Update

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Remaining lenders are seeing something they’ve always wanted…

an increase in referral phone calls from non-reverse banks and financial professionals. Many of these referrers had sent their clients to Wells Fargo & Bank of America based on their well known brand and geographic convenience. Today reverse mortgage originators have a unique opportunity to step in and provide an attractive solution for senior service providers. Many lenders are already seeing the phone ring from those who had referred to Wells & B of A in the past looking to remaining lenders.

 

Worth fighting for: Friday’s Food for Thought

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We may feel we are on the ropes, but there are some things worth fighting for as reverse mortgage professionals.

Our rights as originators:

  • Fairness in regulation (NMLS renewal)
  • To be included in regulatory discussion
  • To be treated as a professional not a predator by lawmakers

Our responsibilities:

  • To be ethical in all we do
  • To continually improve our knowledge & skill set
  • Participate in industry support, discussions and trade groups
  • To preach the gospel of the reverse mortgage

 

Remaining Lenders Grow: August 2011 Top 100 HECM Lenders Report

reverse mortgage news

Download the August 2011 Top 100 HECM Lenders Report here.

Big Names disappear, survivors grow

It’s strange to no longer see the familiar name of Bank of America on the top lenders report. Wells Fargo remains because endorsements usually trail applications by 3-4 months so soon they will fade from the top 10. What’s most interesting are the large and medium lenders who have begun to grab some of the market share left in the absence of Wells & B of A.
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You can click to see our video on race for market share.

Solutions for borrowers to age in place. Part 3

How Reverse Mortgages Can Help SeniorsHow Reverse Mortgages Can Help Seniors Age In Place, Part 3

Each year, more than 22,000 agencies nationwide provide home care services to over two million people, and as the population ages, these numbers will continue to grow.

Like the senior described in How Reverse Mortgages Can Help Seniors Age In Place/Part 2, who was able to return home after a serious accident because she hired a live-in attendant, a helping hand may be the deciding factor in whether a senior is able to age in place — and thus, whether they’re a reverse mortgage lead.

It’s helpful for reverse mortgage professionals to know what care is available, so you can suggest these options to seniors (or their loved ones) to help them remain at home as they age.

Here are 7 services that can make it easier to age in place:

  • Homemaker Services – Help with household maintenance: cooking, light cleaning, laundry, grocery shopping, and other household tasks.
  • Personal Care – Assistance with a variety of daily living activities such as bathing, dressing, grooming and eating.
  • Companion – From daily telephone calls from a “buddy,” to regular friendly visits.
  • Health Care – Skilled care that can include nursing visits, as well as speech, occupational, physical, or respiratory therapy.
  • Senior Centers – Daily, facility-based social programs in a community center setting. Transportation to and from the Center is sometimes provided.
  • Live-in Help – A full-time, live-in attendant may offer a combination of homemaker and personal care assistance, and other non-medical support services.
  • Support Groups – Support for issues about aging, peer companionship, illness-based and grief support, and other topics to help seniors experiencing life changes or specific challenges.

Aging in place is what many seniors desire and deserve. Knowing the range of service available to both enable them to remain at home, and to make a temporary or permanent move elsewhere should the need arise, you’ll be well equipped to respond to the concerns that crop up as seniors contemplate a reverse mortgage.

 

Many jeopardized by poor credit for NMLS renewals: Industry Leader Update

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NMLS license renewals may get dicey for reverse originators with challenged credit history

If the last few years have taught us anything it’s that mortgage and financial professionals suffered financially with other Americans due to the housing and economic crash. This leaves many qualified reverse originators at risk of not being able to renew their NMLS license Continue reading

Persistence: Friday’s Food for Thought Video

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1.  Identify Your Wants and Desires

If you don’t know where you are going, you will probably end up somewhere else.  – Lawrence J. Peter

List your desires both professionally (originations , income) & personal

2.  Determine Your Motivation

Why do you want to work as a reverse mortgage professional?
Help seniors? Solve problems? Focus on these motivators

3.  Outline Your Definite Action Step

More marketing?
A more detailed business plan?
Accountability circle?
Tracking sales activity (CRM, outbound calls)

4.  Keep a Positive Mental Attitude

Gas in the tank
Mental garbage disposal. Deal with the feeling and move on.

5.  Build Your Mastermind Group

No pessismists
Those who will be honest and hold you accountable
Creative poeople

6.  Develop Discipline and Habit

Discipline is the bridge between goals and accomplishment. – Jim Rohn

There will be a lot of hindrances that will stop you from moving towards your goal, and without proper discipline, it will be easy for you to sail away.

I wish to credit StepCase Lifehack for the above post. You can find the full article here.

 

Expanding senior housing options & opportunity

How Reverse Mortgages Can Help Seniors Age In Place, Part 2

Whether an older person is considering housing alternatives in the near term, or planning ahead with an eye on possible future needs, it makes good marketing sense for reverse mortgage professionals to become familiar with the range of senior living arrangements available, which will maximize your reverse mortgage marketing efforts.Continue reading