Friday’s Food for Thought: Selling independence

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Let’s talk about independence this 4th of July weekend. First for our borrowers and then our industry. Our borrowers want independence from relying on their children to support them in their retirement years. Our industry must assert its own independence over the media bias and ignorance of the reverse mortgage product. So how do we communicate independence? First sell success. People want to be happy and feel good about their choices. We must let them know that choosing a reverse mortgage is a sign of success. Failure is retiring not owning a home and having nothing to fall back on. Sell choices: Our potential borrowers are fortunate to have choices on how to fund their longevity. Sell emotions: …then the facts. People buy on emotion and the facts justify the choice. Sell intangibles: the reverse mortgage is not a widget. The true value of the product is what it can do for our borrowers, how it makes them feel, their state of mind and finally cash flow.

5 comments

Colette Gray July 1, 2011 at 11:25 am

Thanks for the breath of fresh air!

Reply
admin July 1, 2011 at 11:36 am

Colette Gray: You’re most welcome.

Reply
Ron Redd July 1, 2011 at 11:26 am

Thanks for your insightfullness. All of these “pearls” are great reminders and most helpful.
Thank you.

Ron

Reply
admin July 1, 2011 at 11:36 am

Thank you Ron! Much appreciated!

Reply
The_Critic July 2, 2011 at 10:01 pm

The industry has gone through phases of marketing emphasis. The message of independence was very strong about five years ago. About the same time, we had a marketing theme that the product sold itself. Then there was a phase about now it is time that the house pays the senior.

Shannon, once again you remind us about things that actually work. Thanks again and please keep up the good work. Your Friday messages are a great reminders and helpful ideas.

Reply

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