Reverse Mortgage magazine Nov-Dec 2020

Talking Heads they sign it. I think people are more accepting of Zoom, but there are others who only want to meet in person. RM: Have the motivations for why consumers want a reverse mortgage changed at all? Has this led to changes in the way you market reverse mortgages? BP: As I alluded to earlier, more customers want to preserve their assets. This was happening even before COVID-19. They want a reverse mortgage line of credit to access in the future. They are looking at a reverse mortgage to plan for their future. In a lot of cases, there still seems to be an immediate need. In terms of marketing, I get most of my business through referrals from financial advisers and attorneys and from my website. We haven’t done paid advertising for many years. RM: Interesting. How do they find your website? BP: When consumers do a Google search for reverse mortgages in Minnesota, we appear high on the opening page. We are contacted by people from all over the country, even though we’re licensed just in Minnesota. They tell us, ‘Your website has so much good information. I have a question. Can you help?’ I’ve been getting a lot of servicing questions lately. I wrote an article years ago called “What Happens When Your Reverse Mortgage Becomes Due and Payable?” that people find and then contact me. The questions come from people who say, ‘Mom died, and I am getting this letter from the servicer who’s saying I have to do this or that.’ Someone asked me how they could purchase the home after it had gone into foreclosure. I never worked with this person’s parents, but they found me online. It’s challenging, because I am not a servicing expert. I normally contact NRMLA to help put me, the borrower or the heirs in touch with the servicer to get the best possible advice. RM: Some people have said they enjoy using Zoom so much that they will continue meeting virtually even after a vaccine is distributed. What do you think about that? BP: Many of us are craving contact with people. I think we’re going to go back to meeting face-to-face, as much as we can. I think Zoom will always be there as an option, but I am an extrovert, so I need that contact with people. I miss giving hugs to my clients. RM: You’ve done a lot over the years to educate state pol- icymakers in Minnesota about reverse mortgages. Why is this important? BP: Sometimes lawmakers don’t understand reverse mortgages. They come up with an idea that they think protects the senior, but in reality, it hurts them and our industry. It’s important to keep them educated, so that if they do pass a law it’s beneficial. Earlier this year, a bill was introduced in Minnesota that would have required the reverse mortgage counselor to inform the borrower of his or her rights to name a “third-party designee” to receive communications regarding delinquencies, defaults and unfulfilled obligations under the loan agreement. The lawmakers didn’t think that through at all. From a privacy standpoint, the borrower doesn’t want that type of sensitive information shared with anyone. I still have a lot of clients who don’t want their kids to know that they are even getting a reverse mortgage. When I met with the bill’s authors, I was told, “Well, we thought it was a good idea.” Nobody contested it, but we did as soon as we found out about it. I reached out to state representatives who are involved in senior issues and we convinced several of them that it was not a good idea. Then things changed anyway with COVID- 19 and the bill didn’t go anywhere. We’re hoping it doesn’t come back. At least the legislators are aware of the industry’s and my concerns if it does. RM: What advice would you give to someone who may be intimidated to meet with their elected representatives? BP: Just do it. They are people just like we are. There’s no way that they can fully understand all of the issues that come up before them. Generally, they are willing to listen or receive a letter that explains the issues and concerns. In talking with the legislators, educate them as if they are your clients. RM: Do you meet directly with the lawmaker, or his or her staff? BP: Both. I have served on an advisory committee called Own Your Future. I was appointed by the lieutenant Talking Heads continued from page 13 14 REVERSE MORTGAGE / NOVEMBER-DECEMBER 2020