Behavior vs. Outcome

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Looking Beyond Achieving Our Goals

reverse mortgage newsFor 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.

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Looking for more reverse mortgage news, training & technology? Visit Reverse Focus today.

How to Use Social Media for Marketing in 2014

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reverse mortgage newsSocial 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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Reverse Mortgage News
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  

Need more reverse mortgage tools, training & technology? Visit www.ReverseFocus.com  today

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What Lies Ahead?

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 What Can We Expect in 2014?

Reverse Mortgage News

With the changes and permutations the HECM program has undergone since 2010 one could argue we have already undergone a makeover of sorts. The Saver program, HECM for Purchase and the introduction and revocation of the standard fixed rate. True. However HUD’s recent revamp of the program stands apart as it’s first and only change that is a hard push back to the program’s original intent…to help senior homeowner’s age in place. The Saver gaves us increased crediability with lower costs and opened doors in the financial community. The HECM for Purchase expanded our legitimacy amongst real estate professionals and builders while the fixed rate maximized proceeds while securing interest rates. With recovering home values and a consolidated product what does 2014 hold in store? Here are just a few  speculations on what we can anticipate.

#1- New marketing. While the traditional reverse mortgage ads of the past increased public awareness of the reverse mortgage product, they have also attracted detractors concerned the typical message attempts to lure seniors with promises of vacations, luxury purchases and a flush retirement lifestyle. That may be a stretch yet it warrants our attention. In 2014 expect to see new and creative campaigns focusing on the HECM’s role in retirement planning versus cash alone. Will this attract a more affluent borrower? Time will tell.

#2- Further lender consolidation. We have already seen some medium sized lenders exit the space since last October. Expect a few remaning key players to step to the sidelines in the coming months. Today’s lending environment presents particular challenges to smaller shops with increased regulatory and compliance costs.

#3- Tenure, the loan de jour. Just as the Standard Fixed rate was the rage expect lenders and loan officers to begin promoting the powerful flexibility and growth potential of deferred tenure payments or a line of credit. Though some have lamented the loss of the standard fixed this new product landscape will convert many back to presenting the HECMs true flexibility and long term value when structured properly.

 

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For more Reverse Mortgage news, technology & training visit ReverseFocus.com.

Question Everything

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Think Critically, Think BIG

Reverse Mortgage News

In any profession, continued endeavor or activity we can fall prey to complacency which I would personally define as a false sense of contentment when we can do so much better. In essence selling ourselves short. This is not to disregard that one should recall and account for their successes. But more to the point. How can we as reverse mortgage professionals break complacency and embrace the motto ‘question everything’? Well here are a few points to ponder.

#1- The adjustable rate product often a better choice? The previous popularity of the fixed rate mortgage may lurk in the minds of many but truthfully which is a better product for the consumer? Should one forgoe a lower loan balance, a growing line of credit or future tenure payments all in the fear of increasing interest rates? After all if interest rates increase the borrower sees no change except that their loan balance will grow more quickly.

#2- Ditch Your Canned Speech. Certainly their are some elements of our presentation we should retain when speaking with loan officers reviving transactions or receiving….

Ho-Hum January? Smart Marketing For All Seasons

With a little ingenuity, you and your reverse mortgage prospects and clients can find ways to celebrate all year long. For instance: did you know January is National Oatmeal Month, as well as National Soup Month and Hot Tea Month? What a perfect lead-in for a lunch ‘n’ learn, where (depending on the venue and menu available) seniors could be served tea and soup along with a heaping helping of housing wisdom.

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New Year’s Resolution Killers

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Pitfalls to avoid in 2014

Reverse Mortgage News

It’s a word many dislike due to our culture’s abuse of the word. The word resolution comes from the same root as resolve. The American dictionary defines resolve as to ‘decide firmly on a course of action’. If our resolutions for 2014 are truly our committed course of action then here are some things we should avoid to insure we meet our goals and more importantly our internal promise to ourselves.

#1- You don’t really want to achieve it. Make sure your resolutions only include those things you truly desire to come to pass. If it is a goal you think you should reach because others are then you are doomed to fail unless you are personally committed and desire it yourself.

#2 Too vague.

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For more reverse mortgage news, technology & training visit www.ReverseFocus.com