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Friday’s Food for Thought: Selling independence

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Let’s talk about independence this 4th of July weekend. First for our borrowers and then our industry. Our borrowers want independence from relying on their children to support them in their retirement years. Our industry must assert its own independence over the media bias and ignorance of the reverse mortgage product. So how do we communicate independence? First sell success. People want to be happy and feel good about their choices. We must let them know that choosing a reverse mortgage is a sign of success. Failure is retiring not owning a home and having nothing to fall back on. Sell choices: Our potential borrowers are fortunate to have choices on how to fund their longevity. Sell emotions: …then the facts. People buy on emotion and the facts justify the choice. Sell intangibles: the reverse mortgage is not a widget. The true value of the product is what it can do for our borrowers, how it makes them feel, their state of mind and finally cash flow.

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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.

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5 Comments

    • Colette Gray: You’re most welcome.

  1. Thanks for your insightfullness. All of these “pearls” are great reminders and most helpful.
    Thank you.

    Ron

    • Thank you Ron! Much appreciated!

  2. The industry has gone through phases of marketing emphasis. The message of independence was very strong about five years ago. About the same time, we had a marketing theme that the product sold itself. Then there was a phase about now it is time that the house pays the senior.

    Shannon, once again you remind us about things that actually work. Thanks again and please keep up the good work. Your Friday messages are a great reminders and helpful ideas.


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