How Reverse How Reverse Mortgages Can Mortgages Can

Help Your Clients Help Your Clients and Your Practiceand Your Practice

A Course for Financial Planners & A Course for Financial Planners & Financial AdvisorsFinancial Advisors

Presented by: Michael PinterPresented by: Michael Pinter

What Every Financial What Every Financial Planner & Financial Advisor Planner & Financial Advisor

Says About Reverse Says About Reverse MortgagesMortgages

““I understand how the product I understand how the product works”works”

“ “I DON’T LIKE IT”I DON’T LIKE IT” ““It may be okay for some people in It may be okay for some people in

certain situations, but it’s too certain situations, but it’s too expensive and there are usually expensive and there are usually better options”better options”

What I Have Found isWhat I Have Found is

Most of you don’t fully understand Most of you don’t fully understand how it workshow it works

““Doesn’t the bank “get” the house?”Doesn’t the bank “get” the house?” Many of you have read or heard Many of you have read or heard

something negative about Reverse something negative about Reverse MortgagesMortgages

You think it doesn’t make you any You think it doesn’t make you any money anywaymoney anyway

What This Course Will What This Course Will Teach YouTeach You

What a Reverse Mortgage is and how it worksWhat a Reverse Mortgage is and how it works

Negatives and Positives of Reverse Negatives and Positives of Reverse MortgagesMortgages

Why there is so much bad press about themWhy there is so much bad press about them

How using Reverse Mortgages can help you How using Reverse Mortgages can help you make money while helping your clients with make money while helping your clients with specific case studies and examplesspecific case studies and examples

What is a Reverse What is a Reverse Mortgage?Mortgage?

A Reverse Mortgage is a A Reverse Mortgage is a tool for people 62 and tool for people 62 and older, to access their home older, to access their home equity and not have to pay equity and not have to pay it back until they do not it back until they do not live in their home anymorelive in their home anymore

How a Reverse Mortgage How a Reverse Mortgage WorksWorks

Amount of proceeds available to the borrower Amount of proceeds available to the borrower is based on three factorsis based on three factors

Age of homeowner (s)Age of homeowner (s) LTV’s RangeLTV’s RangeAppraised value of homeAppraised value of home from 30 to 75from 30 to 75Current Interest RatesCurrent Interest Rates

Loan is repaid at death or move-out and Loan is repaid at death or move-out and repayment NEVER exceeds value of homerepayment NEVER exceeds value of home

All Reverse Mortgages are Non-All Reverse Mortgages are Non-Recourse loansRecourse loans

Amount repaid is principal, accrued interest, Amount repaid is principal, accrued interest, and all service or other applicable fees and all service or other applicable fees

ANYONE 62 or older who owns ANYONE 62 or older who owns a home, qualifies for a Reverse a home, qualifies for a Reverse

MortgageMortgage

Borrowers will never have to leave their homeBorrowers will never have to leave their home No income, asset, medical or credit qualificationNo income, asset, medical or credit qualification No monthly mortgage paymentsNo monthly mortgage payments No repayment of the loan until the last borrower No repayment of the loan until the last borrower

moves out permanently or passes awaymoves out permanently or passes away Proceeds paid in lump sum, monthly payments, Proceeds paid in lump sum, monthly payments,

line of credit or any combinationline of credit or any combination Interest may be tax-deductible upon loan Interest may be tax-deductible upon loan

repaymentrepayment

The Two Most Popular The Two Most Popular Types of Reverse MortgagesTypes of Reverse Mortgages FHA/HUD Insured, Home Equity FHA/HUD Insured, Home Equity

Conversion Mortgage “HECM”Conversion Mortgage “HECM”Limited to $362,760 – (hopefully Limited to $362,760 – (hopefully

more soon)more soon)Higher closing costs due to fees to Higher closing costs due to fees to

HUDHUD JUMBO or Proprietary ProductsJUMBO or Proprietary Products

No limitNo limitLower CostsLower CostsCan be used for a purchase, for a Can be used for a purchase, for a

second home second home or a Co-opor a Co-opStarts making sense for home values Starts making sense for home values

above above $600,000 or for above $600,000 or for above mentioned scenariosmentioned scenarios

Reverse Mortgage Credit Reverse Mortgage Credit Lines Grow and CompoundLines Grow and Compound

Credit lines are, BY FAR, the most Credit lines are, BY FAR, the most popular choice of Reverse Mortgage popular choice of Reverse Mortgage payment option because the unused payment option because the unused portion grows and compounds, giving the portion grows and compounds, giving the clients more available funds every year as clients more available funds every year as long as some portion of the line is long as some portion of the line is unusedunused

This is the ONLY product that has this This is the ONLY product that has this featurefeature

FHA HECM’s grow at their interest rate FHA HECM’s grow at their interest rate (currently about 4%)(currently about 4%)

Jumbo products grow at 5%Jumbo products grow at 5%

Common MisconceptionsCommon Misconceptions ““The lender takes the house”The lender takes the house” - Homeowner retains title to the - Homeowner retains title to the

propertyproperty ““I can be thrown out of my home”I can be thrown out of my home”

- Homeowner can stay in home until - Homeowner can stay in home until maturity event occurs maturity event occurs

““I can owe more than my home is I can owe more than my home is worth”worth”- Homeowner can never owe more - Homeowner can never owe more than than the value of the home the value of the home

““My heirs will be against it”My heirs will be against it”- Experience demonstrates most heirs- Experience demonstrates most heirs are in favor of Reverse Mortgagesare in favor of Reverse Mortgages

My Two Biggest Difficulties My Two Biggest Difficulties With Reverse Mortgage With Reverse Mortgage

ProspectsProspects 1) Someone (e.g. Child, family 1) Someone (e.g. Child, family

member, friend, Financial member, friend, Financial Planner, Financial Advisor, Planner, Financial Advisor, etc.) told them they don’t etc.) told them they don’t think it’s a good ideathink it’s a good idea

2) It sounds too good to be 2) It sounds too good to be true – What’s the Catch?true – What’s the Catch?

Negative Aspects of Reverse Negative Aspects of Reverse Mortgages – “The Catch”Mortgages – “The Catch”

Closing CostsClosing Costs

&&

Depletion of EquityDepletion of Equity

Issue 1 – Closing CostsIssue 1 – Closing Costs

When compared to regular, forward When compared to regular, forward mortgages, the costs for a Reverse mortgages, the costs for a Reverse Mortgage are highMortgage are high

BUTBUTCan you really compare a loan with no Can you really compare a loan with no monthly payments to a loan that has monthly payments to a loan that has payments?payments?

Reverse Mortgages are unique, they are Reverse Mortgages are unique, they are available to many people who cannot get available to many people who cannot get or do not want a regular mortgageor do not want a regular mortgage

Issue 2 - Depletion of Issue 2 - Depletion of EquityEquity

If the borrower keeps the If the borrower keeps the loan for a long time, all of loan for a long time, all of their equity will be depletedtheir equity will be depleted

BUTBUTHow much did the borrower How much did the borrower benefit over that time? benefit over that time? Do the borrowers care? Do Do the borrowers care? Do the heirs care? What are the heirs care? What are their options?their options?

Summary of NegativesSummary of Negatives If the borrower will not keep the loan for If the borrower will not keep the loan for

at least several years, a Reverse at least several years, a Reverse Mortgage is probably not the right Mortgage is probably not the right product because the effective rate will be product because the effective rate will be very high due to the initial closing costsvery high due to the initial closing costs

If the borrower lives for many years after If the borrower lives for many years after they take the loan, they probably will they take the loan, they probably will have no equity left when they diehave no equity left when they die(but if they choose the tenure (monthly (but if they choose the tenure (monthly payment) option, they will still receive payment) option, they will still receive their monthly check, even if they clearly their monthly check, even if they clearly owe much more than the home is worth!)owe much more than the home is worth!)

Some of the Many Some of the Many Benefits Benefits

1) Peace of Mind – Die in the home1) Peace of Mind – Die in the home 2) Increased Income/Savings – Feel secure2) Increased Income/Savings – Feel secure 3) Large Positive Cash Flow Change – 3) Large Positive Cash Flow Change –

Payoff existing loanPayoff existing loan 4) Foreclosure Rescue – No brainer4) Foreclosure Rescue – No brainer 5) Non-Recourse Loan5) Non-Recourse Loan 6) Repair unsafe Conditions – Fix the 6) Repair unsafe Conditions – Fix the

stairs, Chair lifts, bedroom on first floor, stairs, Chair lifts, bedroom on first floor, etc.etc.

7) Positive Lifestyle Changes – Take that 7) Positive Lifestyle Changes – Take that vacation you always wanted vacation you always wanted

8) Get the Insurance that they need8) Get the Insurance that they need

Peace of MindPeace of Mind Can you really put a price on peace of mind?Can you really put a price on peace of mind? Survey after survey shows that most seniors want Survey after survey shows that most seniors want

to stay in their hometo stay in their home They don’t want to sell (especially not in 2008)They don’t want to sell (especially not in 2008) How much would their costs be to sell – usually How much would their costs be to sell – usually

very similar to the closing costs of a reverse very similar to the closing costs of a reverse MortgageMortgage

Taking a Reverse Mortgage guarantees them that Taking a Reverse Mortgage guarantees them that they can stay in the home for as long they livethey can stay in the home for as long they live

Any forward loan starts the clock ticking the day Any forward loan starts the clock ticking the day they close – the Reverse stops the clock for as they close – the Reverse stops the clock for as long they livelong they live

Increased Increased Income/SavingsIncome/Savings

Gives them a sense of securityGives them a sense of security Most seniors are on a fixed income Most seniors are on a fixed income

that has not kept up with the that has not kept up with the increased cost of food, gas and heatincreased cost of food, gas and heat

Many are being harassed by their Many are being harassed by their lenders, credit card companies, lenders, credit card companies, utilities, etc.utilities, etc.

Having even a few thousand dollars in Having even a few thousand dollars in the bank can change their mindset the bank can change their mindset completelycompletely

Large Positive Cash Flow Large Positive Cash Flow ChangeChange

When an existing loan is paid off and When an existing loan is paid off and there are no more payments to be there are no more payments to be made, many Reverse Mortgage made, many Reverse Mortgage borrowers see a tremendous change in borrowers see a tremendous change in their lifestyletheir lifestyle

Many times they can pay off their loan Many times they can pay off their loan and still receive a significant line of and still receive a significant line of credit or monthly payment FROM the credit or monthly payment FROM the lenderlender

Foreclosure RescueForeclosure Rescue In today’s times of short sales, many In today’s times of short sales, many

lenders are accepting the proceeds lenders are accepting the proceeds of a Reverse Mortgage even when of a Reverse Mortgage even when they are much less than the balance they are much less than the balance of their loanof their loan

Most Reverse Mortgage lenders have Most Reverse Mortgage lenders have a fast-track processing system for a fast-track processing system for borrowers in foreclosureborrowers in foreclosure

Thousands of Seniors have saved Thousands of Seniors have saved their homes with Reverse Mortgagestheir homes with Reverse Mortgages

Non-RecourseNon-Recourse All Reverse Mortgages are non-recourse loansAll Reverse Mortgages are non-recourse loans If the value of the property drops, and the If the value of the property drops, and the

borrower owes more than it is worth, the lender borrower owes more than it is worth, the lender eats the differenceeats the difference

If the borrower lives much longer than expected If the borrower lives much longer than expected and the loan grows larger than the property and the loan grows larger than the property value, the lender eats the differencevalue, the lender eats the difference

If rates go sky high and the loan grows larger If rates go sky high and the loan grows larger than the property value, the lender eats the than the property value, the lender eats the differencedifference

The lender can NEVER go after the borrowers or The lender can NEVER go after the borrowers or their heirs for anything, they can only get the their heirs for anything, they can only get the value of the property value of the property

Any excess equity at payoff belongs to the Any excess equity at payoff belongs to the homeownerhomeowner

Repair Unsafe conditionsRepair Unsafe conditions Many seniors do not have the funds to keep Many seniors do not have the funds to keep

their home in proper conditiontheir home in proper condition Many more need to make a change in their Many more need to make a change in their

home to improve its’ convenience (e.g. home to improve its’ convenience (e.g. move their bedroom to the ground floor or move their bedroom to the ground floor or to install a stair lift)to install a stair lift)

Reverse Mortgages have helped thousands Reverse Mortgages have helped thousands of these people make these needed changesof these people make these needed changes

The borrowers are responsible to maintain The borrowers are responsible to maintain the property in decent condition at all timesthe property in decent condition at all times

Positive Lifestyle Positive Lifestyle ChangesChanges

Help their kidsHelp their kids Help their grandchildrenHelp their grandchildren Take a vacationTake a vacation Buy a new carBuy a new car Buy a second homeBuy a second home Finally live their dreams - using the Finally live their dreams - using the

equity that they built for many years equity that they built for many years and not having to worry about paying it and not having to worry about paying it backback

Get the Insurance Coverage Get the Insurance Coverage They NeedThey Need

Most seniors do not have Long Term Care Most seniors do not have Long Term Care InsuranceInsurance

Many wish to leave an estateMany wish to leave an estate

Their real estate value fluctuates – but the Their real estate value fluctuates – but the death benefit will stay the same or growdeath benefit will stay the same or grow

Some seniors take a Reverse Mortgage Some seniors take a Reverse Mortgage and purchase a life policy with some of and purchase a life policy with some of the proceeds to insure that their heirs the proceeds to insure that their heirs end up with an estate – while they still get end up with an estate – while they still get to use the restto use the rest

Why is there so much Why is there so much bad press about Reverse bad press about Reverse

Mortgages?Mortgages? The vast majority of bad press comes The vast majority of bad press comes

from unscrupulous loan officers who from unscrupulous loan officers who sell their Reverse Mortgage clients sell their Reverse Mortgage clients deferred annuities deferred annuities

A few bad apples spoil it for everyoneA few bad apples spoil it for everyone Most Reverse Mortgage articles and Most Reverse Mortgage articles and

media pieces are incorrect and do not media pieces are incorrect and do not present the facts in an unbiased waypresent the facts in an unbiased way

Most members of the media have very Most members of the media have very little understanding of the productlittle understanding of the product

The Reverse Mortgage has primarily The Reverse Mortgage has primarily been been

viewed as a last resort to provide viewed as a last resort to provide funds for funds for

equity rich, cash poor seniors equity rich, cash poor seniors

HOWEVER…….HOWEVER…….

The “New Generation” Retirees will face:The “New Generation” Retirees will face: Financing extended lifetimesFinancing extended lifetimes Minimal or no defined pension plansMinimal or no defined pension plans Rising Costs (Medical, Food, Gas, Heat, Rising Costs (Medical, Food, Gas, Heat,

etc.)etc.) Uncertainty of social security trust fund Uncertainty of social security trust fund

remaining solventremaining solvent

““NEW GENERATION” NEW GENERATION” SeniorsSeniors

Today’s Senior Citizens are better Today’s Senior Citizens are better educated regarding financial educated regarding financial concepts such asconcepts such as

Asset allocationAsset allocation Use of leverage to maximize wealth Use of leverage to maximize wealth

and reduce riskand reduce risk They depend heavily on financial They depend heavily on financial

professionals to help achieve their professionals to help achieve their objectivesobjectives

Reverse Mortgages Are Reverse Mortgages Are Used as Part of a Financial Used as Part of a Financial

PlanPlanReverse Mortgages can benefit Reverse Mortgages can benefit individuals or couples:individuals or couples:

Who can not afford the risk of long term Who can not afford the risk of long term care expenditurescare expenditures

Who are concerned about providing for Who are concerned about providing for their heirstheir heirs

Who are concerned about estate tax Who are concerned about estate tax liabilitiesliabilities

Who are insurable, ideally between 62-80Who are insurable, ideally between 62-80 Who are concerned about Market risk to Who are concerned about Market risk to

their retirement portfoliotheir retirement portfolio

Four Real Examples of Four Real Examples of Reverse Reverse

Mortgage StrategiesMortgage Strategies1.1. To increase cash-flow and continue To increase cash-flow and continue

to pay premiums on an existing to pay premiums on an existing policypolicy

2.2. As a funding vehicle for Long Term As a funding vehicle for Long Term Care (LTC)/ Life Insurance comboCare (LTC)/ Life Insurance combo

3.3. Fund a Life Insurance trust to leave Fund a Life Insurance trust to leave an estate an estate

4.4. Use it as a hedge against market Use it as a hedge against market riskrisk

Scenario OneScenario One

SituationSituation 80 year old client owns $1,100,000 80 year old client owns $1,100,000

Home and has a $350,000 mortgage Home and has a $350,000 mortgage balance with a $3,300 monthly paymentbalance with a $3,300 monthly payment

PROBLEMPROBLEM 80 Year Old Clients want to let their Life 80 Year Old Clients want to let their Life

Insurance policy lapse because of cash Insurance policy lapse because of cash flow issues ($11,000 annual premium) flow issues ($11,000 annual premium)

SOLUTIONSOLUTION – Reverse – Reverse MortgageMortgage

Client pays off the existing loanClient pays off the existing loan Client receives additional $1,000 Client receives additional $1,000

a month every month to pay the a month every month to pay the premiums on their Life Policypremiums on their Life Policy

ANDAND Client receives a line of credit for Client receives a line of credit for

$50,000 that grows and $50,000 that grows and compounds at 5% annuallycompounds at 5% annually

The Results:The Results: Clients increase their cash flow by Clients increase their cash flow by

$4,300 a month ($3,300 mortgage $4,300 a month ($3,300 mortgage payment eliminated plus the $1,000 in payment eliminated plus the $1,000 in new income)new income)

They are able to continue paying their They are able to continue paying their premiums and leave their heirs the premiums and leave their heirs the death benefit proceeds death benefit proceeds

They have a line of credit for They have a line of credit for emergency situations and to feel emergency situations and to feel securesecure

Benefits to Financial Benefits to Financial Planner/AdvisorPlanner/Advisor

Continue receiving residual Continue receiving residual income from premium paymentsincome from premium payments

Significantly affect your clients Significantly affect your clients lives for the better, they will love lives for the better, they will love you and send their friends!you and send their friends!

Possibly free up clients’ cash for Possibly free up clients’ cash for additional insurance productsadditional insurance products

Scenario Two - Reverse Scenario Two - Reverse Mortgage to Fund LTC / Mortgage to Fund LTC /

Life ComboLife ComboSituation:Situation:

65 year old couple - $300K home, 65 year old couple - $300K home, minimal portfolio assets – desires to minimal portfolio assets – desires to leave an estateleave an estate

PROBLEMPROBLEM

Statistically one spouse will require a Statistically one spouse will require a Long Term Care providerLong Term Care provider

Risk is high the estate will be spent Risk is high the estate will be spent downdown

Solution:Solution:Establish Reverse Mortgage Credit Line and Establish Reverse Mortgage Credit Line and

Fund:Fund:

1. “Shared LTC” policy1. “Shared LTC” policy 4 years protection for either spouse4 years protection for either spouse Cost = 1/3Cost = 1/3rdrd less than individual policies less than individual policies $4,960 per year$4,960 per year

2. “Second to Die” Life Policy from RM Credit 2. “Second to Die” Life Policy from RM Credit LineLine

Amount = $500K death benefitAmount = $500K death benefit Cost = $5,880 per yearCost = $5,880 per year

Total Annual Credit Line Withdrawals = Total Annual Credit Line Withdrawals = $10,840$10,840

Benefits to ClientBenefits to Client

Long Term Care risk Long Term Care risk substantially reducedsubstantially reduced

Life policy replaces lost equity Life policy replaces lost equity and maximizes estate potentialand maximizes estate potential Flexible Premium PolicyFlexible Premium Policy Clients only paid premiums 4 yearsClients only paid premiums 4 years $24K plus Closing Costs & Interest $24K plus Closing Costs & Interest

purchased coverage for fifteen yearspurchased coverage for fifteen years

Benefit to Advisor:Benefit to Advisor:

Commissions to Financial Commissions to Financial Planner/Advisor:Planner/Advisor:

70% of first year LTC premiums70% of first year LTC premiums

90% of first year Life premiums90% of first year Life premiums

Total commission = $8,764 plus Total commission = $8,764 plus residualsresiduals

Scenario Three - Reverse Scenario Three - Reverse Mortgage to Fund a Life Mortgage to Fund a Life

Insurance TrustInsurance Trust

Situation:Situation: 62 & 65 year old couple - $400K 62 & 65 year old couple - $400K

home, $800K portfoliohome, $800K portfolio

PROBLEMPROBLEM Concerned about future estate tax Concerned about future estate tax

liabilities for their heirs liabilities for their heirs

Solution:Solution:

Fund Life Insurance Trust with Fund Life Insurance Trust with Reverse Mortgage Credit LineReverse Mortgage Credit Line

Trust purchases “Second to Die” Trust purchases “Second to Die” life policylife policy

*Death Benefit = $1,000,000*Death Benefit = $1,000,000

*Annual Premium = $11,760*Annual Premium = $11,760

Benefits:Benefits:

Benefit to Borrower:Benefit to Borrower: Leverage Home to provide $1 Leverage Home to provide $1

million dollars, estate tax free, to million dollars, estate tax free, to heirsheirs

Benefit to Planner/AdvisorBenefit to Planner/Advisor Commission = 90% of first year Commission = 90% of first year

premium ($10,584)premium ($10,584)

Scenario Four - Reverse Scenario Four - Reverse Mortgage as a “Hedge” Mortgage as a “Hedge”

against market riskagainst market risk When supplementing retirement When supplementing retirement

income from investments, a 4% income from investments, a 4% drawdown rate is safe to insure drawdown rate is safe to insure client will not outlive capitalclient will not outlive capital

If drawdown begins during a If drawdown begins during a market downturn, odds of market downturn, odds of lifetime capital stream drops lifetime capital stream drops from 50% to 33%from 50% to 33%

Problem:Problem: 70 year-old widow needs to supplement 70 year-old widow needs to supplement

her income by $18,000 per year (4% of her income by $18,000 per year (4% of her $450,000 portfolio)her $450,000 portfolio)

Market downturn causes her portfolio Market downturn causes her portfolio to decline 36% and is now $288,000to decline 36% and is now $288,000

$18,000 would now equal a 6.3% draw $18,000 would now equal a 6.3% draw down rate and greatly increase the down rate and greatly increase the odds of her running out of money in odds of her running out of money in her lifetime.her lifetime.

Solution:Solution:

Secure a Reverse Mortgage giving Secure a Reverse Mortgage giving her $189,000 in a line of credither $189,000 in a line of credit

Draw $18,000 a year from her credit Draw $18,000 a year from her credit line rather than her investment line rather than her investment portfolioportfolio

Allow her investment portfolio to Allow her investment portfolio to recoverrecover

The Results:The Results:

Four Years later her portfolio has Four Years later her portfolio has recovered to $570,000recovered to $570,000

She is able to discontinue She is able to discontinue supplementing from her RM credit supplementing from her RM credit lineline

Resumes payments from her Resumes payments from her investment portfolioinvestment portfolio

Benefit of “Hedge” to Benefit of “Hedge” to Client:Client:

• Reduced the risk of outliving investment Reduced the risk of outliving investment portfolioportfolio

• Maintained her standard of livingMaintained her standard of living• Increased her total net worth Increased her total net worth

Before: Before: 480K Home + $450K Portfolio = 480K Home + $450K Portfolio =

$$930K Net Worth930K Net Worth..

After: After: $550K Home + $570K Portfolio - $550K Home + $570K Portfolio - $92K RM Balance = $92K RM Balance = $$1,028 K Net Worth1,028 K Net Worth

Increase of 10% for 4 year periodIncrease of 10% for 4 year period

Benefit of “Hedge” to Benefit of “Hedge” to AdvisorAdvisor

Retain assets under management – Retain assets under management – and the corresponding annual and the corresponding annual revenuerevenue

Add real estate for diversificationAdd real estate for diversification

Position client for future market Position client for future market volatilityvolatility

* credit line value $286K in 15 years* credit line value $286K in 15 years

Recap: Value Added by All Recap: Value Added by All Strategies in all Four Strategies in all Four

ScenariosScenariosValue to ClientsValue to Clients Manage Risk to their financial well being Manage Risk to their financial well being

from portfolio volatility, long term care from portfolio volatility, long term care and estate taxes and estate taxes

Manage risk through the purchase of Manage risk through the purchase of insurance productsinsurance products

Simultaneously add value to their estateSimultaneously add value to their estate

Value to Financial Advisor/Financial Value to Financial Advisor/Financial PlannerPlanner

Maintain current revenue streams Maintain current revenue streams Create opportunities for new revenueCreate opportunities for new revenue Fulfill their fiduciary obligationsFulfill their fiduciary obligations. .

SummarySummary

Reverse Mortgages are great Reverse Mortgages are great products for many different products for many different situationssituations

Reverse Mortgages are still very Reverse Mortgages are still very misunderstoodmisunderstood

Reverse Mortgages can help Reverse Mortgages can help your clients in a variety of ways, your clients in a variety of ways, many of which help you toomany of which help you too