Blind Spots

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Three Fallacies to be Avoided

Reverse Mortgage News Blind Spots, or better yet Biases. We all have them. It’s our brain’s ways of taking shortcuts in decision making. A hard wired yet often flawed response. Some may be good as they clarify and reinforce our beliefs and philosophy while others can be destructive. To improve our efficiency and position ourselves for increased success let’s look at three blind spots we should be aware of and avoid. Economically one of our most common blind spots or fallacies is the Sunk Cost Fallacy. Here’s an example…

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Too Much Too Soon?

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Reexamining Product Design and Use of Proceeds

reverse mortgage news

The recent overhaul of the HECM program was a watershed event for both the reverse mortgage industry and senior homeowners. The elimination of the Standard Fixed Rate, consolidation to one product, two-tiered upfront FHA premiums and first year distribution restrictions all were born from FHA’s attempt to reign in the HECM program back to its original intent while reducing the risk of defaults and payouts from the MMI fund. The idea was to prevent borowers from using all of their proceeds in the first or early years of the loan which could leave them with little or no financial options once they’ve exhausted all their funds. Also, lower upfront withdrawals and deferred or tenure payments or a line of credit reduce the likelihood that the loan balance would exceed the home’s value in the early years of the loan or when the loan ultimately terminated. Most program changes were spurred by the Consumer Financial Protection Bureau’s report to Congress…

The Law of Reciprocity

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The Powerful Yet Unspoken Rule for Human Interaction
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Reverse Mortgage News
Reciprocity. The unspoken rule that we should repay in kind what another person has done for us. It’s one of our most powerful tools in sales or influencing others. Does it work? Here’s one example. A university professor tested the principle sending Christmas cards to perfect strangers. He was amazed as he received numerous holiday cards from these perfect strangers who never asked how they knew him. They received his card and felt obligated to respond in kind…

 

The Psychology of Influence by Robert Cialdini  

Need more reverse mortgage tools, training & technology? Visit www.ReverseFocus.com  today

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Ho-Hum January? Smart Marketing For All Seasons

With a little ingenuity, you and your reverse mortgage prospects and clients can find ways to celebrate all year long. For instance: did you know January is National Oatmeal Month, as well as National Soup Month and Hot Tea Month? What a perfect lead-in for a lunch ‘n’ learn, where (depending on the venue and menu available) seniors could be served tea and soup along with a heaping helping of housing wisdom.

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Protecting Seniors From Financial Fraud

With the rollout of the Affordable Care Act, it’s especially important to be aware of schemes to defraud seniors of their savings, which are sometimes cloaked as medical assistance. Scam artists have become more creative: seniors may receive mailings for “medical treatments” that appear to be endorsed by actual physicians.

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