Adapting and Thriving: Strategies for Reverse Mortgage Professionals in Today’s Market

In the unpredictable landscape of the reverse mortgage industry, staying relevant is key to serving clients and referral partners effectively. Reverse mortgage professional Gabe Bodner shares his insights on how to remain vital in a market that demands resilience and adaptability.

The reverse mortgage market is undoubtedly challenging, and it’s easy for even the most seasoned originators to feel deflated. However, amidst the difficulties, one must remember that these market conditions are not permanent. To thrive in this ever-changing landscape, professionals must stay relevant to their clients and partners consistently.

Here are some strategies and ideas from Gabe Bodner on how to stay positive and maintain relevance:

1. Maximize Your Time and Connections: Time is a valuable resource, and it’s essential to use it wisely. Focus on activities that generate results and avoid wasting time on tasks you dread. The right activities, done consistently, will yield positive outcomes. Bodner emphasizes the importance of connecting with referral partners in person. He enjoys face-to-face meetings, which he believes foster stronger relationships. On the other hand, he avoids cold calling, as it’s not his preferred method. When he receives a new referral, he promptly calls, texts, or emails the prospect until he connects with them, ensuring that all calls are warm leads.
2. Education and Meaningful Connections: Leverage your strengths and interests to maintain relevance. If you enjoy writing and teaching, consider writing blog articles and teaching continuing education (CE) classes. These activities can also be used for marketing and social media content. When meeting new prospects, take the time to get to know them personally. Understand their backgrounds, interests, and goals before discussing reverse mortgages. Share personal details about yourself to build rapport and show that you’re a real person.
3. ‘No’ Doesn’t Always Mean ‘Never’: Rejections are part of the business. Many prospects may say “no” initially, but that doesn’t have to be the end of the conversation. Ask for permission to stay in touch and revisit their needs in the future. Bodner has successfully helped clients who initially declined reverse mortgages but returned later to complete a loan or referred friends. Additionally, some clients may be ineligible due to factors like principal limit factors (PLFs) or high existing mortgage balances. Instead of outright rejection, explain the program’s benefits for their future and stay in touch. When conditions improve, you’ll be ready to assist them.
4. Prepare for Expected Rate Drops: Stay organized and have a plan in place for when rates drop. Maintain a list of prospects who currently owe too much to qualify but could become valuable clients in the near future. When rates improve, reach out to these prospects and explore new opportunities.

By staying informed and proactive, you can position yourself for success in a challenging market. While it’s essential to adapt to industry changes, your commitment to serving clients and partners will keep you relevant and resilient.

Note: The opinions expressed in this column do not necessarily reflect those of Reverse Mortgage Tribune and its staff.