Home Business Alec Hanson on reverse mortgage specialists and not sleeping on social media

Alec Hanson on reverse mortgage specialists and not sleeping on social media

by Joshua Garcia

The reverse mortgage business is constantly evolving, and two of the key debates in the industry revolve around loan originator specialization and how to effectively market to seniors. Alec Hanson, the CMO of loanDepot, has weighed in on these issues and shared his thoughts.

One major topic of discussion in the industry is whether reverse mortgage lenders should have dedicated specialists or allow forward mortgage professionals to transition into reverse lending. Hanson believes that the decision should be left up to the individual loan officer. If an originator wishes to expand their knowledge and offer reverse mortgages as part of their repertoire, they should have the opportunity to do so. loanDepot offers a certification process and support from subject matter experts to help loan officers navigate the reverse mortgage space. On the other hand, if an LO feels that a particular case requires specialized attention, they can refer the loan to a dedicated reverse mortgage specialist. Hanson sees the value in both approaches and strives to provide options and support for all loan officers.

Education is critical when it comes to reverse mortgages. Many potential borrowers have misconceptions or fears about the product, stemming from past misuse and lack of structure. To overcome these challenges, loanDepot focuses on educating both its loan officers and the communities they serve. Through its distributed retail channel, loanDepot empowers its loan officers to bring the information directly to local communities through community centers and other gatherings. This localized approach helps build trust and provides borrowers with the knowledge they need to make informed decisions about reverse mortgages.

When it comes to marketing to seniors, loanDepot recognizes the importance of traditional avenues like direct mail campaigns, but also acknowledges the growing significance of social media. While some may think that social media is ineffective in reaching older adults, Hanson believes it is emerging as a powerful tool in connecting with seniors. Platforms like Facebook have become popular among older adults, and reaching them through social media is becoming increasingly important. By strategically advertising and providing educational resources on these platforms, loanDepot aims to empower seniors and help them make informed decisions about reverse mortgages.

In conclusion, loanDepot is addressing the debates surrounding loan originator specialization and marketing to seniors in the reverse mortgage industry. By providing options for loan officers to specialize or expand their knowledge, as well as educating both loan officers and borrowers, loanDepot aims to create a knowledgeable and informed community around reverse mortgages. By embracing social media and utilizing traditional marketing methods, loanDepot is ensuring that seniors have access to the information they need to make the best decisions for their financial future.

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