It Doesn't Matter Until...

The Home Equity Conversion Mortgage (HECM) is, without a doubt, the best mortgage in the marketplace today. Not surprisingly, reverse mortgage professionals, especially reverse mortgage leaders who’ve taken the loan themselves, share this opinion.

While believing in the product you are selling is important it pales in comparison to the golden rule of sales- to understand the prospect’s needs.

As professionals, our enthusiasm for reverse mortgages can sometimes lead us to jump into explaining the product’s features and benefits. However, this can overshadow the more important step of first connecting with homeowners on a personal level, identifying their needs, and understanding their concerns.

When Logic Alone Falls Short

The HECM is a complex financial product that requires a detailed, accurate explanation of its features, benefits, protections, and borrower obligations. Yet, diving into this detailed information too soon can disconnect?homeowners from their underlying emotions and motivations. Logic alone often fails to convince if we haven’t first tapped into why they’re considering the loan in the first place.?

As it’s said, “People buy on emotion and justify with logic” yet we often reverse the order of this proven axiom. [CONTINUE READING ]