Big changes to reverse mortgages this month. What will HUD impose? Will they combine the Standard and Saver loans? If so, what will that mean? Are you waiting to see?
HECM, HUD, Congress, Senate Banking Committee, and big-named senators are being thrown around the water cooler the last few months. There are hundreds of questions being asked. People are gathering to talk about what they plan on doing when the changes hit. Are you prepared?
The truth is no one knows what changes are coming or if we will even be writing reverse mortgages much longer. During times like this a lot of people hold off on marketing not wanting to waste good money. Then there is always that select group of people that are closing a lot of loans while everyone else waits to see what happens. These people choose to roll the dice and end up making a lot of money. This is for a variety of reasons. The biggest reason is that there is less marketing going out which increases response rates for everyone. So while some people wait, closing no new business, others spend extra money on marketing and get three or four times the return they normally would.
Here’s what we know about the reverse mortgage business:
►There are thousands of people that NEED help
►Reverse mortgages are often their only hope
►Marketing is working very well right now
►There are changes coming that may change the way reverse mortgages are written
Monetize your marketing
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