Reverse Mortgage Marketing Minute - Volume 12

This IS a Reverse Mortgage Customer!

Welcome to the12^th edition of the SimpleReverse Marketing Minute! 

This week, we are continuing our series called “This IS a Reverse Mortgage Customer!” In this series, we will highlight actual customer scenarios and how the reverse mortgage proved to be a great solution for them.

Reverse Scenario: 

·        Jenny is 72 years old, owes $350,000 on her $750,000 home and wants to do a reverse mortgage to eliminate her $2,500/month mortgage payment.

·        She has $2,500/month SSI and just retired, so her monthly income is less now and she wants to free up income in retirement to help with the expenses of maintaining her home.

·        However, based on her age and current rates, she would only qualify for about $290,000 on a reverse mortgage on her current home, meaning she would have to bring about $60,000 cash to closing just to eliminate her current mortgage and she doesn’t have that.

So, the LO suggested she sell her current home and take the proceeds from her sale to purchase a smaller home with less maintenance. This would allow her to get into a home with less upkeep and eliminate the need for a monthly mortgage payments.  The LO referred her to one of his Realtor Referral Partners(giving a referral and new business to the realtor partner!) to help with the transactions. So, the borrower decided to do that, and here is how it worked out for her. The benefits she received were:

·        Sold her current home for $750,000, netting $350,000 after paying off the mortgage of $350,000 and associated fees and expenses

·        Purchased a brand new $500,000 home(less upkeep and maintenance costs!) using $190,000 from a reverse mortgage, combined with $310,000 from the sale of her home

·        Never has another P&I mortgage payment with the reverse mortgage and pays her own taxes and insurance moving forward. This reduced her overall monthly expenses

·        AND, provided her with an additional $40,000 cash in the bank to use as an emergency fund and a cushion to help her improve her lifestyle moving forward giving her extra retirement money to help supplement her SSI and small retirement

·        All of this was achieved because the LO wasn’t just looking at a possible “transaction” but took a holistic view of the situation and helped the customer find a real solution for her situation with the use of a reverse mortgage!

If you or your realtor partners have customers like Jenny that could benefit from using a Home Equity Conversion Mortgage (reverse mortgage) to solve their financial situations, give me a call TODAY and let’s discuss how we can make this loan work for YOUR CUSTOMER!

Here at SimpleReverse, we are here to help! If its marketing tools, marketing ideas, product training, scenarios or just a basic question; we are here as a resource to help you expand your knowledge and grow your business!! Don't hesitate to reach out today for any of your reverse mortgage needs!!! SimpleReverse is here to make the reverse mortgage product and YOUR reverse mortgage business SIMPLE, EASY and EFFICIENT for both you and your customers!!



Give me a call TODAY and we can help you experience the SimpleReverse DIFFERENCE!!