Advice For Loan Officers: Practice Your Take
March 12th, 2008
- What’s Your Reverse Mortgage “Smart” Quotient
- Not Just A Question Of Age
- Does Income Limit Reverse Mortgage Choices?
- Will Your Property Qualify for a HUD Reverse Mortgage?
- A Plain & Simple Explanation
One of the quickest ways to increase your closing ratio is to place yourself in front of the media. When I was first interviewed on the subject of reverse mortgages, I went through a rigorous testing procedure. I was taped. When we finished many hours later, the difference was remarkable. I sounded like the consummate professional I knew that I was.
To be successful in any interview you have to answer each question completely and professionally in a few sentences. Think you can do it?
For the next few minutes put everything aside. Go into a room where you will not be disturbed. Let’s pretend that you are on a radio show. I am interviewing you as a reverse mortgage expert.
“Mr/Miss.Mrs Jones, thank you for taking time out of your busy schedule to be here today. There has been so much talk about reverse mortgages. Can you tell our listeners what a reverse mortgage is”?
Now I know you know what a reverse mortgage is. Explaining it in a few sentences takes a lot of practice. If you have not properly prepared, you will stutter and what would come out would most likely be something like this: “We’ll you know it is a program that gives seniors money so they could live a better life. It is like better than getting a regular loan because with a regular loan the senior has to make monthly mortgage payments. No one likes to do that…………
“You have said nothing and you have embarrassed yourself.”Now watch the difference practice makes:………..
Can you tell our listeners what a reverse mortgage is?“A reverse mortgage is a special and different kind of loan that is easy to get. If you are
62 years of age, own a home and are using it as your primary residence you can access a portion of the equity to improve your life. What makes it special is that there are no income, asset or credit requirements; no personal liability; and no monthly mortgage payments are required”.There are many ways to answer this question. The important thing to remember is that it has to be your answer. You have to feel comfortable giving it. Go through the same process with the next set of questions. When you are done you will have the confidence to take the next step toward improving your career path.Here are some questions you are likely to get from reporters. See if you can answer each one with brief and plain language.What is the history of reverse mortgages?What are the advantages?
What are the disadvantages?
Can you walk us through the process? Where does one start?
Where can people go to get information about reverse mortgages?
Why are there so many misconceptions about the program?
Attorney Dennis Haber is the author of the just-published, ground-breaking book, Piggy Bank Your Home: Tap Into The Power Of A Reverse Mortgage.