Financial Institutions

Reverse Mortgage Program: Frequently Asked Questions

Why should we have a strategic alliance with BCI?

A few reasons:

• Our staff has expert knowledge of the reverse mortgage programs. We work on these products every day.

• You never want to send your consumer to another financial institution…BCI is not a bank. We don’t solicit deposits!

• BCI will train your staff!

Why is it important that we offer Reverse Mortgages?

We have a number of good reasons for this question also:

• Seniors are hearing more and more about these programs. You want them to know that your company can assist them. 

• The most efficient deposits in your institution are passbook type saving. These accounts generally belong to older customers who will use them to pay bills and other expenses as they get older…unless you direct them to other sources of funds…like the equity they have spent their entire adult life building up in their homes!

• In some cases, your seniors have mortgages that they may be having trouble paying on a monthly basis. BCI has successfully converted these situations into Reverse Mortgages, given the consumer income that they did not have before and helping the financial institution out of the ‘public relations’ mess of having to foreclose on a senior citizens home.

• Your staff will be asked about them. BCI will train your employees to answer questions and to assist these seniors (or their caregivers), if this is the right product for them. Your institution is missing a fee income opportunity!

• You must be 62 years old or older to get a Reverse Mortgage. In 2007, that means that the Baby Boomer Generation comes of age — do you want to miss this opportunity?

What does my staff learn at the training sessions?

We find a convenient time and we go over general information such as:

• • How much can I borrow?
  • How old do I have to be?
  • DO I really NEVER have to pay this loan back in my lifetime?
  • What do I have to do to apply?
  

They won’t walk away as experts, but they will be able to answer questions that will be posed to them by seniors. We also strongly encourage the referring employee to sit in on the BCI presentation with the senior. We do this, both to educate them with a real life situation as well as to give the customer a direct link to your institution.

How can I find out more?

Look over our website, check out the success stories, become better educated by looking at the common misconceptions about reverse mortgages…we even suggest that you go to the AARP website to get their perspective on this unique product. Then give us a call or click here to contact us for more information.