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.

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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Harsh Truths

Harsh Truths for Increased Success

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Reverse Mortgage News

One of cinema’s most memorable quotes came from the film “A Few Good Men” in which Jack Nicholson’s character retorts “You can’t handle the truth!” In an age where many in society see truth as relative and subjective there are a few truths about life we should embrace for greater happiness and productivity.

1- Life isn’t fair. It seems obvious but our minds often subconsciously trick us asking ‘why is this happening to me?!

2- First steps are always the hardest. Whether it’s a diet, a new marketing plan or parenting making a substantial change requires that first leap of faith…actually just a small step.

3- Good things don’t happen overnight. Think back on any great accomplishment you’ve made. Did it happen instantaneously? No. Great rewards require great commitment and accomplishment and good old hard work.

4- Everyone is not on board. Just because you have a great idea…

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Get more reverse mortgage news, training & technology at www.ReverseFocus.com today.

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

Your Reverse Mortgage Business Online

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

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!