Marketing Archives - Page 4 of 7

Should we tear down the wall?

Diversification or Separation of HECM and Traditional Mortgage Lending

As the national debate on the morality or effectiveness of a wall on our southern border rages on, one barrier is being slowly removed. As the number of the federally-insured reverse mortgage loans has languished in recent years, more former reverse-only lenders are making their entry into traditional mortgage lending; in effect removing what was once a barrier of niche mortgage lending for some.

Considering such diversification, it’s natural to ask if loan officers can be just as effective in originating both traditional and reverse mortgage loans. That question brings to mind a statement made 10 years ago by a formerly forward-only originator. Seeing the upcoming spate of changes to the HECM he said, “watch, they are going to turn this into a traditional mortgage”. One could easily argue the enactment of the financial assessment and the verification of an applicant’s income and assets does indeed mirror much of what is common practice for traditional mortgages. Despite the similarities, there are two conflicting viewpoints on whether originators should remain specialized or offer both loans…

reverse mortgage news

Marketing strategy

‘Bite-Sized’ reverse mortgage content

In one Internet minute we collectively download 47,000 apps, send 204 million emails, log more than two million Internet searches and buy $83,000 worth of Amazon products. How can this digital delirium benefit reverse mortgage professionals?

Your Brand is YOU!

Branding Yourself – Shaping Your Image

In meeting several of you at the NRMLA Annual Meeting, I realized one thing- each of you have a powerful and unique brand. Your best brand is you...

Branding Marketing

5 Ways to attract potential borrowers

Grassroots marketing still works. Here’s how

A little creativity goes a long way when it comes to attracting past prospects and senior homeowners in your area…

Marketing sales

The most important question you should ask

What is the most important question you should be asking during your appointments?

Email John what you think is the most important question to ask during an appointment.

About John Luddy: John has trained reverse mortgage professionals how to be successful when sitting face-to-face at the kitchen table with prospective HECM borrowers. Norcom is looking for qualified loan officer candidates. To learn more call 1-860-507-2582 or email John Luddy here

Fill out my online form.

John Luddy Marketing Norcom Mortgage sales

What Netflix & Costco can teach us

Our industry can benefit from the lessons taught in market disruption

Market disruption has pushed many household bands into extinction and created new multi-billion dollar corporate giants. Consider these example. As the internet became increasingly fast Netflix quickly crushed the brick and mortar business model of Blockbuster Video allowing consumers to avoid long lines, late fees, and limited selections. When Betamax, and VHS tapes first entered the market many in Hollywood openly lamented that this was the beginning of the end of box office movie sales. Then came online music. Napster disrupted the tightly regulated sale of music controlled by a handful of record labels allowing anyone with an internet connection to download and play nearly any song. The music industry balked, filed suit and then eventually embraced the digital revolution foisted upon them leading to the debut of Apple’s iTunes, Pandora, Spotify, and others.

Each of these market disruptions is instructive, providing us a keen insight into how industry’s resist change and fade into extinction or adapt and increase market share. While on a much smaller scale, the reverse mortgage industry is facing a similar conundrum- albeit much of it born from regulation rather than innovation.

There are typically two approaches industry’s have taken to increase their appeal to consumers: offering a plethora of products or simplified selections. Consider the…

Marketing sales

Forget home runs…

The real secret to closing more loans is not what you may expect

All the expertise, sales skill, and ability to influence does little to increase sales without one thing…

Marketing sales sales tips

FREE Online Exposure: How to be an expert on social media

How to be THE expert on social media

When it comes to advertising on social media you must comply with a myriad of compliance issues? But what about opening up the conversation on topics related to retirement, outliving one’s money, or aging in place? This week we share some strateges to get you started…

advertising Marketing social media

Viewers share their ideas to attract borrowers

How sharing what works for you benefits all

Last week we asked you, our loyal viewers, to share what’s helped you attract potential HECM borrowers and grow your business. Well, several of you took the time to submit your ideas. Thank you, sincerely. Here are a few.

Networking and calling on attorneys. Many have created and nurtured relationships with attorneys who specialize in estate planning, senior benefits, Medicaid, real estate. The real advantage is their clients implicitly trust their attorney’s recommendations, and if they recommend you, there’s no better lead.

Another viewer uses focused newsletters. While many are sending out a generic newsletter template to their entire database this seasoned pro uses a more targeted approach. “I believe it is our focused newsletters sent to specific lists of potential borrowers that sustain our business and many times we get calls years after the first contact stating that the reason we are being contacted is the newsletter”, he said.

Industry growth Marketing sales

Finding Opportunity in a Down Market

Yogi Berra said ‘the future ain’t what it used to be”. One of the biggest challenges any industry, city or individual can face is to embrace the reality that things will never be like they were before and look for new ways to succeed in the new normal of doing business.