Rethinking Housing, Boomer Style

 

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There’s no question the Boomers are reimagining every aspect of retirement, as we’ve discussed extensively in previous posts. One of the biggest factors is where and how to live, since, unlike prior generations, there’s no assumption that they will simply retire, sit back, and relax in the home they’ve always owned.

According to The Power Years by aging expert Ken Dychtwald, a Del Webb survey indicates nearly two-thirds of Boomers — 59 percent — plan to relocate after leaving their primary careers. Ten percent even plan to purchase a second home. Clearly, many Boomers view retirement as a time to expand, not contract. And they embody a wanderlust that characterized their coming-of-age in the 1960s — a nomadic state of mind which they’ve never lost, and now embrace with fervor.

So in facilitating your younger reverse mortgage prospects with their housing options, release the images of both staying put and of a golf course in Florida or Arizona, advises Dychtwald, now 62 and hardly the image of a “retiree”; while these states still top the list of places to move as Boomers age, many other locations, including Colorado, Pennsylvania, and Maine, hold allure. How to find the best combination of weather, opportunities, affordable housing and leisure? Interactive websites such as Find Your Spot and Best Places allow people to mix a number of criteria, then offer suggestions of the best places to settle in the power years.

Another idea is theme communities. Dychtwald cites examples of one couple who relocated to a horseback riding ranch, and notes that there are also one focused on the arts, fitness, gardening, and ecology. Some people are opting for intergenerational communities in which elders play an active role, but unlike “retirement villages”, such communities are not off-limits to the younger set.

College towns are popular for the mix of culture, walkability and affordable housing they usually provide. If one of your reverse mortgage clients has strong ties to his or her alma mater, this might be an excellent suggestion of a place to seek a primary or secondary residence for their power years.

Some people will not relinquish the city for anything, so if this is your prospect, perhaps they’d like the reverse of typical retirement housing: a primary city residence and a sometime-home in the country, rather than the other way around.

Whatever constitutes your Boomer reverse mortgage prospects’ ideal homestead for the Third Act, supporting their shifting perspective will help cement a sound relationship as you discover how to best serve their evolving needs.

The new longevity. Does it mean working forever?

We’re living longer, and generally healthier, than ever before in history. And while that’s good news overall, it can completely alter the trajectory of retirement, unless seniors are aware of their potential longevity and begin to plan accordingly in their pre-retirement years.

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Six Questions to Ask Seniors

Even for “glass-half-full” people, the prospect of growing older might not be exclusively joy-filled. For others, it can be downright frightening: what if I get sick? Suppose I run out of money? Yet with all the issues that accompany aging, few of us want to face head-on the realities that the latter decades of life entail. Here are six questions you can…

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Where do I fit in?

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Where Do I Fit In? Rethinking “Sales” as not a dirty word.

For many people, one of the dirtiest words in the English language is spelled s-e-l-l. The image of the used car salesman or a telephone huckster evokes apprehension and distaste.

Yet everything in life involves “sales” in one form or another. How did you build the new fence in front of your house? Somebody had to sell you the wood and nails. And before that, a supplier had to sell these items to the lumber company or hardware store where you purchased them.

It’s amusing, if you think about it: everybody loves a “sale”, but add an “s” and the word assumes a negative connotation. So this is the first misperception to recast.

Sales, according to Shannon Hicks, vice president of marketing and product development for ReverseFocus.com, is best defined as: “Effective communication in order to help people make decisions in their best interest.”

Next, determine your optimal sales skill set. As a reverse mortgage professional, are you most effective on the telephone or in person? Speaking one-on-one, or to a group? Playing to your strengths will enhance your success.

The core sales traits include:

  • persistence
  • confidence
  • motivation
  • education

Beyond this, a plethora of personality factors will determine your approach. Take an inventory of your strong and weak points when relating to others. If you find you’re more relaxed and articulate over the phone than in face-to-face meetings, for example, plan to do the bulk of your reverse mortgage counseling by telephone or Skype session (if your prospects are Internet savvy).

There’s no need to force a square peg into a round hole, especially when everyone shines in certain areas. People who excel as motivators can be formidable in captivating a large audience, while educators may be better suited to building kitchen table relationships.

We have aspects of each core trait within us, and can certainly work on developing our weaker areas. Knowing where your strengths lie will also affect how resourceful you are in building your business: if you accept that you’re not a powerful lead generator, for instance, it may behoove you to partner with a lender who provides leads, rather than frustratingly trying to go solo.

The greater your self awareness, the more fulfilling the service you’ll be able to offer seniors to help them make the best decisions for their retirement years.

New York Times: Expose Examined

Ironic. That is on the eve of the National Reverse Mortgage Lender’s Association Annual Meeting in San Antonio the New York Times published a front page expose. After a year and a half of mostly positive press since the introduction of the HECM Saver has the media pendulum swung back to its traditionally negative view? And more importantly, does the article point out some legitimate issues that we as an industry must address?

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Reverse Fortunes is now Reverse Focus

Reverse Focus

Reverse Focus

As we approach our 5th anniversary this November, the team at Reverse Fortunes is changing our name to Reverse Focus.

We have been honored to serve so many of our fellow Reverse Mortgage Industry professionals with industry insight, tools and training to help you in your success.

With this milestone, we take on a new name to reflect a renewed commitment – and focus! – on being an even more powerful support system and leader in the reverse mortgage industry.

Thank you for being a part of our efforts and welcome to Reverse Focus!