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Be Careful What You Promise

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4 Pitfalls to Avoid When Setting Borrower Expectations

reverse mortgage newsWith fewer qualified leads comes the temptation to over promise just how long it takes to close their reverse mortgage. After all who wouldn’t want to promise a quick turn around when the prospect is shopping with several other lenders? It’s not the desire to promise a quick closing that’s unethical or misleading but rather the fact that such promises are dangerous and can backfire down the road. Case and point I received an email from a veteran reverse mortgage originator Jim. Jim states that the promise of loan approval in 30 days is preposterous.

Here are just a few points we should each consider before making any promise of how quickly we can close loans.

1- HECM Counseling . While beneficial to the borrower in providing core information about the HECM loan counseling can also considerably slow down the process. Many require borrowers to receive, read and acknowledge receipt of required booklets and disclosures, prior to the actual counseling session. Also many prospective borrowers are encouraged to shop …

Download the video transcript for this episode here.

Looking for more reverse mortgage tools, training & technology? Visit ReverseFocus.com today

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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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