Rethinking Your Role continued from page 25 other retirement experts, such as those who specialize in Medicare planning. For financial planners, they might use software programs that model some Social Security scenarios but not to the level that a RSSA can, he suggests. “Just talking about Social Security optimization helps the equity conversation come into play because they have to talk about how they are going to get from age, let’s say, 65 to age 70 and where are they going to get that income if they delay Social Security,” Urwin says. The scenarios could be endless. Having a network of other retirement professionals with specific expertise can let clients know you are looking out for their best interests, with housing equity being a part of the overall conversation. “It organically helps bring that conversation up,” Urwin says. “But I would suggest that loan officers shouldn’t focus on trying to sell a product. Instead, be a retirement mortgage specialist. Be someone who works with retirees trying to achieve their goals.” Help the Quarterback Urwin’s other advice for loan officers: They need to put themselves into the perspective of financial advisers who manage a client’s funds. And advisers are only thinking of a reverse mortgage when those funds are running out. “That’s backward. We should be approaching advisers and saying, ‘Never lose that client. Always keep assets under management. Look at the house first—and not as a last resort,’” he says. That is where being a retirement mortgage specialist comes in. “Quit trying to get their business. Quit trying to ask them for business. That’s what everybody is doing,” says Urwin. “Instead, offer value and try to help them grow their businesses. As loan officers, we’re just a part of the equation.” Look at the financial adviser as the quarterback of the team, he suggests. “We are just position players. The quarterback sends somebody out for the [certified public accountant], somebody out for the trust, the will, the loans—and somebody for the real estate,” he says. “If you want to be a more valuable position player with the quarterback, then bring them value. And that is giving them what they want, which is more clients, more assets under management and keeping the clients they have.” Thomas A. Barstow, senior editor of Reverse Mortgage, is a writer and editor based in Pennsylvania. CALL US AT (888) 369-1573 OR EMAIL US AT WHOLESALE@HIGHTECHLENDING.COM TO LEARN MORE! 26 REVERSE MORTGAGE / MAY-JUNE 2024
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