In order for one to succeed in the Senior market it is important to understand the social, economic, and emotional wants and needs of this special age group.
Be prepared to spend time educating yourself on the issues that concern them and align yourself with other professionals that might be of help to you and your clients. You can't be everything to everybody.
Subscribe to senior publications, attend senior fairs or events, educate yourself on the important issues concerning the needs of seniors. Always put their interests above you own, look at each client like they were you own parents or grandparents.
Below are some statistics that will illustrate the ongoing need for reverse mortgage loans, we are at the beginning of a emerging market that will continue to grow and evolve. As loan originators we need to do the same and educate ourselves to stand out as professionals in the industry.
As you can clearly see there is no shortage of prospects. Seniors are a special blend of knowledge, experience, history and deserve a high degree of professional integrity when contemplating a reverse mortgage. Give it to them straight and cover all points good and bad. Always realize the fears the senior will experience.
A great source for loan originators entering or currently doing business is NRMLA (National Reverse Mortgage Lenders Association) here you will have access to many resources to assist you in selling reverse mortgages. Relating to seniors starts with upholding a code of ethics which is at the core of why we originate loans. Take time to understand and implement these in your business.
This NRMLA Code of Ethics and Professional Responsibility (Code of Ethics) describes values shared and rules applicable to all members of the National Reverse Mortgage Lenders Association (NRMLA). Under this Code of Ethics, NRMLA Members generally are responsible and will be held responsible for the actions or failures to act of their officers, directors, employees, agents and representatives.
As a condition of membership, all NRMLA Members are required to adhere to this Code of Ethics. Accordingly, each NRMLA Member agrees to observe, maintain and adhere to the following set of values:
Value 1: Fairness
NRMLA Members shall treat consumers with respect and dignity, and in a manner that is fair, reasonable and as they would want to be treated.
Value 2: Confidentiality
NRMLA Members shall appropriately respect, protect, preserve and safeguard the privacy and confidentiality of information obtained from and about consumers.
Value 3: Integrity
NRMLA Members shall act with integrity by adhering to the letter and spirit of this Code of Ethics, which includes disclosing potential conflicts of interest to consumers in a timely basis.
Value 4: Competence
NMRLA Members shall provide services to consumers in a competent manner, acquiring and maintaining necessary and appropriate knowledge, skills and experience to do so, and referring consumers to others who possess such knowledge, skills and experience when they are unable to do so.
Value 5: Diligence
NRMLA Members shall provide services to consumers with diligence and due care, promptly, thoughtfully, in a manner considerate of the interests of consumers and fully in compliance with all applicable legal and regulatory requirements.
Value 6: Professionalism
NRMLA Members' conduct shall reflect positively on NRMLA, the profession and the industry.