Many of us in this industry have years of mortgage experience to guide us through this ever-changing environment. This is not a career for someone adverse to change; those who could not deal, have left.

Meanwhile, others have entered the business. For those who are new to the space, I admire your fortitude. The truth is, being a reverse mortgage loan officer is like riding on a roller coaster and never getting off. As actress Bette Davis once said, “Fasten your seat belts, it is going to be a bumpy night.” How true, except in our case, the rough nights have lasted for months.

But the good news is that this product is a great one, and it has the tremendous ability to help thousands of seniors find financial security while allowing them to remain in their homes. A professional reverse mortgage loan officer has a unique job. It is vastly different from the work of forward loan officers, requiring an exceptional degree of compassion and tact. So what does it take to stand out as a professional reverse mortgage loan officer?

Listen, Educate and Explain

Explaining the loan in a clear, easy-to-understand manner is a necessity, but professional loan officers go even further: They listen to the customer. They educate, answer questions, and make sure that the customer’s specific needs are being addressed. This loan is not a one-size-fits-all product. A good professional helps the customer understand the various options available to them and how those options might address their specific circumstances. If the customer is unsure or doesn’t understand the loan, they are encouraged to bring in a trusted person to be part of the process.

Dig Deeper

Gathering pertinent financial information from a homeowner and adding it to your system is also essential. This will be even more important in light of Financial Assessment. Professional loan officers should review the information to understand the customer’s situation. For example, if a senior requests funds to pay for medication, a professional will look at income to determine if they could qualify for help through Medicare Part D. Then, the professional will go a step further by referring the customer to knowledgeable resources for more answers on that process. A professional will dig deeper, always looking to see if there are other ways to help a customer.

Be Patient

Finally, while we all want to take an application, a professional loan officer’s focus is to help the customer make an informed decision. If it is the right decision, the customer should be in control. Follow-up with a customer should be limited to whether the customer requests additional information or if there is a change that the customer needs to know. Repeatedly calling a customer to see if they have made a decision is badgering, and while it might be tempting, you may lose your client. A follow-up letter thanking them for the meeting may be appreciated, but a barrage of calls will likely not be welcome. Professional loan officers ask their clients for permission to call if there are any changes or if there is important information they need to know. They understand that the customer needs to make the decision on their own, without pressure from an impatient officer.

Explore Alternative Solutions

Professional loan officers understand their customers’ needs and have the ability to evaluate whether this loan would be a good fit for them. Financial Assessment is going to go a long way toward protecting those whose situations are not likely to be improved by a reverse mortgage. With Financial Assessment in place, our customers will have to take a hard look at their finances. It is not unusual to find someone who has been in denial, or who does not truly understand their financial situation. If a reverse mortgage is not an option, a professional loan officer should be in a position to suggest other options, such as downsizing, paying down debt and then applying for a reverse mortgage, or sitting down with a credit counselor at a nonprofit, HUD-approved agency. Providing options gives the customer hope that, whatever their circumstances, there is something that can be done to alleviate the stress. A professional accepts that sometimes the answer is not a reverse mortgage, but still tries to help.

Professionals set themselves apart by bringing added value to the customer. They participate in senior organizations and keep up with issues that affect customers. They know the rules about Medicare and Medicaid. They subscribe to discussion groups and resources that research and examine issues affecting the senior demographic. They have referral networks and work closely with other professionals. They are constantly striving to learn about new things that could benefit their customers. They do not view their role as a way to make money—they look at their career as a calling or mission. They describe themselves as professionals who help their customers find solutions.

Go the Extra Mile

If a customer opts to move forward with the loan, professionals stay in touch to keep them informed about the status of their loan. They attend the closing and follow up afterward. Some criticism of our industry has derived from accusations that senior borrowers have not been fully informed. That simply would not happen if every loan officer agreed to operate under this professional code of conduct, staying in touch and connected with the senior throughout the process to ensure that questions are answered and confusion alleviated.

It is important to remember that we have a responsibility to evaluate our customers’ needs so that we are truly doing what is best for them. The work we do will have a lasting impact on our customers and their families. If we do not go the extra mile, we are not doing them justice. The best way to help is to educate them on all of their options, take time to listen and answer their questions, and help them find a solution, whether or not it involves a reverse mortgage. A true professional cares not about closing a loan, but about helping their senior customers find financial security.