As the economy worsens more and more seniors are turning to the one mortgage program that really makes a difference in their lives. Seniors long to work with someone they can trust. But how can they be sure that the loan officer that is being considered can be trusted in light of the eponymous Madoff scandal?
People have remarked that, “if you can’t trust someone of Mr Madoff’s stature, then there is simply no one that the public can trust” Question: Is it unfair and inappropriate to suggest that we can’t trust anymore? I believe that it spite of this widely reported defalcation scheme, our elders should not be afraid to trust the reverse mortgage loan officer they are considering hiring.
I believe that the answer is yes to the question raised above. Afterall, there were warning signs. Greed put blinders on those investors. However, the trust issue will forever be front and center. What the Madoff affair shows us is that each of us bears ultimate responsibility for decisions that we make. This means that seniors will slow down the process even more. They will take their time when it comes to determining who to work with.
Remember this: What people believe to be true is more important than what is really true. Therefore, it is more important than ever for loan officers to show their credentials, experience, and body of work and to be able to communicate in a manner that puts the senior at ease. The concept of differentiation will become more important than ever. Putting a group of letters in front of your name could help, but is not the entire answer.
While there are some reverse mortgage designations that can be easily bought and obtained, these designations do not have the gravitas nor the intense scrutiny by National Commission for Certifying Agencies (NCCA). The NRMLA sponsored designation will be the standard- the only standard. It is years in the making. I would suggest that you will have wasted your money obtaining those other designations.
The above notwithstanding, seniors want to feel confident that they are making a correct decision. Therefore they want to see a proven track record. If you can’t provide such a record, and your competitor can, your business could be in serious trouble. Imagine trying to get into a home with no windows and doors. This picture could represent the magnitude of the obstacles you will face.
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