3 Tips to Forging Reverse Mortgage Relationships with Financial Planners

There may not be a “silver bullet” when it comes to reverse mortgage loan originators forging partnerships with financial planners or a mortgage broker, but some are seeing major success due to a persistent and strategic approach.

“It doesn’t happen overnight, but for the folks who determined they wanted business to come as [financial planning] referrals, they have had a wonderful experience,” says Shelley Giordano, chair of the Funding Longevity Task Force, an organization established in 2013 to help educate financial planners through various partnerships.

Through her work with originators as well as the financial planning community, Giordano says that while it requires some effort, the work is paying off for those who are committed to it.

“Everyone’s trying to look for a silver bullet,” she says. “There’s no such thing. The people who have been successful have made a commitment to this channel.”

RMD spoke with Giordano about some of the tips and best practices utilized by those experiencing success with financial planning partnerships.

1. There’s no shortcut. Loan officers need to understand that like all relationships, referral or otherwise, financial planning relationships are not a quick fix.

Those who are successful are persistent, Giordano says.

“They’re putting themselves out there, and feeling a little uneasy. But most importantly, they do this repeatedly and are pushing themselves to connect with financial services [professionals].”

2. Consider continuing education channels. Teaching continuing education classes can be one way to gather the target audience into one room.

“The people who have been most successful have spent an awful lot of time providing educating credits—through CE or some kind of educational environment so that they are reaching lots of financial services folks but in a way that is non threatening,” Giordano says.

One of the most successful members of the group has had so much demand, she has had to turn down potential business due to the number of calls she receives.

3. Maintain concentration and join the “mission.” The mission is that American retirees are entitled to know how housing wealth can make a contribution to a safe retirement, Giordano says.

Loan originators should lean on the wealth of research that has been published showing how reverse mortgages are proven to help most retirees and encourage financial planners to view the option as a possibility that needs to be mentioned.

Some financial planners are being paid by their clients as a percentage of their assets under management, but they are never taking note of housing wealth as a major part of those assets.

“They have to learn the value. That’s something our LOs can introduce them to. Then they will have a case,” Giordano says.

Written by Elizabeth Ecker

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