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We are in the people business. The business of selling, educating and assisting older homeowners get a reverse mortgage. As salespeople we love not only to hear the word “yes” but we love to tell our customers the same.
Wouldn’t it be wonderful if every age-eligible homeowner qualified for a reverse mortgage? How about most? The advent of the financial assessment and other changes to the HECM program have collectively changed many of our yeses into maybes. Here are some reasons saying yes is hurting your business.
1. Resources. If you are still primarily attracting the needs-based borrower with few assets, a high mortgage balance and a checkered credit history you may want to help but you may be only hurting yourself and other potential borrowers. Time is one of the most valuable resources you have and if you spend it trying to qualify borrowers who are problematic you have robbed yourself of the opportunity to help qualified homeowners. Consider the time, the cost to your company to process and underwrite. It’s not about discriminating but marketing to the most likely borrower to qualify.
2. Credibility. Nothing stings more for applicants than being denied. Lest we forget, applying for a reverse mortgage is an emotional process. Be careful what…
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