Even if much of your business is conducted remotely, it’s important to have a senior-friendly office for those people who wish to meet with you in person. Below are some suggestions for ways to ensure your reverse mortgage clients and prospects feel welcome from the moment they drive up to your office.
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Last week our industry received what many consider an early Valentines gift. Feel the love yet? HUD announced that they would be delaying implementation of the financial assessment which was slated to be in force March 2nd, 2015. The agency states a new effective date can be expected within 30 to 60 days. After numerous delays of the assessment I’m certain many of you watching are raising an eyebrow. Regardless of the nervous and jerky nature of the assessment we can seize upon five benefits of HUD’s postponement.
1- The opportunity to get more borrowers through the gate. Your prospects who are undecided may wish to act now for a more streamlined and less restrictive loan approval process. Our goal is not to instill fear but rather to give them the choice: act now or wait and go through the assessment. We should focus on borrowers who may require a substantial lifetime expectancy set aside who would see more proceeds prior to the assessment.
2- Time to adjust your marketing plan. We should all be asking ourselves ‘am I attracting the right type of borrower?’ Look at your marketing, lead sources and referral network and determine the typical borrower profile that each provides. If you’re presently marketing to areas with low…
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Indeed with the numerous delays and false launch of the financial assessment one could be left with a sense of uncertainty while trying to originate reverse mortgages. You’re not alone. Here are three tips to manage uncertainty today.
Continue readingThe Center for Hearing and Communication reports that 30-40 percent of people over 65 have some type of hearing loss. But younger people (perhaps even reverse mortgage professionals themselves) aren’t immune: 14 percent of those ages 45-64 also have some type of hearing loss.
Continue readingAs industry watchdog and consumer advocate Atare Agbamu puts it “Fourteen words”. At the heart of the non-borrowing spouse debate and subsequent lawsuits brought agains HUD are fourteen words found in the original regulations of the HECM program as part of the National Housing Act in subsection J entitled “Safeguard to prevent displacement of homeowner”
Continue readingI’m sure I am not alone in thinking ‘what the heck happened to the reverse mortgage program’. It’s only natural to find yourself pondering this quandary if you’ve been originating federally-insured reverse mortgages four years or longer.
Continue readingThe Japanese call it kaizen: gradual, incessant improvement. Minuscule ongoing shifts can add up to a big win, just as a subtle shift in the words we use can affect how we view life.
Continue readingWhen it comes to how reverse mortgage loans are originated a line has been drawn in the sand: March 2nd, 2015. In two short weeks the long-awaited or dreaded Financial Assessment goes into effect forever changing the way HECM loans are qualified. This is a game-changer.
Continue readingUnless you’ve been living in a magical and perfect world you have recently or currently are experiencing adversity. Relentless and numerous changes to the HECM program, the upcoming Financial Assessment and marketing challenges all can be noted as contributing factors.
Continue reading“The utility of living consists not in the length of days, but in the use of time; a man may have lived long, and yet lived but a little.” We use our time well when we hold the hearts of those we serve, whether relatives, friends, clients — or strangers.
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