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How to Touch the Hearts and Minds of Prospective Borrowers
The Home Equity Conversion Mortgage has obviously become a more complex mortgage loan. Distribution limits, set asides, financial underwriting are just a few of the newest gears added to the mechanism of the federally-insured reverse mortgage. As with any complex product, widget or loan comes the temptation to focus on the intricacies of the product while possibly missing the opportunity to paint a compelling picture with a story.
Consider for a moment the great communicators in history. They not only spoke eloquently but touched our hearts and imaginations with stories. A good story is both instructive and influential. Why should you consider business storytelling as part of your sales process with prospective borrowers? Consider these points:
1- Stories make you more real to your audience. More than just a salesperson. You can draw a good story from your past borrower’s experience, your parents, grandparents or others who have faced challenges in retirement, some who met that hurdle with a HECM.
2- Stories are instructive. A story can transform mere product details into…
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5 Comments
Excellent
The best story I have is the 79 year old who called me and was crying because he was 3 months late on his mortgage and payment and was recieving forclosure letters and he didn’t want to leave his wife with no home. With the RM I arranged, he paid off his mortgage and ending up with $20k in the credit line.
Jim,
After April 27th, that story will probably not be your best story in your arsenal for helping seniors understand the need or utility of Saver v4.
Shannon did present compelling reasons to sprinkle stories throughout our presentations.
Great suggestions, Shannon! I’ve used stories in my written pieces as well as when meeting with prospects and clients and doing presentations, often getting comments along the line of, “I never thought of using a reverse mortgage for that.” Always makes a difference. 🙂