Reverse Mortgage

A Reverse Mortgage Chief’s Greatest Discovered Classes in Connecting with Monetary Planners


While reverse mortgage professionals generally view financial planners as ideal referral partners for generating new business, it doesn’t always mean the planners themselves are ready to reach an agreement with a reverse mortgage professional. Similar to different approaches to different types of borrowers, Reverse Mortgage Loan Officers need to understand the dynamics that drive financial planners to make certain decisions on behalf of their clients, those in the industry who could use guidance.

This is a particular focus for a discussion held last month at RMD’s Sales & Marketing Forum where Fairway Independent Mortgage Corporation’s National Reverse Mortgage Director, Harlan Accola, described some of the training that Fairway’s loan officer corps is receiving for RMD must in order to adequately engage with financial planners about possible reverse mortgages for their clients. In addition to a formal training program, Accola also shares helpful details from its own experience of approaching such professionals for such partnerships.

Know your audience before you walk through their door

Regarding the training programs Fairway offers on both its incorporation and partnership practices and its software offerings, one of the most important parts of dealing with financial planners for Accola is that financial planners themselves are a different type of intermediary or when an originator is using Going to a meeting with a financial planner based on a preconceived notion based on a different type of partnership, this could be a recipe for disaster, he says.

Harlan Accola

“It’s very different from dealing with real estate agents or any other group,” says Accola, without saying a word. “If you don’t know what you’re talking about, please don’t screw things up for the entire industry by going to a financial planner’s office and trying to speak to them if you’re not informed. Because they’ll smell this before you get through the first five minutes, and both you and our industry will be discounted. I tell our people that too. “

Going to a training session won’t be enough, Accola says. Before entering a financial planner’s office, the reverse mortgage professional should make sure they understand certain principles regarding the things that the planner feels are important in the course of their job. He recalled one case where a loan officer had difficulty reaching an advisor. In response, Accola asked about the sequence of risk returns.

“There was silence,” he explains. “If you don’t know some of the basics, you need to learn these things. If you don’t know your industry – and that goes for real estate agents, home care workers, whatever – but it’s way deeper into the relationship between mortgages and financial planners. If you don’t know what’s going on in their world and what the difference between assets under management (AUMs) and index life insurance versus annuity insurance, you probably shouldn’t talk to them. “

The best way for a reverse mortgage professional to learn

When it comes to best practices for lenders to familiarize themselves with financial planners’ concerns, Accola says it knows what isn’t working: email blasts to hundreds or even thousands of contacts at once. In terms of what works, keeping the idea of ​​a mutually beneficial arrangement in mind is critical to getting an advisor receptive to what a reverse mortgage expert can tell you.

“[Financial planners] They are not interested in wasting time growing your business; they are interested in growing their business, ”he says. “They better do that, because that’s what they get paid for: doing a better job for their customers. First of all, you have to be able to make it clear to the consultant why working together can help him in his business. “

The ability to demonstrate that a reverse mortgage professional can benefit a planner’s clients is also vital, and this is where the additional understanding of their area of ​​expertise comes into play. At the same time, a professional must have enough confidence in the reverse mortgage product category to correct any misjudgments about the product category if an advisor can view them.

“I was just out with a consultant in Massachusetts this morning and he said, ‘I’ll let you know when a customer runs out of money,'” said Accola of the encounter. “I said, ‘No, that’s not the deal. We appreciate that and will help any 87 year old widow who is broke, but that’s not our business. We’re in business to keep the 87-year-old from running out of money. That’s why we do it at 62. ‘”

Understanding the other use cases and benefits of the reverse mortgage product is critical from the start, says Accola, as there is a perception in some people that reverse mortgages are only for people who have no money or are about to .

“This is for anyone who is over 62 years old,” says Accola. “I don’t care if they have $ 50,000 or $ 5 million in the bank, there are applications no matter what. And the faster the consultant understands this, the better. “

The power of training and visibility

One of the strategies Fairway has pursued for much of the past year is webinars, which can provide demonstrable value to both lenders and financial advisers, Accola says. This is achieved by having guests including a well-known financial advisor like Dr. Wade Peacock, act as part of this educational effort. If this value is presented to the professional, then the audience will take their time for it, says Accola.

“If we offer them real added value, be it the loan officer or the advisor, then the training is [and] Education is vital, ”says Accola. “Because if you can’t deliver that, no one will recommend a business to you because they think you’re nice.”

Part of the educational approach is also to increase the visibility of the Reverse Mortgage product category, where previously reported partnerships between Fairway and NAIFA and software partnerships with companies like Moneytrax have come into play. This visibility increases awareness of the reverse mortgage product category, which Accola describes as a “critically important” piece of the puzzle.