post by Sam Collins

You often do not hear or read about making money in the reverse mortgage business.  It seems to me there are an awful lot of people doing reverse mortgages, so there must be a reason. 

I am convinced if you enter into the reverse mortgage business with the concept of making tons of money, most likely you will be disappointed and most likely you will fail.  Yes, there is money to be made.  Yes, you can make a comfortable existence, but only after you have made a consistent effort to create a solid marketing plan, made a fair investment of both time and money, and committed yourself to helping seniors.  Without the latter, you will be a failure. 

A sincere commitment to any endeavor is more than words, it requires action.  I hear of people talking the talk, but do they walk the walk.  I can honestly say, I believe there are many reverse mortgage professionals who do exactly that, they walk the walk.  I’ve heard of  loan officers making absolutely nothing on a loan in order to help their senior client save their homes.  Some may ask  how can  they afford to do that?  Obviously, you can’t do that on every transaction, but again this is not about making money, it’s about helping seniors.  Trust me, the money will come, but it cannot be the first thing in your mindset.

The reverse mortgage business is not for the faint of heart.  To succeed, it can be costly and time consuming.

OK, so what does it take to make money in this business? 
Here is my top  12  list:

1. First, clear your mind and make the commitment to dedicate yourself to always do the right thing for the senior client.
2. Next, get educated, learn everything you can about the product, terms, and disclosures, and costs.
3. Third, your presentation to your client must be clear, concise, and accurate.
4. Create a marketing plan how you want to build your business.
5. Determine how you can afford to invest both time and money.
6. Develop a clear strategy and system that you follow religiously day in and day out.
7. Learn to adapt to new rules and updates in programs.
8. Create a multi level approach to your business.  Do not rely on thing to maintain your existence.
9. Get involved in your local community and organizations.
10. Become charitable.  Think beyond yourself and pay it forward.
11. Connect with a reputable lender who can provide you with technical support and who cares about your business.
12. Never forget that you hold the keys to changing the lives of  your seniors lives.  Your actions can determine their future fate.  Be prudent and conservative, think of all the possibilites and always do the right thing.

Making money is fun!  If you follow these simple guides there is no doubt you will make money and in the end feel good about yourself and experience this  feeling of satisfaction that only a few of us ever experience in our lifetime.