Lance Canada, CRMP, originates reverse mortgages for Victorian Finance in Durham, NC. After operating a small business for 18 years, Lance entered the mortgage business 22 years ago and has been originating reverse mortgages since 2005. In addition to earning the Certified Reverse Mortgage Professional designation in 2012, Lance holds the Certified Senior Advisor and Seniors Real Estate Specialist (SRES) certifications. Weekly Report sat down with him to learn more about his approach to selling reverse mortgages.
Weekly Report: Do you have any wording or phrases that you use on a regular basis while talking with customers to either explain the program or help convince them to use you?
Lance Canada: I use the phrase, “This program can be used to enhance the quality of your retirement.”
WR: How do you handle common objections from clients?
LC: If they say the ‘fees are too high,’ I respond, ‘compared to what?’ I explain the regular 30-year loan process. You borrowed $100,000 30 years ago. Do you know how much you paid in return? Probably around $250,000 to $300,000. Everything has a price. I then reemphasize the high points of the loan, which include their ability to access the equity in their home without making a monthly payment. And I add it is still your home, you don’t give up ownership. You are not stuck in this. You can always sell your home down the road. Funds are available for when you need them. If they say they want to leave the home to the kids, I ask them, ‘do your kids even want your house? They usually say, ‘yea, my kids don’t want my house.’ Then I respond, ‘Are you really saying that you want to leave something of value? Generally, the response is, ‘yes.’ Then I add, ‘Well, you can do more with money then without. Let me show you how much is available with this program.’
WR: What has been your most effective way to generate reverse mortgage leads? Social media? What else?
LC: Word of mouth. Engaging folks 62 and older in a conversation. How is your retirement going? A lot of traveling? etc. Eventually it will come around to the cost of retirement and not having enough money to do a lot of things.
WR: What is one (positive) take away for the coming year?
LC: The problems of retirement are not going away. There will always be a need for the HECM program.