The two biggest words in our industry today…Financial Assessment. The question is what fallout can we anticipate once the assessment goes into effect in March? A recent article in Reverse Mortgage Daily looks at the potential impact finding both optimistic and pessimistic predictions.
Continue readingDon’t Shy Away
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How to Overcome Objections & Close More Loans
If there is one trait in many salespeople I’ve seen repeatedly it is the tendency to shy away or avoid objections to the reverse mortgage. I’ve been there myself. Early in my career I carried the silent fear that if I bring up anything negative the prospect will reject the idea of getting a reverse mortgage. I learned the hard way that nothing could be futher from the truth.
Let’s look at why bringing up and overcoming objections is critical to closing and keeping the sale.
#1. Trust. If you do not bring up the fact that the children’s inheritance is directly effected, the disadvantage of moving early in the loan or how interest is really calculated someone else may or even worse they will find out on their own and ask “why didn’t he mention that?’. Once that happens your trustworthiness is shot and so is the sale.
#2. A true professional. There are salespeople and then there are…
Download the video transcript for this episode here.
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A New Type of Non-Borrowing Spouse
We had mentioned in an earlier episode that we expected to see HUD bring futher clarification to the new Non Borrowing Spouse policy. Last week however we have a new twist. The Ineligible Non-Borrowing Spouse.
Continue readingSkipping Vacation May Cost You
How often have each of us said ‘I can’t afford to take one right now’ or ‘ I cannot afford the time? When many of us are scrambling to keep up with nonstop changes to the HECM program and challenges in reaching our market a vacation may seem to be a luxury we cannot afford. But is that true?
Continue readingWhat Does 2015 Hold for Us?
“My best predictions are always for the past” one said and I couldn’t agree more. I am hesitant when it comes to predictions but here are a few we will venture to make for 2015.
Continue readingBefore the Damage is Done
We’ve all read or seen them and utter a collective ‘ugh’ or fume after the fact. Negative and misinformed stories in the press or television on reverse mortgages. Looking back and reflecting on this unfortunate and recurring ignorance by so-called experts I began to ask myself ‘what could we have done differently’?
Continue readingMarketing Psychology: Brand Aid for Brand Y-O-U
With the explosion of the Internet and, more recently, social media, being branded is no longer the purview of cattle. In fact, if you don’t clearly define your brand, you might resemble another farm animal: sheep.
Continue readingFox Business on Reverse: Neither Fair or Balanced
Last week Fox Business posted an article entitled “10 Reasons Not to Take Out a Reverse Mortgage” . Everyone loves a top ten list and one would think such a list from a well known business site would be rooted in truth. Unfortunately Fox’s post is neither fair or balanced…
Continue readingWhy New Year’s Resolutions Don’t Work
New Year’s resolutions rarely stick. In fact they may be sabotaging your goals. Why resolutions are not a good idea and rather…
Continue readingThe Year in Review: Top Stories from 2014
During the past year the reverse mortgage industry has experienced drastic change. Our top stories for 2014 highlight the addition of new HECM Products, the Extreme Summit, the revised Principal Limit Factor tables and the inclusion of non-borrowing spouses, the HECM Financial Assessment, the impacts of double digit interest rates, and how a reverse mortgage fits into modern retirement planning.
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