Reverse Mortgage Tips from NRMLA Annual Meeting

Scott Harmes, C2 reverse

I drive my wife crazy because I always tell everyone we have a reverse mortgage. Then one of the frequently asked questions is: ‘What is a reverse mortgage?’ My question to you is: do you have a very good, concise explanation for clients?

Here is mine: “Your reverse mortgage was created by an act of Congress in 1987, signed into law by President Reagan in 1988, as a benefit for senior homeowners who earn that benefit through age and wealth accumulation. So it’s a lot like the benefit a VA loan is to a veteran. A Home Equity Conversion Mortgage is an advantage for an older home owner.’ You see the lights come on when you explain that.

Shannon Hicks, reverse focus

Don’t sit in your office because you won’t be seen. Find a way to be involved in the community. Don’t be intimidated to meet the House Speaker and be proud of what you do.

You are like a financial Santa Claus who turns stuck money and bricks into cash flow. You have something to be proud of. You have a story, so start networking.

And once you’ve made those connections, don’t let that get cold. If you date a girl and you only see her once and then never talk to her again for six months, she probably won’t like you that much. The same goes for the financial advisors and professionals in your area, so be disciplined in your networking approach.

Ryan Ponsford, Equity Wealth Academy

Speaking of paying. No one makes payments on a reverse mortgage. But here’s why payments matter: When people take out a loan they know they won’t pay, do they feel responsible or irresponsible?

This is more about psychology than math. The great thing about talking about payments is that it allows them to rationalize that they are not being irresponsible. Whether they pay or not is essentially irrelevant. They have the option to make a payment. You have to create that rationalization, that emotional connection, that they can do that.

This is an arbitration question. I can leave money invested and get an expected return. I can also pay off my debts and get a guaranteed return. If you make a payment and I have 7% interest on my loan, my return on that investment is 7%. Am I beating that with my investments? Maybe. But I’ll take that guaranteed return.

George Vrban, Movement Mortgage

I actually divide it into four categories, four beliefs. Number 1: You have to believe in the company you work for. You need people to have your back to help you develop a business plan so you can physically get out there and do what you need to do.

Number 2 is believing in the program you are developing for the company and for your employees who are trying to do this in the field. No. 3, you have to believe in the product. There are people in this industry who don’t understand how to use this tool properly. Forty percent of my annual turnover comes from financial planners. I teach it as a retirement tool.

The last belief is believing in yourself. Sometimes you will have other people who will believe in you more than you believe in yourself. If you structure it for yourself, come up with your business plan and have that support system in place, I guarantee the Red Sea of ​​opportunity will open up.

Then Hultquist, REVERSE plus

I’m so glad Ryan Ponsford talked about payments. That’s the kind of thing you want to model. Ryan also mentioned needs-based borrowers. That’s a small piece of the pie.

You can’t sit around and wait for the phone to ring, for someone desperate enough to pay 2% of their home’s value to the federal government because they absolutely need money tomorrow. That’s not the solution. You need to learn how to talk to non-needs based borrowers.

I’ll just draw attention to George Vrban. Of the 90 to 100 loans he made this year, how many were desperate, needy borrowers who are down to their last check? Less than 20%. He sells to non-need based borrowers. He also sells to people who claim they don’t need it. He works with the financial planners, and that’s where the other 80% of the market is.

Lisa Moriello, LoanDepot

If the people within 300 feet of you don’t know what you’re doing, you’re in trouble. You must be able to tell them briefly and concisely what you do. And I don’t really care if you use ChatGPT because it helps me focus my brain. It’s a very good assistant.

My message is: I create tailor-made mortgage solutions for every stage of life. Your message can be whatever you want. Just give a message and practice with it. It is so important to be able to express what you do.

What happens between now and the end of the year? The holidays. What happens during the holidays? Everyone sees their elderly relatives who they haven’t seen in a while. This is an opportunity to let your customers, regardless of age, know that they may want to reach out to their elderly parents. And if you don’t take advantage of that now, you’re all missing an opportunity.

Harlan Accola, Movement Mortgage

Many people wonder why they are not successful in this industry and why they do not sell a lot of loans. And the fact is, very few hands went up when we asked how many people here have a reverse mortgage or are planning to get one.

When I was 43 years old and I heard about the reverse, I sat down with my financial advisor and asked, “Should I do this when I turn 62?” It was the plan for twenty years. How many of you have already done that with your financial advisor? It’s far too little.

One time I was recruiting someone who called me and said, “Hey, I’m looking for a job. I wonder what your comp plan is.” That’s not a good way to start the conversation. But I said, ‘Well, I want to know about you first. When are you turning 62?’

He said, “Oh, in a few years.” I didn’t say anything. “Are you going to take out a reverse mortgage?” And he said, ‘I’m glad I can help other people, but I really hope I won’t need one.’ I mean, think about that.