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4 Keys to Successfully Implementing the Financial Assessment
I’ve often used the analogy that financial planners should treat their clients as a doctor would treat their patient. Gather the facts, find where it hurts and look to all possible solutions before prescribing a cure. Shouldn’t we do the same?
Until recently reverse mortgage fact-finding typically focused on the homeowner’s age, home value and outstanding mortgage debt prior to recommending a reverse mortgage. While this approach may have solved many problems for past borrowers did we look for potential future pitfalls and conflicts that should have been considered first?
While unwelcome by many the Financial Assessment has forced us to take a long term approach when determining if the Home Equity Conversion Mortgage is sustainable cure.
Here are some keys to success.
1- Set the stage. Before you begin explaining the program, fact-finding or even building rapport let the prospective borrower know what you will be doing. You are assertively telling while asking permission at the same time. For example, “Mr client, today we are going to do a couple of things with your permission. First we will…
Download a transcript of this episode here.
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