Reverse Mortgage Originators Name Their Favorite Educational Resources

When potential borrowers want to learn more about reverse mortgage products, many professionals look to their in-house resources, like company websites, to begin the education process.

For Beth Paterson, executive vice president at Reverse Mortgages SIDAC in St. Paul, Minn., her website’s articles are a primary “education piece.”

“Our website is designed as educational, not just promotional,” she said.

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Equally important for Paterson are her popular blog, Beth’s Reverse Mortgage Blog, and her book. Paterson has taken her two books, updated and combined them into one: “Understanding Reverse Mortgages: Financing for Seniors May Be Right Under Their Roof.”

Rick Rodriguez with Resolute Bank in Las Vegas said many of his potential clients have done reverse mortgage research online and are looking just to dispel some negative impressions and get final details. To begin, he directs them to materials like the Learning Center on his company’s website and Resolute Bank’s brochures.

“Most borrowers are coming in well educated, but to give extra comfort and answer those unanswered questions, I start with company resources,” Rodriguez said. “It also helps retain clients in-house.”

Tim Nelson, the reverse mortgage sales manager for V.I.P. Mortgage in Arizona, distributes his company’s e-book, which includes information on the basics, misconceptions, and why reverse mortgages are being used as planning tools today.

“It’s a great way to follow up after the first meeting,” he said.

After the e-book, Nelson fills the quarterly automated “drip campaign” with timely articles he curates from LinkedIn. Among his favorites sources for articles on LinkedIn are Shelley Giordano, chair of the Funding Longevity Task Force, and Wade Pfau, professor at the American College of Financial Services in Bryn Mawr, Pa.

“What I like is that I’m not handing out a four-year-old article from Forbes,” Nelson said. “If it’s a recently published article, six months old or newer, it gives more credibility.”

If Rodriguez senses a borrower wants more confidence in reverse mortgages, he turns to some credible third party resources, too.

He said he typically refers clients to the websites of the U.S. Department of Housing and Urban Development or National Reverse Mortgage Lenders Association, as well as to texts by Pfau or Barry Sacks.

In addition to information from Giordano, Pfau, and Sacks, another popular third party resource is Dan Hultquist’s book “Understanding Reverse.” Both Nelson and Paterson mentioned it as a helpful tool.

“We’re fortunate to have those people sounding the horn for us,” Nelson said.

As for her blog, Paterson said that borrowers really relate to the personal stories featured.

“People seem to grasp (the information) when they hear stories,” she said. “I get calls from people across the country who have used my blog.”

Written by Maggie Callahan