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Needed but not always Loved



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Needed but not always loved.

It’s ironic and sometimes painful. The very homeowners who NEED our help are often times the ones who are the least excited to be speaking with us. Now most of you watching today can withstand this emotional paradox because you adhere to what the late Steve Jobs said…”The only way to do great work is to love what you do”. We are primarily a mission-driven…



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  1. Just a note to thank you for today’s message. I’m closing a loan (I hope) that has been adjusted downward over and over again with an impatient borrower who thinks he’s being shafted and a lot of irritated processors who have given their best in the face of an unfair adjustment of the benefit by our government. After it all settles, I hope there will be thankfulness, but it is not assured, is it? At the end of the day, we all did our best and will have to accept the prize, like it or not.

    • Warren,

      What is causing the “over and over again?” I have had two downward adjustments to the PL (principal limit) due to adjustments to value but never three.

      I had the PL adjusted down because of the appraisal being lower than the estimate of value the prospect insisted on. I had it adjusted once again in underwriting because the desk appraiser thought he knew better than the appraiser.

      BUT I have never had the principal limit adjusted down a third time. What happened in your case?

  2. I like your presentation. Whenever I have a customer who is “not happy with life” or their current situation, I always tell them to “think about it and then give me a call … circumstances often change and my door is always open.” Guess what … they end up calling.

  3. Shannon,

    Thank you for not focusing on “education.” We need to sell (a seemingly “EVIL” and “foreign” word in our industry) using ethical values and good business practices. Making the borrower feel comfortable even good about what they have achieved in life is a part of creating the right atmosphere in which the benefits and risks of reverse mortgages can be properly presented and rationally discussed.

    When it comes to an expression like shame, its source may come from very different sources. Sometimes it is great if the originator tries to find the source; sometimes it is not. If the originator understands it, the originator may be able to help the prospect overcome the shame long enough to avoid it interfering with their ability to evaluate a HECM in light of their circumstances.

    Handling the information related to the source of the shame should to some degree vary by the age of and other factors related to the originator.

    As to examples of the source of shame, sometimes it is societal in the sense that some were brought up with the idea that people who must borrow to “eat” (borrow to provide daily necessities) do so because they have failed financially. With older seniors there are many factors why that idea was so prevalent such as religious and ethical upbringing (“God helps those who help themselves” and “Never a borrower be”) with little to no consideration for greatly increased longevity, change in financial products, or a devastating recession late in life.

    Then there are those who could have prevented the situation they find themselves in to some degree but ran through their income as fast as they made it or allowed irresponsible children to use it. For others who lived frugally it could be they made a really bad investment decision. Shame shows itself for many reasons and could be a strong indicator that the cause might have to be understood to effectively help the senior see how a HECM will help them.

    • Jim,

      Thank you. You put the concept of shame into clear perspective. It is an issue we must address with some potential borrowers. Thank you for watching!

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