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Reverse Mortgage Testimonial

June 15, 2009

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Edu-selling . . Reverse Mortgages

May 20, 2009

j0438494Looking back over the past four years in selling this product, Reverse Mortgages, it has been an interesting ride. Fulfilling . .  absolutely . . . Easy . . . “NOT”. This is a product that over the years has received much criticism. There are several reasons for this:

1. The Name: I am sorry, but I wish they would have come up with a different name for this product.  Anything dealing with finance that has the name “reverse” in it subconciously for all of us, doesn’t seem right. Going backwards isn’t where most people want to go.

2. Home Equity as a Source of Cash Flow: One of the reasons many financial professionals have not come on to the reverse mortgage is due to the fact that they have always been trained to not use home equity as a source. A few years ago there was an idea out there that many took advantage of with their home equity . . .  cashing it out and using the funds for iinvestments. Ouch . . . though in the roaring ’90’s this made some sense for many, the current financial crisis has shown the reality of what happens when we do this. Foreclosures are at an all time high. Reverse Mortgages are different . . . very different.

3. Misunderstood: Certainly the name, as mentioned on #1 has made reverse mortgages misunderstood, but the original reverse mortgages (back in the 50’s & 60’s) did not have the protections in place as the Home Equity Conversion Mortgages (HECM’s). Areas of misunderstanding include ownership, default scenarios, depletion of equity, and others. Today’s product has many protections for the homeowner as well as their estate.

4. Audience/Market: Because this product is solely for seniors, it has been difficult getting in front of the masses of seniors. We all know that seniors are often taken advantage of and they know it. Anything that sounds too good to be true, well, is often too good to be true. As a group, it is difficult to develop the trust needed with this audience to truly educate and build the relationship. It simply takes time!

5. Lastly, but there is probably more to add, is the SALES PROCESS. The foundation of this product is that it is much different than many other products. I call it EDU-SELLING. That is, educating the client so that they can make the best decision for themselves in their current situation. The educational process is the sales process. Once the product is understood, then if it accomplishes the goals of the client, they make the decision. This is too important of a transaction for the typical sales process (I call it hard selling) to be used. Today, many brokers use this method since it is what they know.  I believe that when the hard sell is used, it is felt by the client, and they turn and run the other direction.

In the end, the client wants to know that the sales associate is one who can be trusted and who gives the clients room and time to process. Edu-selling provides the clients with information that they need to make the right decision for them. Sometimes it is quick, but often times it takes months for this process to occur. But in the end, these are clients that are happy with their decision.

Check Out My Website

April 28, 2009

f0796_gullifordg1For years I have wanted to develop my own website that provides information about who I am and answers many of the questions that people have about reverse mortgages. I am proud to say that it has finally happened and much thanks goes to Rachel in marketing at Genworth Financial Home Equity Access. It is finally completed and looks great! Check it out at here!

Medicare News

April 28, 2009

42-16163361I am sorry to my readers for including this information in my blog today, but I think it is worthwhile information. With federal, state and local economies bringing out their axes, we are seeing a host of cuts in every industry across the board. It is no different with the medical insurance programs that seniors rely on to cover the majority of their medical needs.

Fast Facts from Medicare Right Center: Only 25 percent of US retirees in 2009 say they are very confident that they will be able to cover the cost of medical expenses during their retirement, compared to 41 percent of retirees in 2007. (Employee Benefit Research Institute, The 2009 Retirement Confidence Survey: Economy Drives Confidence to Record Lows; Many Looking to Work Longer, April 2009).

For many seniors, the increase in costs or the reduction in coverage in Medicare could bring with it critical shortfalls in care and/or a shortfall in senior’s ability to afford such care.  If this is of interest to you, sign up for Medicare Watch.

Cash Flow Squeeze

April 24, 2009

j0341897We all seem to be impacted by the current financial crisis, whether it is our income, investment portfolio, interest rate hikes, increased taxes, or whatever, most of us have seen our financial situation negatively impacted. For retirees, it is even more of an issue as they have depended upon their financial portfolio’s to ride them into the sunset. But have you ever looked at the opportunities that exist?

Etan Ewing, president of, a free online portal, tells of the opportunities that lie in front of us that can help us during this time. One of my colleagues describes 8 Ways to Squeeze the Most from Retirement Planning.

Can a Reverse Mortgage Change a Life?

April 11, 2009

CBR001423Over the past four years of doing reverse mortgages it has been one of my routines to keep in touch with my clients. One of the things I tell them is that I am not going away. After the process is completed, my clients still hear from me. I enjoy this as I have developed a trusting relationship throughout the process.

One of my clients, Carol, called me yesterday. It has been a while since we had last talked but I’ve been in contact by mail. The reason I bring her up here is what she said. She said, “Greg, doing the reverse mortgage was the second best thing that I have ever done.” I asked her what the first best thing that she has done. She said that the cruise that she took in the Caribbean two years ago . . . of course, because of the reverse mortgage. She said, “It has literally changed my life!”

This is just one of many conversations that I have had with my clients over the years. But it is the reason why those of us that do this for a living . . . love it! It is one product that puts LIFE back into LIFE!

If You Had a Friend . . . .

April 7, 2009

j04030581What an amazing experience I had today! I often will drop into local professional shops of planners, tax advisors, attorneys, etc., introduce myself and try to get to know someone in the company so that I can develop a professional relationship. Who knows where those contacts go. If I really connect with them, it is great. But most of the time I just leave some information behind for them to read, then reconnect with sometime in the future.

Today I walked into a tax advisors small business. It looked like the kind of place that many local seniors in the community might go to. Just like a small town shop. Tax advisors work with seniors and know about their financial situations. It is my hope that they see a need and pass on my information so that I can help improve their financial situation.

But this place was amazing . . . I walked in and introduced myself and the company that I represent. So far, so good right? Then the man said, “I hate reverse mortgages.” Taken back, I asked, “Oh really . . . what do you know about them?” You know what he said . . . . .  ” I don’t know a thing about them, and I don’t want to  . . .  but God Bless You!” Wow . . .

Now sometimes I’ll ask more questions, but I didn’t want to be a nuissance anymore than I already was (to them). So I just said, “And God Bless You,” and walked out.  I couldn’t help but think . . .  “what if I had the solution to his problem?” What if I held the answer in my hand that would make his life less stressful, and at peace. Financially speaking, when we are stressed, our whole life is a challenge . . . right? And this was a tax advisor.

It is amazing how some people simply don’t want to know the truth. Whether what I have is anything they need is not really the question . . . but to say that you don’t want to know about it when it may be the solution you are looking for is downright amazing. What if he had a close friend that could be helped? What if a neighbor relies on his expertise to help him? We close the door to helping anybody when we refuse to know the truth.