RM HIVE Meeting 4/8/26

We talked about our wins for the last two weeks. We went over our Level 10 meeting and priorities for the quarter.



RM HIVE 4-8-26.mp4

Quick recap

The Reverse Mortgage Hive team met to discuss recent successes and updates in their business. John shared his experience helping a couple at an Easter event with AI photo editing, while the group discussed current challenges and opportunities in the reverse mortgage market. Brian reported having 8 potential clients "on the hook" though facing some delays in closing deals, while Julie mentioned an upcoming teaching opportunity at a senior center. The team discussed recent changes with PHH Mortgage, which was purchased by FAR and significantly changed their pricing structure, leading John to move two pending deals to TMAC. Todd presented new software features he developed for comparing forward and reverse mortgages side-by-side, including new capabilities for modeling line of credit growth and additional payment scenarios. The conversation ended with discussions about outreach strategies, including BNI networking efforts and financial planner rollouts, as well as Brian's upcoming presentation to a mastermind group of financial professionals focusing on collaboration between referral partners.

Next steps

  • John: Send Level 10 accountability template to meeting participants who did not receive it

  • DanTheMortgageMan: Reach out to Troy to discuss BNI outreach strategy

  • Joseph: Connect with John offline to discuss Level 10 commitments

  • John: Review and identify which calculator currently handles line of credit growth for Todd to integrate into new software

  • Brian: Send Excel worksheet comparing senior line of credit programs to John and Todd via email

  • Brian: Send PowerPoint presentation about referral partner relationships to group after delivering to financial professionals mastermind group

  • John: Show Joseph how to access the Liability Device Engine tool via call

  • Todd: Add line of credit growth column to new reverse mortgage comparison software

  • Todd: Add warning indicator in amortization table when payments risk closing HECM account

  • All participants: Test new reverse mortgage comparison software and provide feedback to Todd

  • John: Follow up with Sean Perkins about potentially joining a future meeting to share seminar conversion strategies

  • John: Move two client files from PHH to TMAC due to pricing changes

Summary

C2 Event and Team Updates

The meeting began with casual conversation about the weather and Coachella before transitioning to business discussions. John announced that he had to cancel his planned attendance at the EWM C2-specific event due to a family obligation in London, and mentioned that Mutual of Omaha would not be providing as much financial support this year, making it crucial to ensure strong attendance at their upcoming event on the 28th. The main purpose of the meeting was to introduce Joseph, who is new to C2 and part of the CLA community, and discuss Sean Perkins, a former colleague who has recently rejoined the community and achieved success with reverse mortgages in the San Diego area, converting 25-30% of seminar attendees to appointments.

Client Pipeline and Prospects Update

John discussed the tension management tool created by Todd, which he uses regularly to track daily tasks and priorities. Brian shared that he currently has eight potential clients "on the hook," though he's facing challenges getting them to commit, with some providing excuses and delays. Brian noted that while none have completed counseling yet, he expects about six of these prospects to move forward, including leads from various sources like Google Ads and WealthEasy.

PHH Pricing Structure Transition Update

John informed the team that PHH, which was recently purchased by FAR, has significantly changed their pricing structure, making it unviable for current deals. As a result, two pending deals are being transitioned to TMAC, with the expectation of closing them within two weeks. John also discussed recent conversations with advisors who are seeking product analyses and recommendations before presenting options to their clients.

AI Tools for Client Analysis

John discussed his approach to working with advisors on client cases, emphasizing the importance of following up and providing comprehensive information. He shared a specific example of using the Liability Device Engine and Whisper Flow AI tools to analyze a client's situation, comparing the costs of a bridge loan versus reducing the property price and selling. John demonstrated how these tools can quickly provide insights and support client conversations, though he noted that human analysis is still valuable for final decisions.

AI Financial Tool Demonstration

John demonstrated a new AI tool that understands financial terminology and discussed its features with Joseph, who requested a separate demonstration session. Julie asked about setting up a line of credit for a client closing a reverse mortgage, and John advised that payments would automatically build the line of credit, recommending clients overfund by a small amount to ensure the line of credit appears on their first statement. John shared his experience from 11 years ago and planned to advise a client in Arizona to overfund by $25,000 to start the line of credit growth.

Home Appraisal Strategy Discussion

The team discussed challenges with home appraisals coming in below expected values, leading to disappointed clients. John and Brian shared strategies for managing client expectations, including presenting multiple scenarios and offering line of credit options. DanTheMortgageMan reported being busy with reverse mortgage opportunities, particularly through long-term relationships with financial advisors and wholesalers. John mentioned receiving a promising lead from an estate planner, highlighting the potential for building relationships in this sector. The meeting appeared to be transitioning into an accountability check using a Level 10 process.

Business Development Progress Updates

The team discussed ongoing initiatives and progress updates. Dan reported he was still planning his BNI outreach program and planned to consult with Troy for guidance. Brian shared his progress on calculating a rollout to financial planners, explaining his strategy of calling first before sending follow-up emails. Julie updated the team on securing one new teaching opportunity and making a promising connection with someone in the long-term care advisory space, with plans to meet again on Friday.

BNI Outreach and Reverse Mortgage Updates

Troy discussed his BNI outreach efforts, including attending local trainings and cross-chapter mixers to meet members from other chapters and differentiate their services through certifications like CLA, CRMP, and CDLP. Todd presented updates on his work on Reverse Mortgage presentation software, demonstrating a new modal feature that allows users to compare forward and reverse mortgages side by side, including calculations for age, property value, and loan amounts. The team agreed to follow up offline regarding the Level 10 discussion, and Todd committed to completing the Reverse Mortgage interactive book and building a wrapper around it within the week.

Financial Modeling Tool Updates

Todd demonstrated new features in a financial modeling tool that allows users to compare different mortgage scenarios, including forward and reverse mortgages. The updated tool includes a slider for default settings and the ability to model additional payments and withdrawals. John suggested adding a line of credit growth calculation, which Todd agreed to implement. The team discussed how the tool could help advisors compare different strategies from a legacy planning perspective, showing how assets and home equity would grow over time.

Reverse Mortgage Product Comparison Discussion

The team discussed comparing reverse mortgage products with forward products, particularly the senior line of credit programs. Brian shared that he created an Excel spreadsheet to help clients compare reverse and senior line of credit options side by side. John suggested that Todd could incorporate this comparison tool into the system as another modal. The group also discussed Longbridge's senior line of credit product, with Joseph explaining it as an interest-only HELOC, though Dan expressed being underwhelmed with it. Brian mentioned he would be presenting to a mastermind group of financial professionals about referral partnerships rather than the technical details of reverse mortgages, and agreed to share the PowerPoint with the team afterward.