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Understanding the Times


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Adapting to Culture & Technology

reverse mortgage newsRemember Blockbuster Video? The drive you and your family would take to peruse shelves of video titles which were usually not alphabetically  organized may have been part of your weekend routine? In those bygone days the internet was generally slow and Netflix only mailed DVDs having not yet begun their now ubiquitous steaming service. Blockbuster was slow to market a streaming video service and consequently was forced to close over 300 of it’s retail locations a few short years later. So how does one avoid the same fate?  In order to survive businesses and the reverse mortgage industry must adapt to both culture and technology.

It’s no secret our industry is in a state of flux. What worked yesterday most likely will not be effective today. In the mid-2000’s reverse mortgage marketing relied heavily on direct mail campaigns followed by face to face meetings in the borrower’s home. As direct mail waned and national television ads began the shift toward call centers began in earnest. The greatest generation from World War II preferred doing business at the kitchen table while younger retirees preferred a more arms-length encounter…

Download the video transcript here.

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  1. Caught me flatfooted again Shannon. I always like your input so here I am soaking it up again, but none of this explains why I have only one new app so far this year and several “waiting” for their counseling as call centers try to lure them away with their cheap shots and financial assessments heading down the track in this direction.

    Looks like it’s time to start looking for another job as NRML is courting financial planners for their next round of business. What will happen to LO’s. Good question, maybe the industry can just go direct to financial planners and make them the next connect to prospects assuming FPs have a client base sufficient to get enough business for lenders who now seem not very interested in the people I came to serve.

    A “comprehensive financial plan” may be hard to provide for most of the segment I’ve been serving — even for financial planners. Maybe they can get them into the Wall Street Casino and make up for all the lack of retirement resources.

    What’s driving this industry? Not LOs. The recent NY bash didn’t even invite them to speak. Were you there?

    I am watching you Shannon.

  2. Shannon,

    Good job as usual. You touched on a subject that I have been preaching about for some time now.

    The old days are gone in many ways. I still feel networking is here to stay and always will be.

    You touched on the fewer need based borrowers due to the changes that have occurred in the market place, you are right on target with that statement.

    However, as I had said in the past, we can’t stop trying to achieve the needs of these borrowers, we must try everything thing we can to help them.

    Going after those borrowers with little or no debt on there home must be in the the daily planner of the LO of today. Go after attorney’s, small banks and any entity that has a data base of seniors.

    Put on joint education work shops with some of these professionals, it works and you will pick up leads.

    Yes, we do have opportunities out there and yes, those who can adapt will be successful. Accept the change, we can’t do anything about it but we can be creative and work around it in new and innovative ways!

    John A. Smaldone

  3. Nicely said John, thanks!

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