Success is not a zero sum game. Would you be willing to share what is working for you in attracting and closing more loans despite recent changes to the reverse mortgage? You can remain anonymous or request that we use your name. Either way, your inputs are appreciated and will help your fellow originators across the country. Submit your ideas here.
Our collective experience as reverse mortgage professionals shapes our perspective. Much of that perspective in recent years was influenced by falling endorsement volumes. The reverse mortgage industry posted a record 114,000 endorsements in 2009 just as the housing and economic crash began in earnest. Consequently volumes plummeted with housing values. In the years that followed, endorsement declines were commonly attributed to increased relegation and product changes. But what perspective can we gain when looking at our industry’s growth in the last decade?
James Veale is a numbers guy. Not surprising considering his extensive work prior to originating reverse mortgages as a Certified Public Accountant with a Masters in taxation. In his recent column published in Reverse Mortgage Daily Veale writes, “During the last decade, the industry produced more than twice as many endorsements (707,915) as the total endorsements for all fiscal years that preceded it (346,177). We not only saw the 500,000th endorsement in the last decade but also the 1 millionth.”
As a frame of reference, let’s review previous HECM marketing efforts.The summer edition of Reverse Mortgage Magazine published by the National Reverse Mortgage Lenders Association (NRMLA) touted 2017 as the ‘30th anniversary of the HECM’. In its first decade, the HECM was a relative unknown to older homeowners. That quickly changed in the mid-2000’s when big bank lenders such as…
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If there’s one thing people love to do online it’s to share their opinion. Why not leverage this tendency by inviting your reverse mortgage prospects to take a survey? It’s a great way to open the conversation and generate some quality leads.
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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
Well, how are you doing with your marketing?Marketing isn’t finding that magic formula, it’s consistency…
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
If there is one subject that cries for remedial instruction it’s financial literacy. Fortune.com found that nearly two thirds of Americans are in effect financially illiterate, unable to grasp basic financial concepts. As the Home Equity Conversion Mortgage has become increasingly complex in recent years, the knowledge gap has widened.
Before attempting to explain how a reverse mortgage works, we should perhaps conduct a quick assessment of the prospective borrower’s grasp of financial concepts. After all, who would want to jump from algebra straight to trigonometry? In reality, filling the role of a financial counselor is often impractical, nevertheless we should be mindful of many homeowner’s ability to absorb the information we are presenting.
Consider one question: if you take out a $1,000 loan that has a 20% interest rate, how much will you owe in one year in interest? Nearly two thirds could not answer correctly. The overall rate of American financial literacy findings come from the National Capacity Study by the FINRA Foundation.The very nature of reverse mortgages is counter-intuitive to the mortgages most have known and paid for most of their working years. That familiarity is fraught with myths and misconceptions. Take for example ….
