Last month, my article for The Reverse Review focused on my theory of having a smaller number – but a higher quality – of referral sources. I must say, I received many comments on this stance. Some were positive and agreed that they would implement the same strategy. Others felt I had gone over the cliff. That’s OK; it’s all about having an open discussion.
I have discovered one type of referral source that Brian and I will certainly be cultivating going forward. A few weeks ago we got a call from a title representative who we have both known over the years. He had received a request from another professional seeking an introduction to a reverse mortgage specialist. When we heard the story we knew immediately this was something we wanted to learn more about.
The new referral source was a bankruptcy attorney. This gentleman met with a senior client who came to him seeking his advice on filing a Chapter 7 bankruptcy. After the initial consultation he concluded that it was not in this client’s best interest to file bankruptcy but rather to seek another alternative. To this attorney’s credit, he went the extra mile for this senior and started making some calls looking for a reverse mortgage specialist. He wanted to find out for himself if a reverse mortgage was an appropriate alternative for this client. Indeed it was.
We were able to help this senior eliminate the troublesome debt and establish a line of credit with the remaining reverse mortgage funds. This attorney has since introduced us to others in his field and we are educating them as well. Keep in mind, all we are asking is for the bankruptcy attorney to refer those clients he/she cannot help. We are not asking them to turn away any business they would otherwise have, quite the contrary: Now the attorney may be able to assist the borrowers in negotiating a lower payoff on some of the debt they have incurred. The borrower’s credit rating is saved by using a reverse mortgage instead of the bankruptcy and the attorney looks like a hero for recommending a positive resolution to the problem.
Perhaps you already have a bankruptcy attorney or two in your professional circle. If not, there is one more source of quality referrals you can add to your list.