You have been making mortgage payments most of your adult life. Maybe it’s time your mortgage lender starts to pay you back.
According to the National Reverse Mortgage Lenders Association, since 1990, 906,018 seniors have accessed the equity in their homes by taking out a reverse mortgage. Although recently, the numbers seem to be on a decline. In 2009, 114,292 applications were processed, while in 2014 only 51,642 seniors applied.
The reverse mortgage is a financial product that has been available for more than 50 years, but many people are confused about what it is and how it works.
The original idea of the reverse mortgage was to give seniors (age 62 and over) the opportunity to access the equity in their homes without selling or incurring the obligation to make monthly payments to a lender. It was expected that most reverse mortgage borrowers would receive monthly payments from the lender to help pay their living expenses and age in place. However, recent studies have exposed worrisome trends that can put borrowers at financial risk.
David Cutner, partner at Lamson & Cutner, P.C., attorneys for the elderly and disabled, offered the following insight about reverse mortgages for boomers:
Boomer: What is a reverse mortgage and how does it work?
How to Generate Mortgage Leads Successfully
One of the best way to generate mortgage leads is to get your paperwork in order. When someone wants to purchase mortgage leads, they want to have the information in front of them. They want to see an outline of your plan and your goals. They also want to see the benefits of choosing you. In other words, why should someone choose you over someone else? You also need to be patient with your process. Don’t be too pushy. People do get turned off by people who are too pushy. In fact, it makes them move in the opposite direction. Once you have placed your advertising in front of someone, be patient. Let them come to you. The best thing is to let your company and work speak for itself.
Tap into some of your personal contacts. Sometimes persistence pays off. I’m talking about persistence, not being overbearing. Talk to your friends and family. Tell them what you are doing. Send them advertising. Let them discover for themselves what your business is all about. It’s okay to send them reminders every so often. Sometimes people forget and push something to the back. To be successful with friends and family is not taking it too personally. Don’t get upset if they turn you down. Maybe it’s just something that is not right for them. Just be you and let your friends be them. Even if they can’t benefit, maybe they know someone who can.
You can make your mortgage leads business work for you. Just go slow. The more secure you are about who you are and what you do, the more things will fall into place.