REVERSE MORTGAGES: THE ONE QUESTION THAT GUARANTEES LOAN OFFICER SUCCESS

I think it is safe to say that today we live in a world of new vistas. What was- is no longer. What should have been -can’t be counted on.  What is -is not recognizable.

While night will still follow day, other certainties have been morphed into unimaginable realities.  As the stagnant economy, destroys everything in our path (an oxymoron of the nth degree), it is incumbent upon you to remember that , as reverse mortgage loan officers,  you had better understand the new game of life and its rules.  The new game is called YOU ARE THE GAME BOARD. Accordingly, you are responsible for everything that happens on the board.

In the United States, things started to shift (mortgage debacle, decline in property values, foreclosures, credit freeze, businesses couldn’t borrow, individuals couldn’t borrow) and the same rules (nobody ever lost a dime when they were invested  for 10 years) were used as the game was changing(personal liquidity issues arose).

To insure that your senior borrowers (the game players) win each time, you must understand that a different type of question must be asked. A reality based focus is key because  What was -is no longer. What should have been -can’t be counted on and what is -is not recognizable.

 Too many people became complacent with their knowledge.  “Knowing” could be a dangerous thing when the knowledge is static and stale. Loan officers have to be careful about this.  When does one know enough?  Never. Having a “Not knowing enough “attitude keeps one on their toes. There is always more to know.   However, a competent reverse mortgage loan officer understands the nature of this kind of thinking. Thus, What was -is no longer is not an issue because the loan officer explained about HERA and about its requirement that seniors must now pay for their own counseling.  What should have been -can’t be counted on is not an issue because the increasing margins have also been explained and What is- is not recognizable is not a problem because the non recourse feature was discussed and clearly explained, as revised.

 This “enough knowledge” delusion grows until that day arrives when the loan officer provide wrong information and  he/she discovers What was-is no longer;  What should have been- can’t be counted on and What is- is not recognizable. The only way to overcome this handicap is to always ask the magic question.

Ask yourself, “What don’t I know”?  This is the only way ignorance can be transmuted into intelligence.

 

 

Comments

[ryantyler111]

• This is a wonderful opinion. The things mentioned are unanimous and needs to be appreciated by everyone.
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ryantyler111

[Buy to let mortgage]

Great article