A Strategic Plan…One Step At A Time

Reverse Mortgage Plan, Reverse Mortgage Management,One of the most common questions I get as a reverse mortgage coach is “how do I formulate a plan”? Yes it can be a big undertaking but it doesn’t have to be so difficult and complicated that you end up not doing a plan at all (you know when something appears just too difficult we end up doing nothing at all because we can’t get started). I like to break a plan down into manageable steps.

For instance, if I was looking at the marketing segment of my plan today, I’d focus on referrals. Why? Very simple- the answer is staring right at you! The big banks have for the most part, left our industry. What does that mean for me? Opportunity, plain and simple. There is a significant opportunity for you to take advantage of this reality. Where are all the reverse mortgage borrowers going to go now that the big banks are no longer offering reverses? Well they may as well come to you!

What are you doing right now, today to ensure that you get a share of this business? Are you utilizing your CRM? There is one activity you better be implementing at once if you are going to attract these customers. Not sure what that is? Look around, it’s right there in front of you, right down the street. Just take that one step, get out there and help some seniors and pick up that is waiting for you….today.

 
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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.

 

Loan Limits Didn’t Change…But Does It Matter To Me?

HECM Loan Limits, Lending LimitsThe good news is we just heard that the HECM loan limits will remain the same through December of this year. I’m sure there are many out there who are breathing a little sigh of relief as it buys you some time to get those higher value property owners to get their reverse mortgage in process.

To me it did not really matter, and not because I live in an area that is not affected by the lending limits. I am in Baltimore, a stone’s throw from Washington where the property values have not suffered as much as in other areas of the country. No, the reason it would not affect my reverse mortgage business either way is that I have a plan. And I stick to that plan. Look, there will always be market forces outside of our control. You can beat your head against the wall when something happens, or you can continue to work your plan.

I am certain that those who have a written, detailed plan and are using a coach of some sort to hold them accountable to that plan are going to write loans no matter what market conditions may be. They accept that there will always be some regulation or other occurrence that is out of their control and they move on. What are you doing right now, today to be certain that you will not be sidetracked by things you cannot control? Stay focused, stay on track and continue to help our seniors. They need us now more than ever.

 

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

Are you mentally paralyzed?

You must never allow yourself to become so upset that you become Mentally Paralyzed. Think about this for a second. What you do right now will determine your income 3-6 months from now. Do nothing and you will earn ZERO 3-6 months from now.

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