Questions you should be asking

by Shannon Hicks
| No Comments
| October 14, 2016

Here’s why some qualified prospects are saying ‘no’

When you meet with a prospective reverse mortgage borrower what do you want? Facts, figures, account balances? Or in addition to the necessary information you must gather, do you want something more revealing?

The truth is even if you find a qualified, or even ideal reverse mortgage candidate who looks great on paper they may choose to put off getting a reverse mortgage. Why would an ideal candidate do such a thing? I’m certain most of you have found yourself asking that question when leaving an appointment. If qualified and possibly motivated borrowers are saying no it could be because you’re not asking the right questions.

With the increasing requirements to gather additional financial information as evidenced in the Financial Assessment we can find ourselves missing the opportunity to ask open-ended questions that uncover motive, state of mind, values and more. Here are just a few potential questions we can add to our sales toolset today.

What’s going on in your financial life today?
Have things changed?
You mentioned that you want to…

Download a transcript of this episode here.

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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.