Panic in Reverse Mortgage Loan Officers

Last week, I wrote a couple of posts (part one and part two) advising would-be reverse mortgage borrowers on things to look for in their loan officer. Reverse mortgage loans are basically the same wherever you go, but you may notice some significant differences in the human element which are worthy of your attention.

Yesterday, I told you of my meeting with Mr. and Mrs. D in Wasco, CA. When we were through with the “business” portion of our meeting, Mr. D told me of a gentleman who called him last week trying to persuade them not to meet with me. He was saying things like, “you don’t know if he’s going to try and swindle you”, “you don’t know if he’s honest”, and my favorite, “you don’t know if he’s going to tell you everything”. You see, this man was also looking to speak to them about reverse mortgage. However, he did himself more harm than good with his tactics.

Such people would be amusing if not for the fact that their fear tactics can succeed in manipulating seniors. People like this completely underestimate the intelligence of the senior. Mr. D is discerning enough to recognize this, and he responded to the gentleman by saying, “well, I don’t know you, and you don’t know the guy who is coming to my home.”

Nicely done, Mr. D!

After we were done, Mr. D told me that he was very comfortable with me and the way I listened and spoke to them. It was one friend speaking with another. This is a quality you either have, or you don’t. I have had clients tell me straight out that they were shopping around. I do not discourage them from doing this. Yes, I want their business, there’s no question. But it has to be their decision. If I earn their trust, I’ll also earn their business.

At the risk of repeating myself, I want to remind you that someone who tries to use fear to manipulate you in one direction or another is someone to avoid. You want to align yourself with people who empower you and support you in making your own decisions. Someone who, as Mr. D called it, “slings mud” at someone they don’t even know in hopes of making themselves look good is just not someone people like being around, and certainly someone you don’t want to entrust with your financial future.

There is no room in your life for someone who panics and tries to manipulate you with fear.