The Tyranny of the Urgent

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It’s Not a Question of Time but Priorities

Reverse Mortgage Business Tips

You have your day planned: Meetings, phone calls, emails, client appointments…then it hits us. Something urgent requires our immediate attention or does it? The phrase “Tyranny of the Urgent” was coined in 1967 by Charles E. Hummel in his short publication. Hummel opens with the question “Have you ever wished for a thirty-hour day?” Perhaps those of us , or should I say most of us would answer yes! But even if possible would a longer day really solve our problem? Most likely not. The issue is so not one of time but priorities. That is where we choose to invest our time. Such a dilemma leads to stress, self doubt and possibly health problems. Why were we never taught this in school? Hummel was inspired by the words of a cotton mill manager who said…

The 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.”

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Blind Spots

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Three Fallacies to be Avoided

Reverse Mortgage News 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…

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Too Much Too Soon?

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Reexamining Product Design and Use of Proceeds

reverse mortgage news

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

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.

A Bright Future

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Professor Sees Reverse Mortgages as a Cornerstone for Retirement Planning

reverse mortgage news

It’s no small endorsement. Well known Columbia Business school professor Christopher Mayer not only sees a bright future for reverse mortgages but he’s going into business himself. Mayer is tapering his teaching responsibilities at Columbia to serve as CEO of the startup reverse mortgage lender Longbirdge Financial….

 

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

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Get More from Your Day

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The Art of Reducing & Managing Distractions

Reverse Mortgage News Video< Feel run down? Tired? Like life is a cluttered mess? As the demands of our professional life increase as a reverse mortgage professional we need to strip away the distractions that sabotage our day. Here are a few ways we can do our best by removing distractions. #1-  Get rid of bad habits. What habits? Perhaps staying up way to late, sleeping in late, watching too much TV. Look at both how you treat your body and what information you put in your mind. #2- Hit the stop button. Your phone is blowing up and emails flood your inbox but you have a project to complete or a loan file to finalize…

Download video transcript here.

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

 

 

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