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A second wave of COVID-19 seems imminent. While mortality rates have dropped dramatically seniors may shelter in place again. How can you prepare yourself and your business?
The nation has ‘flattened the curve’ of coronavirus hospitalizations but new cases are on the rise in many states. Yet life is beginning to return to normal with offices, restaurants, and retailers opening their doors months after shuttering their doors. Two forces have altered the gravity of our national economy and the mortgage industry- the media and infectious disease experts. Experts have warned that a second wave of the dreaded virus may arrive in November and possibly linger through the flu season and into the new year.
Being the most vulnerable demographic older Americans are rightly concerned about such forecasts and consequently may choose to return to the relative safety of their homes. Some may find themselves unable to work from home. A recent brief published by the Center for Retirement Research finds that 55 percent of older workers do not have the means to work remotely and many may “face re-entering what they view as unsafe work environments”. A valid concern especially for those whose job entails close contact with customers.
From this we can draw two conclusions:
- Older workers may find themselves in a financial crunch unable to safely return to work
- Many retired homeowners will avoid face-to-face meetings or office appointments fearing exposure to the coronavirus.
All which means whether a second wave emerges or not now is the time to…
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now is the time to retool our means of engaging potential borrowers. Mike Floth, president of this show’s sister company Reverse Focus said in a recent interview with Reverse Mortgage Daily, “We’re in a position that is really exciting because we have some tips and tricks up our sleeves, we do have some ideas that we can share”. One of those ideas Mike has shared is the use of both teleconferencing and email communications software that bridges the gap in remote sales creating a personal connection.
“Of course, Zoom is a buzzword now. Everyone’s using Zoom,” Floth says. Zoom’s popularity exploded in the early spring as Americans found themselves isolated from coworkers, friends, and family members. “It’s always been big, but now Zoom is everything. Another one is Loom, which is a very simple point-and-click screen recording software that also records video while you’re presenting your computer screen.”
So how can lenders and originators prepare? Here are a few points to consider.
- Check on the welfare of your existing clients. Do they have the means to get groceries or have them delivered? Is there a family member in the area who is willing to assist them? Can medications be delivered?
- Ask previous borrowers if they are current on their property charges such as property taxes and insurance. Do they need assistance? If so help them contact the loan servicer.
- Decide if your office will be offering in-person visits to prospective borrowers and if so, how you will implement safety measures. Market your safety protocols and plans vigorously.
- Train yourself and your team members on how to use remote engagement technologies such as Zoom, Skype, Google Meeting, Loom, or Bomb Bomb.
- Advertise locally in print and online where seniors ‘congregate’.If there’s one silver lining in the age of ‘social distancing’ it may be that many homeowners who found in-person meetings or phone sales intimidating may embrace remote sales as a less threatening and low-pressure means of working with a reverse mortgage professional.
The following is adapted from the June 15, 2020 show script of the Industry Leader Update.
Written and produced by Shannon Hicks ©2020- HECMWorld
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