The entire mortgage industry has been hit pretty hard but the reverse mortgage side has continued to thrive in many respects. That's not without saying there have been a lot of adapting to a new way of doing business in 2020. A recent report revealed that some professionals on the reverse side have changed the way they planned on executing business in 2020.
Reverse mortgage professionals are getting used to the fact that pricing fluctuations are likely to continue for the remainder of 2020. They are also relying heavily on referral partners to help capture more business.
“We’re relying heavily on our referral partners, and we actually have more. We’re busier in the past couple of weeks as far as demand than we have been in quite some time,” said Steven Sless, reverse mortgage division manager with Primary Residential Mortgage Inc. according to Reverse Mortgage Daily
. “The referral partnerships are really starting to see the light and see that reverse mortgages are a really good solution in times like these, and we’ve been preaching that to them for over a decade.”
In addition, social distancing has made it difficult to have in-person communication with clients. That means there has been an increase in phone converations which is also likely to continue for the remainder of 2020.