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Use Reverse Mortgage Case Studies & Testimonials

March 11th, 2010

Make Use of Case Studies to Further Explain the Benefits Others Have Received using a Reverse Mortgage
by Sam Collins
senior-lady

Testimonials and Case Studies are strong tools for making a justifiable reason why your senior prospect would consider doing a reverse mortgage.  Below is an idea (example) of one such case study…I am sure you have your own and could modify this approach for your own market and situation.

Reverse Mortgage Case Study
Julia J, 78, thought about moving after a stroke limited her husband Tom’s mobility. Stairs made it hard for him to get in and out of their house, and even though they both enjoyed gardening and bird watching, there was so much yard to take care of.

On the other hand, their ranch house was in good repair and completely paid for. It was a great location was within walking distance of a grocery store and drug store and their church. Their daughter lived just ten minutes away, and the neighborhood was filled with friends, old and young, who watched out for each other. A perfect neighborhood.

The J’s knew they could continue to live in their home if they made some modifications.  They were leery, though, because of the cost and their limited source of ready funds. Since retiring, they’d gotten along on their Social Security payments and Tom’s pension.  Their health care costs were ballooning, however. Jesse didn’t want to lose their home if it became impossible to make monthly payments. They started looking for a new place to live. Then they read about “reverse mortgages”.

The J’s qualified for a reverse mortgage of $150,000. They used $30,000 to have ramps installed, to replace the bathtub with a walk-in shower, and to move their flower gardens into raised beds that could be reached from sitting on the edge or from a wheelchair.

They’re going to take the rest of the money as a line of credit that they can draw on as needed.  They will use it to pay for yard care and housekeeping assistance, for medical costs and for occasional treats, especially like more frequent visits to family and friends living elsewhere. And, don’t forget the grandkids.

“It’s so reassuring to have this cushion,” says Mrs. J, “and to know that should something happen to either one of us, the other can live here as long as they’re able.

“Our children have always loved this house for the memories it holds,” she adds. “Now they love it even more because it enables us to live the way we want-independently and comfortably.”
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Challenge yourself to recite your own stories. Put them in the press releases. Add them to your web site. Write an article for the senior center. Spread the word to your professional contacts. Of course, always seek permission from your client’s.

 If you want to see 62 real life stories, check out this book available to REMALO members and written by real reverse mortgage loan officers.
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Remember, keep moving forward to stay ahead in reverse.

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What’s in a list & Why reverse mortgage pros struggle?

March 4th, 2010

What’s in a list & Why reverse mortgage pros struggle?
post by Sam Collins
data-base-icon

Here’s the bottom line; No one will do a reverse mortgage with you unless they have an interest in it!   Or you are lucky enough to check in when they are having a life changing event. 

When considering a direct mail, telephone, seminar campaign, or other marketing effort, we often get side tracked and attention is deflected away from the list.  Why?  Most notably we get hung up on the aesthetics of the marketing material.  When in reality, if we focus on the wrong list, it really doesn’t matter what the marketing material looks like.  The most important part is the list.

My experience is most response related marketing services don’t truly understand the reverse mortgage business.  They get confused when you ask for equity versus LTV, they think in terms of anyone 62 or older will work, they don’t consider length of residence, or total revolving debt, and most notably can’t fully zero in on values.    Understandably,  these variables in our marketplace can be difficult, but not impossible when you go outside and actually deal directly with list and data vendors, whose specialty is exactly that, DATA.

Why deal direct with list and data providers?  Foremost, providing lists and data bases are what they do.  Secondly, once you purchase the data, always ask for the download copy of the data.  Thirdly, since marketing to the same data base over and over again, you are now in control and your cost for the really good data actually gets better the more often it is used.  For example, if you paid .25 cents for your data, mailed 10, 000 pieces as many as 4 times, then your actual cost for the really good data is not .25 cents per name, but .0625 cents, about the same you would have paid for if you purchased lousy data or got what you thought was free.

Remember, keep moving forward to stay ahead in reverse.
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March Free Training Webinar Event

Mar 10, 2010 Our guest this month is: Daniel Rud CMO, Domestic and International PIONEER INFORMATION, INCDan is going to discuss the following:- Compliance- Best Practices

- Script Development

- Resources available

In light of all industry and governmemental changes, this is webinar you will want to attend. Topics will be discussed relative to telemarketing and getting approval of your direct mail piece and scripts.

Check your local time zone below:

2:00 pm EDT 1:00 pm CDT 12:00 pm MDT 11:00 am PDT

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Selling a reverse mortgage is a calling!

March 2nd, 2010

ALL MONEY IS MADE BY SOMEBODY SELLING SOMETHING TO SOMEBODY ELSE!

 

            A model sells her beauty. A factory worker sells his time and his skills. A test pilot sells his courage and expertise. Even a ditch digger is selling something: His labor. The point is… you don’t have a choice about whether or not you want to be a reverse loan advisor , you already are one. Maybe, you’re not what is generally regarded as a pure salesman,  but, you absolutely do make your living by selling something. Again… all money is made by somebody selling something to somebody else.

            And… since this is true…

 

THE MOST IMPORTANT DECISION YOU WILL EVER MAKE AS FAR AS YOUR CAREER IS CONCERNED IS… WHAT IT IS THAT YOU ARE GOING TO SELL!

 

            Nearly everybody gets this part wrong. People go into real estate because they hear that’s where the money is. Or they go into computers for the same reason. In the movie “The Graduate,” someone whispered the word “plastics” in Dustin Hoffman’s ear because, they believed “that’s where the money is.” This kind of thinking is dangerous. You should never go into something merely because you heard “that’s where the money is.” No… the only correct way to deal with this decision is…

SELL SOMETHING YOU LOVE!

 

            Money should be a “by-product” of enthusiasm. If you get into something just for money, there’s a good chance you won’t make any. And  even if you do, so what? So, what if you make a million bucks a week if you hate getting out of bed, hate your work, feel indifferent to your product or service and, in general, you are unmotivated, and… bored?

 

            Look, life is difficult. And business life is doubly difficult. On your road to success, you’re going to be dogged by envy, scoffed at for daring to be a dreamer, trivialized by those with less courage, pestered by bureaucrats, etc. In fact, in today’s America, I defy you to get out of bed, use the bathroom, get dressed, eat breakfast and go start your car without running afoul of at least a half dozen laws and regulations.

           

            The point I’m trying to make is, the business of doing reverse mortgages is incredibly difficult even under the best of circumstances and when you add this to toiling at something you find boring… you’ve got a combination that almost guarantees burn out.  Selling reverse mortgages is akin to a calling, “have fun.”

 

Rememeber, keep moving forward to stay ahead in reverse.

 

 

 

 

 

 

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Reverse mortgage originators bare a huge burden!

February 28th, 2010

Reverse mortgage originators bare a huge burden!

by Sam Collins3-coahing

Have you ever considered the enormous burden you have as a reverse mortgage originator?   Because of the huge financial burdens being exercised on our senior homeowners today, there is an  equal amount of burden  being placed on reverse mortgage originators.

The reasons for burden are many.  The ones that come to mind  are the recent reductions in principal loan limits, then couple that with  reductions in home prices, you have a recipe for burden.    These facts are proven in the recent major reduction in reverse mortgage originations.  The burden for reverse mortgage originators is twofold:


First,  we are seeing more and more senior  homeowners not qualifying.  In fact, some are faced with losing their homes and  being left homeless, having to move in with the kids, or becoming a ward of the state (goverrment).   This  is changing the burdens on us and our clients.   This leads us trying to find more solutions for our clients.   Yes, you could just walk away when someone doesn’t qualify or you can take another step, such as trying to negotiate a short refinance.  But, this too adds a burden.  Time!  How do you find the time and if it doesn’t work, who will compensate you?    So the burdens are many, including financial and moral in nature.

  
Second,  because of reductions in the principal loan limits and deteriorating home prices, we are finding that less and less people are qualifying for adjustable rate reverse mortgages and the percentage of fixed rate reverses are the only alternative.  Burden vs solution.  If not for the fixed rate product many clients today would be losing their homes.   However, we are faced with a heavy burden, trying to keep objective with our product offerings.   It is a  dilemma we are faced with daily in our world as reverse mortgage originators. The burdens of our financial world today seem almost incomprehensible, with insurmountable financial pressures being applied to all walks of life.   However, less not we forget those who gave us the qualify of life we enjoy today!  Cannot there be  found the resources to assist our aging homeowners?    Where is the burden?

 

Remember, keep moving forward to stay ahead in reverse.

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