May-June2020 Issue

In Reverse matter of providing options and solutions,” Giunta says in the article. Such networking groups also can give people some solace that they are working among trusted professionals. As Mark Olshaker, a staff writer for Reverse Mortgage, points out in AAG Teams Up with BBB to Protect Seniors (p. 24), scams targeting older Americans continually evolve as cheaters and fraudsters learn new ways to use the internet. Newer generations of older Americans might be tech savvy, but they also are prime targets for criminals. Olshaker reports on a program by AAG and the Better Business Bureau called “Empowering Savvy Seniors.”While the program is only in the Southwest for now, it addresses key issues about fraud. Loan officers can learn from such efforts because informed but wary customers might resist a legitimate opportunity out of fear of being taken. “AAG’s mission is to help our core customers, American seniors, improve their retirement and part of that includes aiding in the fight against financial elder abuse,” Ryan Whittington, AAG’s senior customer relations specialist tells Olshaker. “We partnered with the BBB because they’re leaps and bounds ahead of the rest with the kind of training they can provide to the community. To that end, we give them the resources needed to reach as many seniors as possible.” Word-of-mouth endorsements are the best oppor- tunities for new referrals, and if people are educated on the advantages of reverse mortgages—even if they don’t eventually obtain one—that can only help in spreading the word about the products. Indeed, the partnership with AAG and BBB is designed to allow seniors to share their experiences, both good and bad, in settings where there is some built-in trust, as Olshaker points out in his reporting. At the same time, more people are turning 65 and many of them want to continue to work. For these people, a reverse mortgage might be a means to improve their lifestyles, as opposed to a source of funds to meet basic needs. As noted in Turn to Clients, Older Workers to Sell Reverse Mortgages (p. 27), the statistics are staggering. By 2030, AARP reports, the number of people who are 65 and older will reach nearly one billion worldwide. And with the historically low unemployment rates, companies actively recruit from this growing pool of older workers. Not everyone, however, will be able to work into their later years. NRMLA President Steve Irwin notes in his column (p. 5) that the demographic trends will require people in the industry to continually reassess goals and to ask ques- tions. “The harsh realities of the various social, economic and demographic trends force us to realize there is an ever-increasing gap between a person’s ability to meet the financial and social support needs of successfully aging in place and that person’s desire to age in place,” Irwin points out. “I would suggest that filling this gap through respon- sible equity extraction is the central tenet to our industry’s business strategies.” This issue of Reverse Mortgage also includes the stories of those working in the industry or benefitting from what it has to offer. Jill Portilla, HomeSafe concierge manager and loan officer for Finance of America Reverse LLC in Lakeside, CA, tells Olshaker about the journey that led her into the industry (p. 18) and how past experiences have shaped her success. The points she makes are elements that might help a loan officer tap the referral sources that Berg discusses in his article. “I’ve never really considered myself a sales rep,” Portilla tells Olshaker. “I take a very educational approach to selling. I try and learn everything possible about the product I’m offering so that I can help consumers make an informed decision and ensure that qualified borrowers are being matched with the most appropriate products. When I talk to borrowers, I really try and dig deep, find out what the true need is so we can find out what the long-term goals and needs are.” In Reverse continued from page 3 “AAG’s mission is to help our core customers, American seniors, improve their retirement and part of that includes aiding in the fight against financial elder abuse.” —Ryan Whittington, AAG 4 REVERSE MORTGAGE / MAY-JUNE 2020