Companies that provide solid reverse mortgage leads tend to be very specialized. Each of the leads that they supply must be vetted to ensure that the client meets the federal standards to qualify for a reverse mortgage, and also has the desire to seek one out. If your company is just beginning to branch out and offer this type of mortgage loan, it is important that your mortgage sales staff be as specialized as the lists with which they are working. By understanding the ways in which these loans differ from traditional mortgages and the ways in which their approaches must change to allow for that, they will attract more satisfied clients.
Many of the leads that list brokers provide in this arena are home owners who are considering applying for reverse mortgages to cover medical or other emergency expenses. Before your sales team begins their outreach efforts to any new leads that come in, make sure that their training has prepared them for the conversations that may follow. In some cases, home owners are feeling vulnerable and frustrated, and it is important that you make them feel secure and well cared for.
Though 62 is the youngest age at which home owners can qualify for these loans, most of those who apply are significantly older than this. In some instances, your primary point of contact may be a relative who has been given power of attorney to make these decisions, or another trusted acquaintance who will be acting as a consultant. If you are sharing information with someone other than the borrower, do be sure that you are legally allowed to share any and all financial information that you disclose. Though dealing with a few different key decision makers for a single sale can be time consuming, knowing that all the paperwork is in order when the contract is signed will make it worthwhile.
Phone conversations are generally the best outreach methods. As with any type of sales, it is important to tailor your approach to your customer's comfort zone, not your own. When dealing with a slightly older demographic, particularly when dealing with complicated financial matters that may require questions of clarification, scheduling phone calls whenever possible is the best way to keep conversations moving forward.
When following up with a list of reverse mortgage leads, be sure that you understand your audience when designing your action plan.
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