to learn how the products work well for a lot of people. “It’s all about education upfront,” Kilty says. Word-of-mouth referrals have been a main source for his leads, as well as the financial planning experts he has developed relationships with over the years. For example, the reverse mortgage isn’t a hard sell when educating forward mortgage customers. Instead, it is part of the holistic planning approach taken by a lot of financial planners, with the idea that the professionals are there to help, not sell. “It’s a ‘no obligation’ type of thing,” Kilty says. “If people get a 30-year mortgage, how old would they be and what will it look like when they get to that point? If they are in their 40s, they will be in their 70s. So, let’s talk about this and introduce the concept to them right away so they have years to ask about it and to research it and figure things out.” As a mid-career professional, he figures he has at least another 25 years working with people. “I’m young enough yet that it’s still a long way to go, so I am maybe halfway there,” he says about his retirement. But that also means he is aging with previous, current and future customers. “The big thing is to keep in contact through your database. There’s a lot of potential business in there. And if you educate them along the way and keep in contact with them, it’s going to be like a resale and a part of the plan.” The process, if implemented industrywide, could help eradicate some of the negative stereotypes about reverse mortgages, he also suggests. “It’s the confidence that you have in yourself but also the product. And knowing that, my main goal isn’t to have sales—it’s really education,” he says. “For anybody who wants to listen, I can show them and then let them ask all the questions that they want because there are so many misconceptions out there. It takes generations to get those things out of people’s minds.” And it is worth the time, he adds. “There are people out there who could benefit and need to learn what it is,” Kilty says. “The reverse mortgage is going to be something that becomes increasingly sought after. We’re just not there quite yet.” Thomas A. Barstow, senior editor of Reverse Mortgage, is a writer and editor based in Pennsylvania. “It’s a ‘no obligation’ type of thing. If people get a 30-year mortgage, how old would they be and what will it look like when they get to that point? If they are in their 40s, they will be in their 70s. So, let’s talk about this and introduce the concept to them right away so they have years to ask about it and to research it and figure things out.” —Josh Kilty, mortgage planner with Fairway Independent Mortgage Corp. Josh Kilty REVERSE MORTGAGE / JULY-AUGUST 2024 27
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