Routine. Not the most appealing word yet routine determines our daily effectiveness and productivity…
Continue readingSpeak, Memory
Memory is a powerful pathway into deep sourcing; manifesting has to do with public accountability, and, once we embody (live) what we are creating, sustaining it is an ongoing process of learning and personal growth.
Continue readingNovember 2013 Top 100 Retail HECM Lenders
Download your November Top 100 Retail HECM Lenders Report Here.
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See how your company & your competitors’ overall HECM endorsements were for the month of November.
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Tightening HECM Guidelines Opens Door for Private RMs
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Increasing Restrictions & Possible Lower Lending Limits May Spur the Return of More Proprietary Loans
Having absorbed the recent elimination of federally-insured reverse mortage products, principal limit reductions and increased underwriting requirement many ask “when will we see proprietary reverse mortgages again?”. Good question. Presently our national lending limit remains at $625,500 through the end of this year thanks to HUD’s mortgagee letter in December 2012. Will HUD continue to extend this lending limit? Perhaps but unlikely. In the wake of a record 1.7 billion dollar bailout from the treasury and unrelenting scrutiny from lawmakers due to projected losses in FHA’s insurance fund, many may feel little sympathy for seniors with higher valued homes. In a risk-adverse and financially insecure political climate few will advocate for retirees they consider well-off. Additionally many industry leaders expect a return to a $417,000 national lending limit in 2014. Politics and budgets aside it comes down to the pivotal role of money. Mike McCully with New View Advisors said…
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What Are You Thankful For?
Gratitude Opens Doors
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What We Can Be Grateful For In The Reverse Mortgage Industry
Now that we’ve eaten our last bites of Thanksgiving turkey and pumpkin pie it’s a good time to reflect on gratitude. The essence of yesterday’s holiday. But first I want to personally express our gratitude to you, our loyal viewers and members of Reverse Focus. YOU helped what began as a small idea in 2007 grow into an industry resource and backstop for reverse mortgage professionals. It’s our honor to work with each of you through the good and bad years of reverse mortgage lending. One person near and dear to me said, “Be grateful for something. Always be grateful”. As simple as it sounds this exhortation made me consider my typical state of mind. Am I mindful of what blessings are in my life or do I focus on what I want or lack? We all know of those who are financially wealthy yet live in their own internal prison of want, lack and constantly feeling impoverished. It boils down to our own internal compass or attitude. So what are a few things we can be thankful for as reverse mortgage professionals? #1- A mission driven industry. Many can claim their mission in their company’s letterhead, but how many can claim they help seniors enjoy their golden years with less worry, lack and want? Having worked in several industries I can say ours is the most mindful of our mission to help than any other I’ve encountered. #2- Untapped potential…
Download video transcript here.
For more reverse mortgage news & tools please visit www.ReverseFocus.com
Your Local Online Business Presence
Establishing The Local Presence Of Your Reverse Mortgage Business Online
Wouldn’t it be great if prospective reverse mortgage borrowers would seek you out? Well they may just be doing that, and you may be missing out.
Google Places
In this day and age we all know that “Google” is widely accepted as a legitimate verb… at some point we have either told someone to, or had someone tell us to “Google it”. So when a potential borrower is considering a reverse mortgage, one of the first things they will likely do is “Google it” in the hopes of finding information on a trustworthy and well established reverse mortgage lender in their area.
The question is… will they find you? Have you established your Google Places listing? These listings are the first results to appear in Google searches related to local businesses. They are what you see in the map results, and what a large number of people use when seeking out a business in their area.
Why are the Google Places results so appealing to “searchers”?
- This is obvious, but they are the top. People want the information they are seeking as quickly as possible.
- They immediately provide people with contact information – phone number, location, directions.
- They lead people to your website. A Google Places listing has the option to add a link to your business website, so even if your business website is not on page 1 in Google, this map listing that is at the top of the results will lead them directly to your website where they can gather more information about you.
- They can include reviews. People can learn about the reputation of your business, which often gives them that extra motivation to make that call to you.
- They provide an established third party summary of your business. A business must verify to establish it’s Google Places listing, so it gives people an extra bit of comfort that you are who you say you are.
- Also, these listings can include images, summaries, categories, links, and give people an overall picture of your business.
Establishing Your Google Places Listing
As daunting as internet marketing can be, getting yourself listed in Google Places is something you can do yourself.
- Create Your Account – First you need to create your Google Places account.
- Follow The Prompts – Once you have created your account, you will be guided through a series of steps that take you through the process of establishing your listing.
- Locate Or Create Your Listing – You will be asked to search for your business. If your listing exists, you will be asked to verify it right away. If it is not yet established, you will be asked to create the listing, and then verify it.
- Verification – You will be given the option to verify by phone or by post card. The phone verification is immediate, but you must be able to accept a call at that moment at the phone number of your place of business that will be on the listing. The verification post cards come within 2 weeks of you prompting a request for one, but some people prefer these if the phone verification is difficult – for example, if your business has an automated phone system, the automated Google verification call cannot get through it, so you will need to select the post card option.
- Develop Your Listing – Once your listing is created and you have verified it, you will be able to edit it and add information, categories, and images. Adding these items is important to give your listing credibility and to attract interest.
Maintaining Your Google Places Listing
Once your listing is established, it will serve as a significant part of your local business presence in Google and online in general.
- Keep Your Information Current – It will be important to always make sure your listing has your current contact info, website address, etc., as this will be a highly visible representation of your business. People calling the wrong number or looking for your business at an outdated address could turn them off to working with you. Keeping the information current establishes reliability.
- Respond To Reviews – You cannot control the reviews people will leave you but you can take time to respond – to positive and negative reviews. If reviews are positive, thank people for their kind words and for using your services. Other searchers will view this as you having a good rapport with your clients. If there are negative reviews, take the high road and leave a cordial response. Apologize for their negative experience and offer the person the option to contact you to discuss their issue more. This often shifts the negativity off of your business because people see that you are concerned about your service, and that you are willing to work with people.
- Encourage Positive Reviews – Whether it be through your website, Facebook page, or in person, encourage your happy clients to leave you reviews on Google. When a list of results comes up, those positive reviews can be the difference between someone choosing your business over another listing right next to it.
Taking this small step today can have long term positive benefits for your business, so establish your listing, and when people are told to “Google it” for a great reverse mortgage business in your area, they’ll be likely to find you!
Expanding the Service Circle
Looking to expand your reverse mortgage reach? Here are two creative ways to serve seniors, and build goodwill.
Continue readingRetirement Views May Expand Reverse Market
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Changes In Retirement And The Reverse Mortgage Market
In recent years American’s views on retirement have changed substantially. Many are working longer not from choice but need. Dan Gorin, supervisory policy analyst for the Federal Reserve said “The definition of retirement has changed dramatically. In the past when we asked people surveyed, those who were planning to work forever had answers that were twofold; some said ‘I like to work,’ and some said, ‘I need the money.’ More recently, more people saying they’re never going to retire because they need to work.” What is ironic is that only 8% of those aged 62 or older have even considered a reverse mortgage and 2% actually took one according to a nationwide survey conducted last December by the RAND American Life Panel.
So what are the other 92% doing? It may boil down to denial and resistance in seeking assistance. Gorin says fewer than half, yes half of Americans actually seek advice on housing and retirement finances. This is tragic as the the home represents the majority for even moderately affluent individuals pre-retirement wealth. Many Pre-retirees are aware of the benefits of non-taxable home sales gains, mortgage interest tax deductions and energy tax credits but oblivious of the assets full potential when employed in a comprehensive retirement plan. Not surprising since most senior homeowners have no experience in converting debt into cash flow. This chart from the American Housing Survey in 2007 shows the sleeping giant of home equity with 64% having no mortgage whatsoever and 35% holding some combination of a mortgage, second or line of credit. Today’s retirees overlook their home being more concerned with equity security than income security. Equity security is hard-wired into the American psyche. Work, save, payoff your mortgage and retire with no mortgage payments as you transition into the fixed income years of your retirement. Income security however, lends itself more to truly solving the most vexing issue in retirement…
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The X Factor: Denial
Constructively Exposing Retirement Denial
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Denial In Reverse Mortgage Borrowers
Denial. It’s one of our biggest challenges when working with prospective reverse mortgage borrowers. While denial tends to manifest itself more prominently in those who have little financial assets, like the needs-based-borrower, it also applies to more affluent borrowers. Denial creates an alternate reality for needs-based homeowners with statements like “we’ll be just fine” or “we will find a way to increase our income when we retire”. For more affluent potential borrowers it may appear in the statements “our portfolio will keep growing giving us enough money to live on the rest of our lives.” Denial serves a dual purpose: to avoid discomfort and accountability. No one likes to admit that their previous spending and savings habits have led to a retirement crisis. Savers don’t like to accept the fact their investments may never grow enough to sustain the withdrawals they need each year to maintain their standard of living in retirement. Denial has exacts its price: stress, fear and lack. It stems not so much from logical or willful choices but from unconscious beliefs and habit patterns. What are our choices
Retirement Planning in the Age of Longevity
Researchers say the biggest challenge seniors face is failing to plan for retirement at all. Only a third of adults in their 50s have ever tried to devise a retirement plan…and only two-thirds of those who have tried have succeeded.
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