If social networks are information superhighways, social capital is the resulting value of these connections based on the relationships between senders and receivers — the degree of trust, friendship, shared experiences and “give-and-give” that surface over time…
Continue readingThe Young & the Restless
During a January 16th meeting of the National Reverse Mortgage Lenders Association’s Executive Committee, Deputy Assistant Secretary Charles Coulter said to expect a mortgagee letter in the coming weeks regarding non-borrowing spouses. Coulter said “The first ML will essentially require that in the case of a non-borrower spouse, the age of the younger member of the couple will be utilized to determine the appropriate PLF [principal limit factor]. HUD will be modifying the PLF tables to cover ages below 62 for this purpose.”
Continue readingBlind Spots
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Three Fallacies to be Avoided
Blind Spots, or better yet Biases. We all have them. It’s our brain’s ways of taking shortcuts in decision making. A hard wired yet often flawed response. Some may be good as they clarify and reinforce our beliefs and philosophy while others can be destructive. To improve our efficiency and position ourselves for increased success let’s look at three blind spots we should be aware of and avoid. Economically one of our most common blind spots or fallacies is the Sunk Cost Fallacy. Here’s an example…
Download the video transcript here.
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It’s Not About You!
Children who become caregivers for their aging parents often find themselves facing behavioral changes. Sometimes seemingly overnight, or perhaps occurring more gradually, their once calm, loving parent becomes blunt, even mean — or possibly quite fearful.
Continue readingToo Much Too Soon?
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Reexamining Product Design and Use of Proceeds
The recent overhaul of the HECM program was a watershed event for both the reverse mortgage industry and senior homeowners. The elimination of the Standard Fixed Rate, consolidation to one product, two-tiered upfront FHA premiums and first year distribution restrictions all were born from FHA’s attempt to reign in the HECM program back to its original intent while reducing the risk of defaults and payouts from the MMI fund. The idea was to prevent borowers from using all of their proceeds in the first or early years of the loan which could leave them with little or no financial options once they’ve exhausted all their funds. Also, lower upfront withdrawals and deferred or tenure payments or a line of credit reduce the likelihood that the loan balance would exceed the home’s value in the early years of the loan or when the loan ultimately terminated. Most program changes were spurred by the Consumer Financial Protection Bureau’s report to Congress…
Behavior vs. Outcome
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Looking Beyond Achieving Our Goals
For the most part reverse mortgage professionals are business people. That is we form a strategic business or marketing plan to reach an expected outcome. But are we putting the cart before the horse? Let’s step back and take a look first at self efficacy. This is the extent of one’s belief in their own abilities to complete tasks and reach goals. In other words one’s beliefs shape their daily behaviors and actions both personally and professionally. Most of our internal beliefs are shaped by experience and observation. But is focusing on our internal beliefs enough tor really affect the outcomes we want in life? Perhaps not. One of the most common mistakes people make is to fixate on the goal or expected outcome while ignoring their underlying behaviors…in other words our habits.
Download video transcript here
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Talking HECMs with the Uninitiated
It’s a new year, but old HECM myths abound — even among those who ought to know better. To correct such misinformation, here’s a basic refresher you can use during presentations, both with professionals in related fields (e.g., financial advisors and elder law attorneys), and with prospects and clients.
Continue readingHow to Use Social Media for Marketing in 2014
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Social media has come of age. If you’re promoting your reverse mortgage business through traditional methods only, you’re missing out on important connections. Your target audience may not be active on Twitter or Pinterest, true. But their children or other relatives likely are — and in any case, it makes good business sense to have a presence on diverse platforms in order to enhance public awareness of the reverse mortgage field, inform people about the benefits of a HECM, and correct misperceptions.
Here are a few tips to help you generate the publicity your business deserves in 2014, courtesy of this eBook from Publicity Hound, which you are welcome to re-gift.
- Press Release 2.0. New media needs to be integral to your public relations efforts. In 2014, a release must include preconfigured sharing tools (such as “Tweet this”, which will automatically Tweet content of the proper length when clicked), short, mobile-friendly headlines, and, ideally, a link to a YouTube video. (YouTube is the platform of choice if something is share-worthy, and is fully compatible on many different platforms and devices.) A photo gallery and integrated social commenting are also de rigueur. Most important of all, however, is a network to distribute your content, so take time to build your social community, both online and off.
- LinkedIn Company Page. Unlike other social sites where self promotion is often considered bad form, LinkedIn provides the ideal platform for this purpose: Company Pages. One of the advantages of Company Pages is that anyone can subscribe to your updates, even if they’re not connected to you, making it a great vehicle for potential clients, bloggers, and those in complementary fields (such as financial planners or elder law attorneys) to learn about HECMs and get in touch.
- Blogging By the Numbers. One of the best ways to get people to read your blog or Facebook post is to start it with a number: 7 Ways Your House Can Save You Money, or 5 Steps Smart Seniors Take Every Winter. These “tip sheets” are popular with readers and the media alike. Make sure the information is meaty but short, and share the link widely, depending on which social sites you have the strongest presence. With luck and perseverance, your posts may even go “viral” and spread like virtual wildfire.
- Promote Real-time Events Online. If you’re planning a year of fun and unusual holiday celebrations (Ho-Hum January), this is a fabulous, ready-made social media item for the entire year. Each time you prepare for a “holiday” gig, post an engaging notice about the upcoming event on all your social outlets: Facebook, LinkedIn, Twitter, etc. Even if the people who read it live too far away to participate, they can help network the information — which can lead to new leads and potential business for you.
***Remember: always check with your compliance department before deploying any social media campaign***
Looking for more reverse mortgage tools, training & technology? Visit ReverseFocus.com today!
The Law of Reciprocity
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The Powerful Yet Unspoken Rule for Human Interaction
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Reciprocity. The unspoken rule that we should repay in kind what another person has done for us. It’s one of our most powerful tools in sales or influencing others. Does it work? Here’s one example. A university professor tested the principle sending Christmas cards to perfect strangers. He was amazed as he received numerous holiday cards from these perfect strangers who never asked how they knew him. They received his card and felt obligated to respond in kind…
The Psychology of Influence by Robert Cialdini
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Senior Cohousing: Meeting the Needs of a New Generation
“Boomers are changing the retirement community paradigm,” says cohousing expert Kathryn McCamant.
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