Important Tips Reverse Mortgage Professionals Should be Aware of
The reverse mortgage industry has only gotten tougher following changes to the program last October. A recent Reverse Mortgage Daily pieces featured some useful tips for those looking to perform at the top of their game in the reverse mortgage market today.
The RMD report featured tips from some of the top performing professionals in the field, together they came up with four sales tips that could change the way you do business completely.
Make yourself known was the first tip from the reverse mortgage professionals who believed that "visibility is paramount in today's market."
The second piece of advice from the reverse mortgage professionals include learning to work with the "adult child." For those unfamiliar with the idea of an adult child, it refers to an adult who has conducted their own research on the topic at hand.
In this case, that happens to deal with reverse mortgages. So, naturally, with research there are still some questions that may need to be answered by you, the professional. As weary as it may get, professionals believe that you should approach them strategically.
“The adult daughter] will say something like, ‘I understand these loans are a ripoff. They cost too much,’” says John Luddy, VP of reverse mortgage lending for Norcom Mortgage, based in Avon, Conn, according to RMD.
“Repeat exactly what she has said to you. Act surprised and end the sentence with a question. ‘These loans are a ripoff?’ Then stop. Now the ball is out of your court to defend the loan it it’s her her court to defend her statement.”
The next tip has plenty to do with an overall quality of life/career. It calls for professionals to celebrate their success. This doesn't have to be a solo celebration, the report calls for you to celebrate with co-workers, friends or your company. It reminds you as a reverse mortgage professional, to stay positive and make sure you are happy in what you do.
The last tip is "be an expert." It is imperative to stay up-to-date on the latest changes in legislation and rules for the reverse mortgage field. It is also important to know the product you're looking to provide inside-out.
Knowing your product gives you the upper-hand in situations like the aforementioned chat with an "adult child."
These are all excellent tips that could make all the difference in how successful of a reverse mortgage sales professional you are. For a more in-depth look at these tips, click on the image above.