Dear Readers,

I am reminded of chicken little when everyone is screaming, "The sky is falling!"  We've been down this road before, people.  Are we in a recession?  YES.  Are we in a depression?  NO.  We're back where President Carter left off, but with 8 trillion in debt thanks to a forsaken war.  Instead of placing blame for the woes, get smart and fight back.  History will be kind to you if you intend to write it.

To your success,

James Carner
Editor

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Weekly News

More to reverse mortgage warning?
InvestmentNews, NY - 19 hours ago
"The article left the perception that the sale of a reverse mortgage followed by [the sale of] an annuity is standard operating procedure when, in fact, ...

Reverse Mortgages - "What ways can I get the proceeds?"
HULIQ, NC - 4 hours ago
The question everyone has when they are considering a Reverse Mortgage is, "How can I get the procedes?" This may sound like a typical response, and it is, ...

Stockholders Socked as J.P. Morgan Acquires Bear Stearns in Weekend Rescue  The news wasn't surprising but the price tag was a real stunner. On Sunday J.P. Morgan chase agreed to pay $2 per share to acquire failing Wall Street investment bank Bear Stearns, lock, stock, and barrel. And the purchase price, by the way, will be paid entirely in stock and includes purchase of the company's 45 story New York office tower...

HUD Introduces New Good Faith Estimate and Proposes Other Changes to RESPA  On Friday HUD released a proposed mortgage reform package designed to help consumers better understand the terms of the loans they are considering and offering guidelines for shopping for different products. The changes, if enacted, will reform the 30-year old Real Estate Settlement Procedures Act (RESPA). One feature of The Good Faith Estimate is not going to make lenders and brokers happy. Changes to YSP disclosure....

Advent Mortgage of California: Experienced Reverse Mortgage ...
WebWire (press release), GA - 17 hours ago
(San Diego, California) The experienced reverse mortgage specialists at Advent Mortgage have been planning retirement strategy with their clients since 1985

Smart Money: Gas from car-rental agency often not best deal  Springfield Business Journal, MO - 7 hours ago
Dear Bruce: I am 70 years old, work part-time and am considering a reverse mortgage. I do have a small nest egg put aside. I have studied the pros and cons ...

I think it's not a matter of IF...it's a matter of when
By, Chris Mitchell

In 2007, a number of states had introduced do-not-mail bills. These states included Connecticut, Hawaii, Michigan, Missouri, New Jersey, New York, Rhode Island, Texas, Vermont and Washington. Several other bills - in New York, Virginia, New Jersey and Washington - offered some sort of related proposed legislation, such as the creation of a no-mail registry for certain senior citizens and people suffering from mental illness, plus a ban on credit-card solicitations to people under the age of 21.

On one side...the Direct Marketing Association and the United States Post Office. On the other side, many of the green organizations to save the trees.

To this point, none of the bills have gained traction. And the direct mail community is keeping a very close watch on do-not-mail bills that have been introduced to state legislatures this year. Lobbyists will fight this one long and hard. But I see the future of direct mail in the same vein as smoking legislation. First one state, then another, and another. Then momentum swings as polls indicate...and politicians are swayed. Mark my words...a do-not-mail bill is coming to your state someday.

From a marketing standpoint

As a business owner, how would the loss of direct mail affect your marketing? Well, you'd have more money to market other ways. You'd need permission to market to people. My suggestion for 2008: Work on implementing permission marketing strategies long before they are legislated to you.

Wikipedia defines permission marketing: Permission marketing is a term used in e-marketing. Marketers will ask permission before they send advertisements to prospective customers. It is used by some Internet marketers, email marketers, and telephone marketers. It requires that people first "opt-in", rather than allowing people to "opt-out" only after the advertisements have been sent.

Want to know more? If you haven't read it yet, check out one of my favorite marketing books from Seth Godin: Permission Marketing: Turning Friends into Strangers. It's exceptional marketing material.

Community Marketing
By, James Carner (Editor)

You HAVE to be a leader in your community and by leader, I mean network everything you do with everyone you meet. A leader is a person who wants to be known as the "I do this awesome" kind of guy or gal. Real estate agents figured this out quickly by posting their face on everything from billboards to bus stops. Faces work, but I have seen some faces that should just stay where they are. We're not the most glamorous bunch of people in the reverse mortgage industry and I am happy that you feel good about your face, but give that topic some thought while I steer you into a direction that could work even better.

In order to get the referrals you need, you have to become a pillar of the senior community. Here is what I would do FIRST if I were in your shoes.

Research your area and logistically find out where most seniors attend or go. We're talking about high school plays, public plays, volunteer hospital work, retired areas, golf courses, dry cleaners, grocery stores etc... Give it a lot of thought. Make your community list and pick the top ten and work on those in this fashion:

Make yourself available to each event with something to offer. Free time to help, organize, contribute and ask permissions from establishments as to how you can make yourself available.

Create your mark. Your hot zone. Your hook. That thing you do. Harness, channel, learn and know everything about your "thing".

Introduce your specialty "thing" to each community and offer free training and a phone number to reach you about this "thing". Be THAT PERSON. Be THAT GUY/GAL that contributes to the community with this "thing" that everybody has a brochure or card for and will contact you for support and advice. (you may be thinking what this "thing" is for yourself. I do not know, but it CANNOT be related to your job and reverse mortgages. (outlook users, continued below...)

Listen to the Ed Fontes Show Saturdays 5:30 PM PST Live Stream on www.kfia.com where he talks about today's market during the first half and about reverse mortgages throughout the rest of the show.

Build your own newsletter about your "thing" whether direct mail or email and offer it to everyone. In fact, NEVER walk away from a senior without asking the question if they would like to receive your free advice or newsletter. Send your newsletter weekly or monthly, but put care into it. Your "thing" should be something fun and sort of a hobby of yours.

Start advertising on things you would never dream about. For example, do deals with local stores. Find antique stores and offer your "thing" as a standup tray so seniors can see your brochure/card or whatever. Ask drycleaners if you can include your card or brochure on every hanger they give to customers. You have to think think think!!! Where can I be? Where should I be? How can I have my "thing" everywhere and trade something for something? What can I do to trade my "thing" in your facility for something? Commission? Keep on thinking and networking...

It won't happen overnight, people. It may not be your ultimate light bulb to spring you into action. But nothing will happen if you do nothing. Unless you can afford to spend thousands of dollars on leads, this may be your best alternative. Or you can do both!

Good luck and good selling!

Please help us.  Contact Mel Carner and find out more info about advertising options.  503-855-3935 or email mcarner@mywy.com.  Don't forget that we are a full service marketing company for mortgage professionals!  Check out wwwCarnerDotBiz

Second thing, have you been to SeniorByZip.com yet?  Did you know that you can purchase mailing lists of reverse qualified seniors?  You can also send a direct mail postcard from the site as well.  Search for senior homeowners by zip code.  Check out the website and help support Reversenewsletter here as well - click here
 

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