Matthew Hemphill, Founder & CEO, Reverse Mortgage Academy

Will you perhaps start by giving us a brief introduction to Reverse Mortgage Academy as it stands today?

We create premium online e-course content that transforms loan officers into reverse mortgage experts. So, we’ve created a state-of-the-art course with five different modules, over 10 hours of content, and over 30 videos, all designed to help loan officers begin selling reverse mortgages.

And what will you say are the keys to the success of the program?

One of the things that sets us apart from other online training programs is that we not only teach what a reverse mortgage is but also really emphasize how to communicate it to senior citizens. So, a lot of you can find it online, and you can find somebody teaching you. You know what a reverse mortgage is. Here are the bullet points, and here are the facts. But what’s missing is often the training on how to sell it, how to speak the seniors’ language, and how to communicate the nuances of the program in a way that makes sense to them and makes them feel comfortable and excited about reverse mortgages.

So, do I understand correctly that you explain not just the theory but also how to sell it in a way that is understandable for senior citizens?

Yeah, absolutely. One of the things that we pride ourselves on is that we believe that, regardless of your knowledge, by the end of our course, you’ll be an expert who is ready to start selling reverse mortgages immediately.

I would like to go a little bit deeper into the program and the 5 modules that you have. Will you please tell us a little bit more about the modules? 

Yeah, the first module is called Reverse Mortgage 101, and it’s an introduction to reverse mortgages and how they work. What are the features, and what are the main components of a reverse mortgage? We’re laying the groundwork to give our people an understanding of what a reverse mortgage is.

The second module is how to sell it. So, we take this knowledge and apply it to how we speak it in their language, communicating it in a way that gets seniors excited and gets them to begin dreaming of their new life with a reverse mortgage.

The third module is called Reverse Mortgage 201, and that’s where we start to discuss some of the more challenging aspects of a reverse mortgage. So, you go from the general understanding of the program to now getting into some of the specifics, like how to use a reverse mortgage to purchase a home, or can you refinance an existing reverse mortgage into another one? Can I get a reverse mortgage if my home needs repairs? We cover all of those kinds of nuanced, more specific examples in Reverse Mortgage 201.

The fourth module is essential sales skills. I’m really proud of this one, where we equip salespeople. These are the skills that you need to have if you’re going to be successful in the reverse mortgage world. So, you need to be able to ask open-ended questions. You need to really understand how to utilize empathy and connect with your seniors on a personal and emotional level. One of our sales skills is knowing how much to share about yourself and building rapport. When have you shared too much? And when have you shared too little? So, we cover all of those essential sales skills in module 4.

The fifth and final module is about overcoming objections. Here are some potential objections that you may receive from a potential client, a financial advisor, or a child who gets involved. We coach them on how to overcome them. So those are our five modules, and each module consists of about five to eight videos. We really go into great detail and depth with each portion of the course.

So, obviously, reverse mortgages are a growing market. We’ve all been there, and they will be a great way to supplement income. Could you tell us why reverse mortgages are a good idea when you are a homeowner?

Yeah, right now, every single day, 10,000 Americans become age-eligible for reverse mortgages. So, the reverse market is growing every day with 10,000 customers. So you want to be a part of a market that’s growing and not shrinking. So, it’s an increasing market when it comes to your customer base.

Not only that, but seniors in the United States have over 11 trillion dollars of equity in their homes. So, these senior demographics are potential customers with over 11 trillion dollars of equity. And for the majority of those seniors, that equity is locked, it’s trapped, and the senior can’t tap into it to pay bills, to go on trips, to see their grandkids, or to take care of medical expenses. The reverse mortgage unlocks that for the seniors, improving their quality of life and giving them the retirement you know they’ve always dreamed of. So the market is growing. It’s not going away.

I often compare reverse mortgages to AI. They’re both here, and they’re here to stay. Neither one of them is going away, so we must learn to integrate reverse mortgages into our tool belt and portfolio if we’re going to be successful in the future.

And if I can say, Victor. One of the things that I think is key is that there are so many loan officers who are intimidated by reverse mortgages. And that’s just because they’ve never been trained on the specifics. So, in my case, one of the reasons that led me to create this company is I saw so many loan officers saying, “No, I don’t do reverses.” They kept it at such a distance, and when I asked them why, they would always say, “Well, I’ve just never been trained. I just don’t quite know the specifics.” And what was happening was that the commissions were just going to someone else. And so, for me, I really wanted to empower loan officers. “Hey, you can receive top-notch training. I will teach you everything you need to know so you can start helping seniors, so you can start earning these commissions.” And so, for me, one of the problems that I wanted to solve with this company was really

educating loan officers on the specifics and nuances of reverse mortgages so they could step into it with confidence and really add that to their tool belt.

What would be your main message to loan officers who are, as you said, doubting if they should educate themselves? 

The main message that I would have is that it’s a rising, growing market. So, you want to be involved in a market that’s growing. It’s not going away any time soon, and so, if you just stay and wait on the sidelines, you’re just allowing other loan officers to earn those commissions. And so, you’re leaving money on the table. The only thing holding you back is yourself because with a course like this, we’re going to give you the tools, we’re going to give you the vocabulary, knowledge, insight, and the confidence to step in. As a loan officer, why would you be content with only purchases and refinances like the majority of loan officers? Why wouldn’t you want to add a third tool to your tool belt, just maximizing your ability to help seniors and earn an income?

Could you, perhaps, give me an example of a student who went through the course and some test cases?

Yeah, absolutely. I have a whole testimonial page on my website, Victor. So, if you want any testimony, you can use their name and photo. I have their NMLS number, which is like their licensing number. I have hundreds of stories. I’ve been doing these trainings for over a decade now. Recently, I took my 10 years of experience and put all of that into a course.

My previous 10 years were spent working with some of the top companies in the world. So, I worked with American Advisors Group, which has been pretty much the number one company in the world for the past 15 years, and I’m now bringing that training on an individual level to loan officers. 

I have countless testimonies of people saying, “Matt, you made reverse mortgages simple for me. You gave me the confidence to sell them. You gave me the language to communicate with seniors and, therefore, have helped me earn a better commission and change more lives.” So, I think if you wanted specific quotes, you could go on to my website, Victor, and see what people have said.

Right. It might be that in the article, we will include a few just to complement everything.

Just as you know, the course also includes quizzes to really enhance the learning. It also comes with an ebook, which you have in print as well, and then you also receive a certificate at the end stating that you are a Reverse Mortgage Academy certified. So, you can tell your clients that you’ve gone through this training. Oftentimes, that’s the difference between a potential client going with you versus going with someone else. So that’s all included in the course. It’s not only the 5 video modules; there are quizzes, an ebook, and certification to really give you all the tools that you need.

Right. There is also the argument that probably my guess will be that as soon as you get one client, you already get the return on the investment in the education that you provide. So, that’s a that’s a good point. I wanted to ask you as well: what is the future of Reverse Mortgage Academy? Are you going to keep on expanding? What are your thoughts in that sense?

That’s a good question, Victor. Right now, I’m having conversations. I want to get every individual to go through my course so they can be empowered and have the tools to start selling reverse mortgages. But I am also in communication with companies to partner with them. Anytime these companies hire somebody, Reverse Mortgage Academy can help with their onboarding and training. So, I really want to help loan officers on an individual basis, but I also see forming partnerships with larger companies to help them with training and onboarding. 

My dream is that if a large company can inherit a new hire who’s already been trained, then they can just hit the ground running. I can save them hours of training and thousands of dollars of costs. The company can send their new employee through my course so that when they get to them, they’re already trained and ready to go. So my goal is to work on the individual level but also partner with larger corporations to help them with their training and onboarding.

Understood. We have had a wonderful conversation, Matt. Is there anything I haven’t asked you about that you would like to mention?

Reverse mortgages are one of the most lucrative loans out there for loan originators. And as I’ve said so often, there’s a lot of money in commissions being completely left on the table. So, the goal is for loan officers who take this course to have a shot to not only earn the commission but also earn a commission that’s pretty sizable. So that’s just something that again is driving help for seniors. We want to help as many seniors as possible to have the best quality of life. But in addition to that, the commissions are substantial enough that we should be excited about offering them and stepping into it. I tell loan officers that this is a great way to provide for your family and earn your income through reverse mortgages.