The reverse mortgage industry is sizzling. Each year there is an increase in the number of reverse mortgages originated.  A bulge of some 80 million baby boomers is currently moving through the population heading toward the retirement years. The vast majority of baby boomers are homeowners, many of them with substantial equity.  Many will consider tapping into the equity in their homes to help pay for retirement. It is predicted that one in five mortgage loans by 2015 will be a reverse mortgage.

Perhaps you are considering a career change and think you want to be a reverse mortgage consultant.  Before you jump into it, please take the time to consider what it takes. If you are transitioning from the "forward" mortgage side to reverses, you will have to completely change your mindset and how you do business.  Working with seniors is a totally different experience than what you might be used to.  (I will give you one hint as to the main trait you will need to work on and that is ‘patience".)

In other words, do you have the right stuff?  There are some basic skills and traits that you must have in order to succeed in reverse mortgages. 

Successful reverse mortgage consultants have these traits in common:

*Personal integrity
*Patience
*Genuine caring and interest in others
*Good old-fashioned Likeability

You will also have to become an expert in your field.  You must have a complete understanding of reverse mortgage products and how they can help your clients.  Anything less and you will be crushed by the competition.  Anything less, and you will not be serving the best interests of seniors who so badly need your guidance, advice, and expertise.

You must always, always, always put the senior's interests before your own.  Because reverse mortgages are so popular, I fear that many will see this as an opportunity to make a quick buck rather than as the long-term career opportunity it is.  With that opportunity comes a moral and ethical responsibility to serve our senior clients well.  We also have the responsibility to protect our industry by always following the rules and never cutting corners.  Our industry is being scrutinized like no other industry, as it should.

In addition to the above traits, you will need these skills:

You must be detail-oriented. You will be working with numbers, documents, and lots of information.  If you are sloppy with the details you may impede the progress of the loan.  Your borrower will be unhappy, your processor will be unhappy, and YOU will be unhappy.  If you are not the detail type, then seriously consider hiring someone to help you with administrative details.

You must be organized. You will need systems in place.  Again, you may need to hire someone if you cannot stay organized yourself.

You must build referral networks This means involvement in your community, meeting and greeting people, joining networking groups and other community organizations.  Successful reverse mortgage consultants are "out there".

You must be an educator.  More than any other loan product, the reverse mortgage requires that your senior borrower deeply understand the loan and how it works. Forget that you are "selling" - you are providing a solution to a senior.  Seniors do not want to be "sold". Your job is to teach, to educate, and to explain. 

Take time to reflect and do some self-assessment.  Ask yourself; do I really have what it takes to be good at this?  Do I want it bad enough to make improvements in my personality and in my habits?  Be honest with yourself.  If your motivation for doing reverse mortgages is the money only, you will soon find that you are not happy in your new career.