For example, "I see how you feel. Others have felt the same way too, until they found..." It gives you an extra cushion of time and allows the prospect to relate with others in the same situation. Plus, this type of response will soften an objection at the start because the customer will feel you truly understand.
A loan originator should know the most common objections prospects have concerning a reverse mortgage. There are many books written on the subject of overcoming objections. We as professionals have the responsibility to find what works for us, and must be flexible enough to switch gears and develop a different approach when the goal is not attained.
Yes, bring up objections before they occur and your closing ratio will increase. Why? Because as a rule, the best way diffuse the power of an objection is by covering it and overcoming it in the presentation. A loan originator should know the most common objections prospects have concerning a reverse mortgage, such as:
There are many misconceptions about the reverse mortgage program. You as the originator should incorporate these typical objections into your presentation. As you get to each point, get the client's input and take the time to discuss where he or she stands on those points. Ask for approval to move forward. If these points are not covered correctly, the client will most likely not do business with you and you will miss the opportunity to help them make an informed decision on what could be a life altering financial plan.
Keep in mind that the reverse mortgage is a complex financial transaction and the senior client has many questions and concerns that need to be answered. The loan originator needs to be sensitive to the sales process and must never allow the desire to make a sale supersede the needs of the client.
There are many dynamics at work and when the client brings up an objection. Time must be spent answering and overcoming said objection. Be prepared to take no for an answer. We as salespeople cannot force our viewpoint on the client. That being said, it is our obligation to go above and beyond the call of duty to properly educate and inform the client. Let them know that you understand their concerns, that you agree with the argument behind the objection while communicating the true facts about the reverse mortgage program and how it could help them. Giving the client different concepts and ways to look at the objections will keep the dialog open, which could result in a change of mind.
Integrity can be described as a steadfast adherence to a strict moral or ethical code. As loan originators in the reverse mortgage industry, we must take very seriously the role we play in working with seniors considering a reverse mortgage. We must conduct ourselves with the utmost integrity.
If you approach the reverse mortgage selling process with an open and honest assessment of client goals - not short cutting the process but allowing the client to voice objections and ultimately make the decision to move forward - everyone involved will benefit from the extraordinary opportunity allowed by the reverse mortgage.