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How to Touch the Hearts and Minds of Prospective Borrowers
The Home Equity Conversion Mortgage has obviously become a more complex mortgage loan. Distribution limits, set asides, financial underwriting are just a few of the newest gears added to the mechanism of the federally-insured reverse mortgage. As with any complex product, widget or loan comes the temptation to focus on the intricacies of the product while possibly missing the opportunity to paint a compelling picture with a story.
Consider for a moment the great communicators in history. They not only spoke eloquently but touched our hearts and imaginations with stories. A good story is both instructive and influential. Why should you consider business storytelling as part of your sales process with prospective borrowers? Consider these points:
1- Stories make you more real to your audience. More than just a salesperson. You can draw a good story from your past borrower’s experience, your parents, grandparents or others who have faced challenges in retirement, some who met that hurdle with a HECM.
2- Stories are instructive. A story can transform mere product details into…