Are we patronizing potential borrowers?

Shannon Hicks January 26, 2018 2

It’s only fair to share…Share on LinkedInShare on FacebookShare on Google+Tweet about this on Twitter

ePath 100K RM leads

Fox Business’ Bob Massi on reverse mortgage sales pitches

Patronizing. To talk down to, condescend to, treat like a child. Fox Business Network’s Bob Massi -“The Property Man” was recently interviewed in Reverse Mortgage Daily and had some choice words for reverse mortgage professionals. Speaking of several originators he met Massi said, “One of the biggest things is how they present the product. The presentation was patronizing.”

Strong words. Are reverse mortgage originators patronizing potential borrowers, albeit unknowingly? Let’s be frank. The reverse mortgage’s complexity has increased exponentially due to numerous rule changes and endless tinkering by federal agencies.

In response, HECM professionals strive to communicate the complex loan in simple, easy to understand terms. The keep it simple approach may have been effective for the historic demographic of reverse mortgage borrowers from yesteryear- cash poor, house rich, and in many cases financially unsophisticated. However the new cohort of borrowers…

Download the video transcript here.

reverse mortgage news

It’s only fair to share…Share on LinkedInShare on FacebookShare on Google+Tweet about this on Twitter

2 Comments »

  1. Frank Kautz January 29, 2018 at 12:56 pm - Reply

    As a counselor, I can say that every client is different. You cannot use a canned approach because you will either patronize some, or talk over others. You need to read your clients and customize your approach.

    Oh, and I will also note that while many of the current 60 and 70 year-olds may be more sophisticated, these are the very same group that also led to the Foreclosure crises a little over a decade ago. So, customization is the answer. Everyone is different.

    Frank J. Kautz, II
    Staff Attorney

    Community Service Network, Inc.
    52 Broadway
    Stoneham, MA 02180
    (781) 438-1977
    (781) 438-6037 fax
    FrankKautz@csninc.org

  2. Tracy Flam February 2, 2018 at 4:58 pm - Reply

    Hi Shannon,

    I have been in the Reverse Mortgage business exclusively for many years. During that time I have tried many types of leads. Can you recommend a company that provides live lead transfers?

    Thanks,

    Tracy Flam

Leave A Response »