It wasn't long ago that consumers had three reverse mortgage products to choose from: the FHA HECM, the FANNIE MAE HOME KEEPER, and the JUMBO CASH ACCOUNT. Now, seven new lenders have introduced competing programs, with more large investors positioning to move into this growing market.
In addition to these private sector programs, new multiple-margin HECM products have been introduced, as well as an FHA/HECM FIXED rate option. Many consumers have long awaited the option of having a fixed rate, and at last it is here.
From January through June of 2007, there was an amazing growth in the reverse mortgage industry unlike anything it has seen since it's inception 17 years ago. Now, the reverse industry is catching up with the tradition "forward" mortgage in the sense that there are no more lenders. this kind of competition creates more products and offerings so that the needs of the senior customers can be satisfied.
One of the most exciting new products available today is the new "Purchase Reverse Loan". This product is available to seniors who are in the market to either purchase a new home, to down size, or relocate close to family. The ability to use a reverse mortgage to purchase a new property while never having to make a mortgage payment is VERY appealing to all seniors.
Another product that is creating a lot of excitement is using a reverse mortgage to purchase a second home. Now seniors that would like a warmer climate in the winter or a cooler climate in the summer can afford to do so, without monthly payments. It is also possible to have 2 reverse mortgages at the same time. This means you could have 2 homes with no monthly payments.
Because of all the new program concepts, and terminology, it is advised that you have a complete understanding and confidence in the reverse mortgage process. Not all lenders have the same variety of products, and many have only a few choices of investors.
Please make sure you look for a lender who is part of the National Association of Reverse Mortgage Lenders (NRMLA). This association is presently the only overseer of the ethical conduct of reverse mortgage lenders.
Pot Of Gold Akon
For those of us who did not cultivate the great art of persuasion through the written word, where will the next pot of gold come from? Could it be that we've finally outsmarted ourselves with our own words and sent our potential customers scampering for cover?
Have we used up all our powers of persuasion to selling mundane products when the best products are just coming out of the lab and into the market place?
Perhaps it's time to take a different approach, and look for fresh markets; the kind that have not yet become immune to our polished sales pitches and glitzy websites.
I spent the last week end jotting down notes. I was thinking a lot. Thinking is hard work! Was it Henry Ford who said: "Thinking is hard work. That's why more people don't engage in it" Perhaps we should take a look at a new kind of customer. Here he is:
He's not going on the Internet, even at the threat of death! He does not fall into the US$75,000/year salary bracket. In fact, he'll be quite happy to keep that information to himself. Thank you.
His children are online and he listens to their stories but he is too scared to do it and too scared to admit it. So how do we help him or her? Simple. Go offline and create mass appeal. It takes some money and a different kind of mindset but it may just work for you. Here's why.
Our offline friend needs a program that is very inexpensive. It cannot cost over $25/month. He is looking for help with administration.
He does not want an email address. He will invest his money, collect products and checks but that's as far as he is prepared to go. Can you help him? Yes you can.
Think about it. If you design a program that will do the following, you will have a winner on your hands, and capture markets you never even knew existed. You'll get mass appeal and you will get success.
Your program should tap into a growing and undeveloped market eg. niches in health care,and Wellness industries for a start.
It must be easy to join. Give him a form and find and easy way to collect his money. It must require no work. He would rather do what he is doing for a living now. He won't change that.
You have to take care of his admin. He will not mind paying you for it. Make life easy for him. It's complicated enough trying to choose between watching American Idol and whatever.
Now, Get yourself a sales force. Yes! Real people who will sell him your online/offline business for a commission. Add in all the incentives and you have a winner. He'll listen to them because they are humans and they speak his language.
It is far easier to sell through real living breathing human beings than to sell online. Now, take that money and expand your offline base through online Joint ventures! Expand to other cities!
Think about it. You could cover 10,000 people from one city in 12 months and quadruple that in 36 months! You'll have no need for free members.
You'll still be running an online business but your market lives offline. Using the mail, and good ol' elbow grease, you now have a thriving business that you can be proud of.
Both Virginia Berry & Anthony Chambers are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Virginia Berry has sinced written about articles on various topics from Family. To find out more about please contact Virginia Berry, your. Virginia Berry's top article generates over 12100 views. to your Favourites.
Anthony Chambers has sinced written about articles on various topics from Babies, Internet Marketing and Marketing. Anthony Chambers markets affiliate programs online and actively encourages unconventional thinking inside and outside the box. See what he's up to at his website:
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