post by Sam Collins
Have you ever set an appointment an within just a few minutes of your conversation, a dark cloud is prevalent? Sometimes you will discover it doesn’t matter what you say, the case is hopeless, however, most of the time, your senior just needs a bit of understanding and a touch of enthusiasm to brighten their spirits and potential outcome.
Some senior clients who are filled with fear and it may seem difficult to help them. They can barely make a decision. Such clients need TLC. You need to approach the “scardy cat” with a limited number of decisions. Take a breath and deliver your information to them in small bits. Maybe, you might need a 2ND appointment, because they are just too overwhelmed with information. As a responsible reverse mortgage originator, your job sometimes is to help protect them from themselves.
The fear of proceeding to do a revese mortgage comes from a variety of reasons. One, is quite common, “I just don’t want another mortgage.” This fear is understandable, since the senior has worked their entire life to pay off or pay down the mortgage.
The other fear is that of losing what they already have. For me, I understand this one, especially in today’s shaky economic world.
Next is the fear of the unknown. Terms like HECM, reverse mortgage, margins, and service set aside can be pretty intimidating. You and I take these terms for granted, but putting the shoe on the other foot is pretty scary for our senior clients.
Last fear is that of exposure. Yes, most seniors don’t want others to have the perception they are weak or have failed in some way. (ie. the kids)
So what do you need to do for your scared senior client. Present them with the medal of courage. No not a real medal, but empathy and understanding to recognize it is OK to have fears. Be positive and understanding. Be genuine and offer your support to help them get through the reverse mortgage process in a seamless fashion.
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