Financial Planner Shares Tips for Canceling Mortgages When Attracting Referrals



Reverse mortgage lending professionals understand the need to build an extensive list of potential referral partners from many different professions, but one professional class that has generated a lot of interest over the past couple of years is financial planners. As the pool of reverse mortgage borrowers has grown to include a wider range of homeowners and “home-rich” clients, financial advisors willing to explore reverse mortgage options could potentially provide a positive and sustainable path to a more active reverse mortgage business. mortgage.

One such financial advisor who has taken the time to explore and understand the potential flexibility that can be provided to clients through reverse mortgages is Robert Klein, founder and president of the Newport Beach, California, Retirement Income Center. In a recent issue of The RMD Podcast, now available to listen to, Klein offers thoughts on what reverse mortgage professionals can do to encourage partnerships between other financial planners, as well as how the industry works in terms of education and outreach. …

Pro tip for mortgage professionals: Engage with the community of mortgage planners

For reverse mortgage professionals seeking partnerships with financial planners, networking with a wide range of planner assignments can be critical in terms of choosing the right planner in the right position in terms of reverse mortgage prospects, Klein said.

“I just think [reverse mortgage professionals] it is necessary to establish interaction with financial planners, be it CPAs, CFP, RICP, in any convenient way, ”explains Klein. “Contact them, talk to them, attend conferences attended by financial advisors. Not that we have had opportunities lately, it clearly affected [by the pandemic] however, over time it will be revealed. “

Robert Klein

For many reverse mortgage professionals who do not know how to contact such financial planners, the request itself can make a big difference, Klein said. Many who do not seek advice or guidance from a planner will never know if such a relationship could be fruitful, so questions and visibility from planners can be critical. It also goes both ways in terms of the relationship Klein has forged with the reverse mortgage professionals themselves.

“Just hold out your hand,” he says. “I reached out to people working in the reverse mortgage industry, the various people I was looking for, and the experts in the business. I enjoyed the mutually beneficial relationship with these people and learned a lot about [the product]… So, I think it’s a matter of reaching out to people you see who are interested in business, preferably. And then just open the eyes of other consultants, who may not be so obvious that they are interested in the reverse mortgage business. “

The idea that a reverse mortgage can provide value-added services that the planner is already providing to the client can be very important, as an ancillary service approach can help illuminate the possibilities of more significant retention of opportunity over the client’s assets.

“[Allowing planners to learn] what [a reverse mortgage is] definitely added value to the extent that you can interact with a financial advisor and keep them informed, because not everyone knows about the need for this service that clients [may have]<"- explains Klein. “If they are interested in a reverse mortgage and they initiate a discussion with you and find out [that they] not very well versed in the subject, they may point this out to a financial advisor: the importance of expediting and incorporating educational advice on what they can do and what their firm potentially offers in the form of webinars. I have attended several webinars from different lending companies, which have been of great benefit. "

Educational coverage of the industry

If there is one thing that the reverse mortgage industry seems to have a huge focus on when discussing the previous year of doing business and the year ahead, it is the expansion of educational practices and the availability of relevant reverse mortgage materials to as many potentially susceptible people as possible.

In cases where a client might be rejected by the prospect of a reverse mortgage, he says, Klein notes that some of these scenarios have been tied to informational presentations that too often can only be triggered by sales.

“I think the industry is doing a great job of spreading information,” says Klein. “I often think when [clients] are really reluctant about reverse mortgages, sometimes it has to do with sales presentations that turn them off – for whatever reason – by the mortgage company. That way, to the extent that it can be a team effort, and when I work with clients in a holistic planning approach, I can show them how reverse mortgages fit into their situation, like anything else: what you can include into their situation and show how it is directly applied, how it can benefit them and what the disadvantages are. “

Building the potential of a reverse mortgage in this way can go a long way in illustrating the impact that a reverse mortgage can have, Klein says, and going beyond the sales cycle to tap into the potential benefit that an eligible client could receive if he or she researches otherwise. The mortgage option can go a long way, he said.

“I think this is very important when it really comes time to meet someone from the reverse mortgage industry,” he says. “This isn’t just a presentation to them – not that all reverse mortgage presentations are sales-oriented – but there is a lot of great education I’ve seen from industry professionals. But I think, again, when it ties in with the existing holistic plan that you have with the client, it just reinforces the whole process and the lights come on for the clients. “

Listen last issue podcast RMD for a full discussion with Robert Klein.


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