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WorldWideWayne
3291 Posts |
 Posted - 10/04/2007 : 3:41:52 PM
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I would love to get input from those doing Reverse Mortgages as to how they are getting their business. If you telemarket, can you share a good script? Do you do info seminars? How do you set them up...where do you target for them?
I just set 3 small seminars in local senior centers in about 3 hours of cold calling. I realized today that I need to learn to prospect. 10 years in mortgages and I have never learned to prospect. I've always had clients...all my calls were sales calls...but this is different. I would love to hear from Raymond and Eric, but appreciate hearing from all that are in the reverse mortgage trenches. |
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MisterVA
9254 Posts |
Posted - 10/04/2007 : 3:47:26 PM
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| Just had a booth at an Aging In Place event, and made a lot of good connections with seniors' groups. I am fairly new to reverses, but I have gotten referrals from bankers who don't do them, financial planners, attorneys, brochures, realtors, tax accountants & newspaper ads. Plan on setting up some joint seminars with estate attorneys, area agencies on aging, etc. Some great stuff on this if you are connected to Financial Freedom. |
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WorldWideWayne
3291 Posts |
Posted - 10/04/2007 : 4:23:57 PM
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I feel like I'm trying to reinvent a wheel that already exists somewhere. We are not set up with Financial Freedom, were with JB Nutter. Their service is hands down better than any lender I have dealt with in 10 years of doing this.
However, they have nothing for us on marketing...nothing. Sounds like FF is plug and play with their ideas. This is like being new again.
The excitement is back again!
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rainmand
5553 Posts |
Posted - 10/04/2007 : 4:57:03 PM
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>> just set 3 small seminars in local senior centers in about 3 hours of cold calling.
That's powerful Wayne! I don't think you need any scripts. I think hosting seminars is the best way for this target market. I've recently brought onboard five new hires that are switching from Forward to Reverse and they all have the same questions as you. Leo and Gerald are teaming and will be combining Reverses with Insurance, and Gerald is doing the same as you, targeting Senior Centers for seminars, and so far hes done very well. I also provide my Loan Officer's with their own websites (using the same template from Lenderlab), and they're using www.EasyReverseMortgage.com
Kristina received two calls today from her website, www.ReverseMortgageCounselor.com , but her primary mode of origination is by going out and meeting with Seniors. She'll go to the park and ask Seniors if they want to know how a Reverse Mortgage works, and then explain it to them. She does the same thing with Seniors she meets in the grocery store. It's fun watching her work.
I've also recently brought two Pastor's on board and they've been close friends for quite awhile now and they're considering using www.ReverseMortgageOriginators.com as their website. Both of them currently have Reverse Mortgages (one that I originated a couple years ago) and are in their 70's, so I think they'll do great because of all the Senior's they know.
Myself ... 90% of my business came from the co-advisor program. I solicited Forward Loan Officers and took their Reverse Mortgage clients to funding. My primary mode of origination came from www.ReverseMortgageLender.org and www.SuperJumboReverseMortgage.com . I still use them but am spending more time developing my new hires.
>>We are not set up with Financial Freedom, were with JB Nutter
I love doing business with JB Nutter, and wish they'd hurry up with getting their Jumbo Reverse Mortgage program available. However, my new favourite investor is LLS (Lender Leads Solutions). They're the folks that host the Robert Wager commercials. Their Underwriting is fast and problem free.
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WorldWideWayne
3291 Posts |
Posted - 10/04/2007 : 5:26:00 PM
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Raymond:
Thanks for the kind words. I felt very comfortable calling on those senior centers. Cold calling seniors is a different story.
I desperately want to make it in reverse! Any tips for getting in with referral sources like the ones MisterVA mentioned?
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WorldWideWayne
3291 Posts |
Posted - 10/04/2007 : 5:28:42 PM
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| Also, do you think a reverse mortgage website is more business generating or informational? |
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rainmand
5553 Posts |
Posted - 10/06/2007 : 12:04:20 PM
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| I feel the best way to generate the best business is by offering informational seminars. This business is a face-to-face business and informal informational presentations gets you in front of your target audience. Websites can be used for lead generation, but they're primarily there to give you credibility. You're instantly thought of as an expert in the field if the words "reverse mortgage" are part of your domain name. Prospects don't doubt my credibility when they hear my email address is raymond@ReverseMortgageLender.org |
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WorldWideWayne
3291 Posts |
Posted - 10/08/2007 : 11:07:55 AM
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So, the big question is, how do I do one of these seminars? My first one is in a week.
It's at a local senior center with aprox 30 in attendance. The seniors will be bringing their own sandwich, and will be served cake and coffee...then they will play bingo. I get to speak during cake and coffee, but MUST BE DONE BEFORE BINGO!
My question is this...NOW WHAT?...
My thought was to put some flyers in their hands, use the flyers as my text for the seminar and answer any questions they may have. What do you guys think? |
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MisterVA
9254 Posts |
Posted - 10/08/2007 : 11:11:53 AM
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| Are you hooked up with Financial Freedom? They have a power point already done. You can print it out as a handout if you'd like. |
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WorldWideWayne
3291 Posts |
Posted - 10/08/2007 : 11:17:27 AM
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| No. Just JB Nutter. They offer nothing on marketing at all. |
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MisterVA
9254 Posts |
Posted - 10/08/2007 : 11:21:34 AM
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| There was a free webinar offered by In Touch Today. I ended up printing it out. You would have to pick out parts of it to use in your presentation, though. It is mostly geared to LOs. www.intouchtoday.com |
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MisterVA
9254 Posts |
Posted - 10/08/2007 : 11:23:50 AM
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| Take a look here...a couple of PP presentations... http://www.intouchtoday.com/mortgage/powerpoint.htm |
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WorldWideWayne
3291 Posts |
Posted - 10/08/2007 : 12:22:17 PM
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| do you think I can keep their attention with a pp presentation? |
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MisterVA
9254 Posts |
Posted - 10/08/2007 : 12:31:10 PM
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| I would just have a handout based on the presentation. You can use it as an outline. I have gotten some brochures from ITT for reverse mortgages, too. I am guessing you will have 15-20 minutes to grab their attention. If you have a handout, it will give them something to mull over and to have a reason to call you. Assuming you do not consume too much cake. |
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WorldWideWayne
3291 Posts |
Posted - 10/08/2007 : 12:54:16 PM
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I'm wondering if 5-10 min of me talking will be enough. Shoot, when we have a lender in to talk, I'm not paying attention after that time...I can’t believe that the senior audience is much different.
I’m thinking of using HUD's "Top 10 things" as my outline and handout. I will attach my business card and leave the flyer and card with them.
I'm also going to open up the floor for questions. That is where I'm hoping (sp) to make a connection with the group. Now that I am thinking this through a little, maybe I could ask the group what they know about reverse mortgages at the beginning. See if I can draw them in right from the start.
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velecico
6403 Posts |
Posted - 10/08/2007 : 1:04:53 PM
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Wayne ,
I do seminars at the Libraries , free advertsing on their web site and monthly flyers , just have to bring the librarian some donuts |
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MisterVA
9254 Posts |
Posted - 10/08/2007 : 1:21:04 PM
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| Don't portray yourself as a lender. Don't get into the "we have great rates, great products, great service" routine. You are there as a trusted advisor. You might ask for a show of hands as to who has heard of reverse mortgages in the last month. A good opening statement will be the best thing you can have to get and keep their attention. Don't worry about what might happen if they do not pay attention. Most seniors are not like Homer's dad. |
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Edwin
552 Posts |
Posted - 10/08/2007 : 1:45:04 PM
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Check out the National Reverse Mortgage Lenders Association website at www.nrmla.org. Also, the National Aging In Place Council at www.naipc.org.
National Aging In Place Week was Oct. 1-7.
I do Aging In Place seminars in churches and senior centers, with a county health nurse, a local contractor/landscaper and an investment counselor. We each talk for 10 minutes, host a coffee and cookie bar, and then let the seniors come to our tables for brochures, flyers, etc.
During my presentation, I hand out a questionnaire asking what they liked and disliked about the seminar. If you leave a space for name and phone number, most will supply it, and then you can call back to thank them for attending.
That phone call gives me a 20% chance at a warm lead, and then I get referrals from the other presenters.
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WorldWideWayne
3291 Posts |
Posted - 10/08/2007 : 1:51:19 PM
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Nick
Do you advertise the seminar at the library outside of the library? How many have you had show up? |
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WorldWideWayne
3291 Posts |
Posted - 10/08/2007 : 2:15:06 PM
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Edwin
How do you get in the door at the churches? Most pastors have the door to their office guarded by the dreaded "church secretary"!
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WorldWideWayne
3291 Posts |
Posted - 10/08/2007 : 2:27:08 PM
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| By the way, this has been a great thread...thanks to all who have responded. |
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rainmand
5553 Posts |
Posted - 10/08/2007 : 2:56:21 PM
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>>How do you get in the door at the churches?
By hiring the Pastors ... I've hired two this year. |
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Edwin
552 Posts |
Posted - 10/08/2007 : 3:08:44 PM
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A lot of churches have policies again "selling" inside the church.
However, a lot of churches like to provide community-based services, too.
Therefore, I go to the pastor and ask for permission to host an Aging In Place seminar. It's open to the community, and no one is "selling" anything. It's strictly informational.
It's the questionaires that provide me with the susequent leads...
I even ask on the questionaire if they'd like a follow-up call about the seminar! If I get a name and phone number, that qualifies as assent to follow up. |
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MisterVA
9254 Posts |
Posted - 10/08/2007 : 3:34:28 PM
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| Some great ideas. A fellow LO at my company has actually bought ads in the church bulletin at a couple of parishes. [Yes....they are selling ad space.] |
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rainmand
5553 Posts |
Posted - 10/08/2007 : 3:40:36 PM
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>>Most seniors are not like Homer's dad
I'm going to start using that line. Last week I attended a presentation and a lot of questions came up in this area. It seems loan officers who don't routinely interact with Seniors think they're "slow" and can't comprehend comprehensive subjects. I explained most 70 and 80 year olds are open ears and ask really good questions. Now I'm going to follow it up with "most seniors are not like Homer's Dad". |
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MisterVA
9254 Posts |
Posted - 10/08/2007 : 3:43:01 PM
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| Forgot the little 'tm'. |
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Edwin
552 Posts |
Posted - 10/08/2007 : 3:47:19 PM
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Dude, you'll go over their heads with that reference.
They may go home and reread "The Odessey" if you mention Homer...
They are not slow or stupid, but they use a different set of reference points.
You'll do better if you talk about "Bob and Bing, in The Road To Financial Freedom..." |
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MisterVA
9254 Posts |
Posted - 10/08/2007 : 3:50:47 PM
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quote:
Originally posted by Edwin
Dude, you'll go over their heads with that reference.
They may go home and reread "The Odessey" if you mention Homer...
They are not slow or stupid, but they use a different set of reference points.
You'll do better if you talk about "Bob and Bing, in The Road To Financial Freedom..."
Only the retired English teachers will re-read The Odyssey. I am just thankful I never had to read it the first time. |
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cpruitt
1782 Posts |
Posted - 10/08/2007 : 4:00:40 PM
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quote:
Originally posted by rainmand
>>How do you get in the door at the churches?
By hiring the Pastors ... I've hired two this year.
That's actually amusing in a twisted way! |
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Easy Street
41 Posts |
Posted - 10/08/2007 : 4:24:09 PM
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You could use a custom brochure, like say the one here:
http://www.easystreetdesigns.com/reversemortgage.php
for example, and place it in areas that senior home owners/retirees are more likely to frequent. You could also give them to financial advisers to distribute.
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moneyone
723 Posts |
Posted - 10/08/2007 : 4:27:34 PM
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| I knew of a pastor/LO that routinely made 3-4 points on each deal he was reffered from his church patrons. No lie! |
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rainmand
5553 Posts |
Posted - 10/08/2007 : 5:20:30 PM
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>>That's actually amusing in a twisted way!
They're actually very qualified. I originated a Reverse for one of them two years ago and his friend, the other Pastor, was getting one at the same time from another Originator. They're both in their 70's and easy to talk to. I feel the best people to offer them are those that already have them because they've been there and done that. |
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WorldWideWayne
3291 Posts |
Posted - 10/09/2007 : 07:18:06 AM
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quote:
Originally posted by Edwin
A lot of churches have policies again "selling" inside the church.
However, a lot of churches like to provide community-based services, too.
Therefore, I go to the pastor and ask for permission to host an Aging In Place seminar. It's open to the community, and no one is "selling" anything. It's strictly informational.
It's the questionaires that provide me with the susequent leads...
I even ask on the questionaire if they'd like a follow-up call about the seminar! If I get a name and phone number, that qualifies as assent to follow up.
Edwin
Did you start the Aging in Place group in your area or did you join an existing one? There does not seem to be one in my area, so I would have to start one...and don't know if that is something I could do????? |
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rainmand
5553 Posts |
Posted - 10/09/2007 : 09:05:35 AM
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>>Did you start the Aging in Place group in your area or did you join an existing one?
I'm curious about this too. It sounds like a good idea. |
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Edwin
552 Posts |
Posted - 10/09/2007 : 09:07:19 AM
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I started one.
I'm about to start another, in another city. After all, "it's all about relationships..."
My company is a paid NRMLA member, and that includes membership in NAIPC. Both of their web sites have or provide me with tons of ideas. |
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WorldWideWayne
3291 Posts |
Posted - 10/09/2007 : 09:13:27 AM
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Edwin
What is the web address for Aging in Place. |
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MisterVA
9254 Posts |
Posted - 10/09/2007 : 09:57:13 AM
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| www.naipc.org I believe. Wasn't aware that NRMLA membership included NAIPC. I will check that out. |
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rainmand
5553 Posts |
Posted - 10/09/2007 : 11:25:28 AM
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>>Wasn't aware that NRMLA membership included NAIPC
I didn't know that either and will check it out too |
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MisterVA
9254 Posts |
Posted - 10/09/2007 : 1:33:00 PM
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| It's true. But each has to be a delegate to get the benefit. |
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WorldWideWayne
3291 Posts |
Posted - 10/09/2007 : 4:09:41 PM
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So, have any of you telemarketed this product? We are hitting that hard here...not with telemarketers, but us LO's getting sheets to call off of.
I have NEVER telemarketed before, but in the very short time doing it I have learned a couple things about calling seniors.
1. Don’t call after 3pm! They get very cranky then (you may laugh, but thousands of phone calls as a group proves that to be true)
2. Don't sell on the first call...unless they beg to be sold. The first call is prospecting...just find the interested ones that would like more information for themselves and trusted advisors. First call sales seem to turn into cancellations later once family gets involved.
So, if you successfully telemarket this product, can you please add some insight.
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MisterVA
9254 Posts |
Posted - 10/09/2007 : 4:47:29 PM
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| I think setting up the seminars will get you more success. Get involved with seniors' groups. I would be very surprised if you got more by telemarketing than by the other methods. You might try NARFE. I will venture to say that not many here know what that is. My Dad belongs to the National Association of Retired Federal Employees. The group meets monthly. I would guess that a guest speaker would be welcomed. |
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MisterVA
9254 Posts |
Posted - 10/09/2007 : 4:50:59 PM
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| Here is a chapter locator. I am going to contact the ones near me. http://www.narfe.org/departments/cl/search.cfm |
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WorldWideWayne
3291 Posts |
Posted - 10/09/2007 : 7:30:03 PM
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I agree. However it is required, for now, to do the calling so I need to make the best of it.
Actually, I think I will create a thread just for my 6 week experiment into the dark world of cold calling...starts tomorrow at 8 am cst!
I remember a newbie starting a telemarketing thread several mos ago...I wonder how he did? |
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MisterVA
9254 Posts |
Posted - 10/09/2007 : 7:36:28 PM
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quote:
Originally posted by WorldWideWayne
I agree. However it is required, for now, to do the calling so I need to make the best of it.
Actually, I think I will create a thread just for my 6 week experiment into the dark world of cold calling...starts tomorrow at 8 am cst!
I remember a newbie starting a telemarketing thread several mos ago...I wonder how he did?
"Look! The Cliffs of Insanity!" |
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Quicksilver
6284 Posts |
Posted - 10/09/2007 : 7:44:37 PM
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| What I've noticed with Reverses', seniors seem/rather talk to somebody, ummm, older, if you know what I mean lol. If your in your 20's/30's and talking Reverse loans with them, just seems funny to them for some reason. I've had friends heavily marketing it down here and meeting personally, and they know the product well and know how to sell, but their closings were abmisal. Whereas the few "older" LO's I know doing them do a lot better, to the point where the younger guys I know just started referring their stuff to them instead. In a magazine here, one I know whose younger had a Reverse ad, and one of the older lo's had an reverse ad as well....older one got way more calls then my buddy whose well known in the community. |
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MisterVA
9254 Posts |
Posted - 10/09/2007 : 7:47:38 PM
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quote:
Originally posted by Quicksilver
What I've noticed with Reverses', seniors seem/rather talk to somebody, ummm, older, if you know what I mean lol. If your in your 20's/30's and talking Reverse loans with them, just seems funny to them for some reason. I've had friends heavily marketing it down here and meeting personally, and they know the product well and know how to sell, but their closings were abmisal. Whereas the few "older" LO's I know doing them do a lot better, to the point where the younger guys I know just started referring their stuff to them instead. In a magazine here, one I know whose younger had a Reverse ad, and one of the older lo's had an reverse ad as well....older one got way more calls then my buddy whose well known in the community.
All I have to do is whip out my trusty AARP membership card. Free coffee refills, here I come! |
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WorldWideWayne
3291 Posts |
Posted - 10/10/2007 : 09:50:22 AM
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I guess I'm a tweener being 41.
My results for today in 2 hours of calling:
68 dials
31 answered
7 that will take more info
1 of the 7 I was able to quote...and send more info
So the idea is to get them to take more information and call them in a week with more of a sales pitch. We'll see...1 day of calling down, 29 to go... |
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Edwin
552 Posts |
Posted - 10/10/2007 : 10:18:38 AM
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A reverse mortgage is a bit of a "process". They take me a while to cultivate, too.
My last AIP seminar was:
20 attendees
7 requests for info
7 follow-up calls a week later
3 pre-quals
1 pending application
You are doing fine, Wayne. Just keep giving them info and asking for referrals, or a chance to talk in front of their church group / horse club / retired model railroader's assn. / whatever. After a while, calls start to come in. They are big on face-to-face and referrals.
Thanks for the thread. |
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MisterVA
9254 Posts |
Posted - 10/10/2007 : 10:24:43 AM
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| Just had a call from my first client. I have made about 5-7 visits to his home to explain new documents such as statements. Only 15 minutes from the office, but it is worthwhile. A happy client is one who will send referrals. |
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lisa888
28 Posts |
Posted - 10/10/2007 : 11:12:36 AM
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I know I'm late to the party, but hopefully this info will help. Here is a link to a radio show I recently heard on NPR. It has information about different Aging In Place programs. http://wamu.org/programs/kn/07/09/19.php
I would encourage anyone to start an Aging in Place program in their neighborhood or get involved in an existing one. It's a great way to make sure your elderly neighbors are cared for, as well as insuring their homes are cared for, which is good for everyone's property value. For our family, it's been a valuable opportunity for the kids to get to know older people. Grandparents are dead, so they don't really get much contact with older folks. Plus, we're all going to be elderly someday and unable to clean our gutters. I'd like to think it'll come back around to me.
From a business perspective, Reverse Mortgages have been a boon for me. The actual Reverse doesn't make a lot of money and usually requires a ton of time to complete, but I try to make sure that the clients' heirs or children are at least somewhat involved (depending on family situation obviously). I almost always get 2 - 3 APaper loans from family members or friends. |
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WorldWideWayne
3291 Posts |
Posted - 10/10/2007 : 12:23:35 PM
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| Is it Amelia or Lisa? Anyway, better late than never. My hope with this thread is to learn from those that are closing reverse mortgages on a monthly basis, and also to be a source for those like me that are new to reverse but VERY excited about doing them. Thanks for your input and please keep it up! |
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