Board Room Recruiting From Within By Jim Cory I WAS ASKED to write about recruiting reverse mortgage originators. Every time I put pen to paper or fingers to keyboard, and ask where we can find the reverse mortgage loan officer for tomorrow, I come up with the same answer: the traditional loan officer of today. The loan officer of today needs to be proficient in all products, and that applies to reverse and forward. What is the real difference between a reverse mortgage loan originator and a forward mortgage loan originator? Believe it or not, the main difference is marketing. To whom you market will dictate whether you specialize in reverse or forward. If you market to all ages, then you’re a forward loan originator. If you market specifically to older Americans, then you specialize in reverse mortgages. Or at least you should. HECM for Purchase The big answer here is the HECM for Purchase. HECM for Purchase is an amazing product. Even more so than the traditional reverse mortgage, it evokes phrases, such as “too good to be true” and “what’s the catch?” Since it is true, and there is no “catch,” why does it make up less than ten percent of the market? I always thought it was the real estate agents. My personal belief is that real estate agents subconsciously, or sometimes even consciously, hate reverse mortgages. And Jim Cory 6 REVERSE MORTGAGE / JULY-AUGUST 2024
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