Friday's Food for Thought: Moving toward action

Friday’s Food for Thought: Moving toward action

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Getting prospective borrowers to act is about motivating them to move forward when a reverse mortgage is in their best interest. Here are just a few tips to help:

Limit their options:

Fixed rate or Adjustable?
Would you like to receive your proposal by mail or UPS?

Give a deadline:

To help us secure the best interest rate for you we would need to schedule HUD counseling by ____

Law of inertia:

Secure smaller commitments to move forward with others
Would you do me a favor and call me when you receive ____?

Expectation:

Spell out clearly the steps they need to take
Keep it simple

These tips are adapted from the book “Get anyone to do anything” by David J Lieberman, PhD.

Editor in Chief: HECMWorld.com

As a prominent commentator and Editor in Chief at HECMWorld.com, Shannon Hicks has played a pivotal role in reshaping the conversation around reverse mortgages. His unique perspectives and deep understanding of the industry have not only educated countless readers but has also contributed to introducing practical strategies utilizing housing wealth with a reverse mortgage.

Shannon’s journey into the world of reverse mortgages began in 2002 as an originator and his prior work in the financial services industry. Shannon has been covering reverse mortgage news stories since 2008 when he launched the podcast HECMWorld Weekly. Later, in 2010 he began producing the weekly video series The Industry Leader Update and Friday’s Food for Thought.

Readers wishing to submit stories or interview requests can reach our team at: info@hecmworld.com.