Specializing is Key

Specializing is Key

Specializing is Key
When it comes to reverse mortgages, specializing is key to a great transaction. Reverse mortgages are a complicated loan product. To be successful in the reverse mortgage space, it requires an understanding of the entire program, not just the loan product.

Understanding the product is relatively easy: you can figure out the calculations, you can recite the closing costs and help somebody understand how much money they qualify for, but do you know why those numbers are important and what the program is designed to do? Knowing how to visualize the big picture with the borrowers needs, desires and lifestyle in mind is key to understanding if the loan is a viable option for them.

Some key points to uncover are:

  • How does the loan benefit this person?
  • What are the ways the loan might affect this person’s retirement planning?

Once you have an understanding of the loan program, understanding the needs of your target demographic is your next hurdle. Seniors, understandably, require a great deal of patience from their advisers. You must have a servant’s heart and be empathetic and understanding to the often complicated circumstances. A considerable amount of seniors are not technologically advanced; they don’t email, text or fax. They don’t leave online reviews or fill out sensitive information on websites. Their expectations are often
different than the younger demographic. Things generally move at a slower pace: It is not unheard of for a client to take months or even years to make a decision. It requires a great deal of patience and persistence in a sales person. In addition to that, it requires the ability to explain complex financial strategies simply to people who often don’t hear or see as well as they used to and their decision making hierarchy, including family and sometimes professional advisers.

Having a referral network of people that believe in you and are confident in your ability and professionalism is key to success in this field. This is often the last home loan transaction a person will undergo in their life. It is of utmost importance that things are done in the borrower’s best interest and done correctly the first time. There are no do-overs when the end of life is near. Time is of the essence for these clients and it is imperative to ensure their last loan transaction is the best one they have ever had. Seniors are a protected class and we as loan officers have a natural fiduciary
responsibility to them. The reverse mortgage world is an ever changing platform: the program undergoes changes very often, which makes it difficult to stay on top of the latest terms and conditions.

With reverse mortgages, specialization is key. If you’re not specializing in them and doing them all the time, you and your clients are better served partnering with an expert who can guide your clients to the best option for their lifestyle.

We are your local reverse mortgage specialist with over 17 years experience with every type of reverse mortgage. Our blood runs in reverse at Northwest Reverse Mortgage.Choose us and choose a trustworthy partner in your business.

Written by Northwest Reverse Mortgage NMLS 183-4787

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Contact Us

Northwest Reverse Mortgage
10121 SE Sunnyside Rd
Ste 300
Clackamas, OR 97015

Number:
(503) 427-1667

Hours:
MON-FRI 8AM - 5PM

Northwest Reverse Mortgage, LLC. NMLS 183-4787. Equal Housing Lender. Credit on approval. Terms subject to change without notice. Not a commitment to lend. Contents not provided by, or approved by FHA, HUD or any other government agency. All potential tax benefits should be verified with a professional licensed tax advisor. NMLS Consumer Access

At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds; charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees; the loan balance grows over time and interest is charged on the outstanding balance; the borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home; interest on a reverse mortgage is not tax deductible until the borrower makes partial or full re-payment.