These beliefs will stymie your sales

It may seem that applicants have to chew through barbed wire to get a reverse mortgage. But is that truly the case, or is that the mindset we pass on to potential borrowers? The biggest hurdle may be the barbed wire we’ve erected in our minds.

The truth is that our habitual language and attitudes will find their way into our communication, tone of voice, and general vibe with older homeowners. Language that erects barriers, instills fear, or increases anxiety is not only counterproductive, but it becomes a self-fulfilling prophecy.  

These 7 beliefs will sabotage your sales efforts

“They’re short-to-close! That deal’s cooked!”. Several seasoned HECM originators have learned that short-to-close is not a deal-killer. We discussed this mindset last September. 

“A Lifetime Expectancy Set Aside will kill this loan!” Not necessarily. If you’ve prepared them for this possibility it’s likely that they’ve struggled to pay some of their monthly bills–possibly even an occasional property tax payment.  If you approach a required LESA as a benefit the homeowner is likely to be scared off. Explain that a LESA can provide peace of mind and avoid the ‘unexpected’ expense of property tax installments or homeowner’s insurance. Be sure to explain the set-aside is based on the age of the youngest borrower. If they exceed their projected life expectancy they may need to resume payments.

“No means no forever!”. Actually “no” means “not now”.  If they say, “I’m not ready, say “No problem. What would help you feel more ready?”. Here are some tips for ‘flipping the script”.

“They only care about the interest rate”. Homeowners may say the interest rate is their primary objection but keep digging. Don’t fall prey to the transactional mindset some homeowners may try to place you in. Instead, focus on the guidance, service, , and professionalism you provide and most importantly, the life-changing solutions a reverse mortgage may provide.

“I can’t succeed in this market”.  It’s easy to be discouraged in today’s challenging lending environment. But also consider how some are finding a way to survive or even thrive against market headwinds. What are they doing? What advice could they give you? 

“I’ll never be as good as [insert name of top producer]”. Comparing yourself to others is a recipe for discouragement. Instead, focus on what you can do now and remind yourself if they can do it so can you…even modestly! 

“Networking is a waste of time”.  Some HECM pros think that attending events or interacting with local professionals won’t yield immediate results–and they’re right! Just as a newly planted tree won’t immediately yield fruit, networking efforts do yield results…over time. Don’t spend half of your workweek networking but invest 4-5 hours a month in addition to your other prospecting activities and track your progress.

Conclusion:

The connection between our mindset and sales performance is undeniable.  Studies have shown that 70% of buying decisions are influenced by the salesperson’s mindset! Amazing! And, sales professionals who have cultivated a positive attitude outset their counterparts by 56%. 

The goal isn’t perfection but continual improvement. As the ancient Chinese philosopher Lao-Tze said, “Watch your thoughts, they become your words; watch your words, they become your actions; watch your actions, they become your habits; watch your habits, they become your character; watch your character, it becomes your destiny.”

Let’s watch those thoughts in 2025.

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