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#176316 - 10/18/07 04:32 PM A little help on cold calling script for Reverse Mortgage
eugene_biggs Offline
Junior Member

Registered: 10/18/07
Posts: 4
Loc: Philippines
Hi,

I really need help on this as we are not generating that much leads. We are a lead provider that are hitting targets on a daily basis but on our end, we have to staff higher than the usual just to meet the targets. We have two scripts for telemarketing Reverse mortgage. I'll post both scripts. Your comments are very much appreciated. Thanks!
(LONG READ)

+++

1st script:

Good morning, May I speak with Mr. or Mrs. ____________ please.

Hello ____________, this is ____________ with the ______________ and weíre located right here in _________________.

I really appreciate you taking my call.

Mr/s. ____________, we're not selling you anything here okay? We're just calling to give you information about the federal government's program for senior homeowners.

You are a senior homeowner, right? (WAIT FOR RESPONSE)

Mr/s. _____________, have you heard of Home Equity Conversion?

(WAIT FOR RESPONSE)

You know what a mortgage is right? With a regular mortgage, you have to pay your dues on a regular basis; and at the same time, it might be possible that your house will be taken away from you if you werenít able to pay on time. Is that correct Mr /s. __________? And thatís probably the reason why itís not practical to get a regular mortgage especially if youíre retired.

The beauty of our program is that you can get funds but you donít have to pay for any monthly dues. Also, you donít have to worry about losing your house.

Let me ask you a question Mr/s. _____________, assuming that you get $2,000 that you donít have to pay for, how would you spend it? (No response give examples)

Again, we're not selling anything and there's no obligation to sign up for anything.

This program is called Home Equity Conversion Ė a program specifically designed for seniors such as yourself. Again, Mr/s. ______________, this is not the regular mortgage that you and I donít like.

(OPTIONAL)

Since you own a home, we are willing to help you with 50-80% the amount of your home. By the way, this is under the FHA (Federal Housing Authority) and there are never any income taxes and no monthly payments involved. You can actually do home improvements, pay off credit card bills, you could buy a new car or take a vacation if you'd like.

It is also a way to use a portion of the equity in your house to get a lump sum payment or cash every month that you never have to pay out as long as you live in the house.

Mr. _____________, there are three main factors that determine how much youíre going to get from this program. And these are: your mortgage balance, your home value and your age.

Basically the Specialist will give you an assessment of how much you are going to acquire from this program based on the information that we get from you.

We're just calling to ask if we can have our State Licensed Specialist give you a call and just explain to you the program. Is it okay if we have the SLS call you at 10AM / 4PM?(If not, ďWhen would be the best time to contact you?Ē)

I would just like to ask you 4 quick questions:

How much is your mortgage balance?
How much is your home value?
When is your birthday / year of birth or How old are you?

LastlyÖ
Is anyone else on the title besides you?

Thank you Mr/s. ____________, I appreciate this additional information and it will help our Specialist give you a correct assessment for this program. Before I go, are there any questions you have at this time? (if you can answer it do so, otherwise let them know you will jot that down and make sure it gets addressed when the Specialist calls them)

Again, this is not the typical mortgage, you are not obliged to sign up for anything and the SLS will just call to inform you how this program can specifically help you based on the information that you provided.

Thank you for your time and have a good day!
+++

2ND SCRIPT

I'm looking for Mr/s. _______________.

Mr/s. __________, my name is __________ calling from _____________. My special reason for calling on you today is to show you an idea that senior citizens tell us benefits them a lot.

Itís a special type of program under the Federal Government designed for Senior Homeowners.

You are a senior homeowner right?

[With this, you can get 50 to 80% of the amount of your house that you would never have to pay as long as you live in the house. You donít have any plans of moving right?]

This program is called Home Equity Conversion program which is also known as Reverse Mortgage. Are you familiar with it? Take note that, this is not the regular mortgage that you are very familiar with. It is a program whereby u can use a portion of the equity of your house to get a lump sum payment or cash every month that you would never have to pay out as long as you're living in your house. Just to reiterate Mr/s._____, this program is exclusive for senior homeowners such as you.

I wish I could tell you all about it in just a word or two. But you will be able to evaluate it a lot faster by hearing from our State Licensed Specialist. It would be a phone call that will take around ten minutes for you to decide on whether or not this would be applicable for you.

Mr/s. __________, I wouldnít begin to tell you that you need what I have. That is for you to decide. But I guarantee you will get enough ideas from our Specialist to make it well worth your time.

So the Specialist can have a better explanation when he calls you, do you mind if I get your answers to a few questions?

Do you have a mortgage balance?
How much is your house?
How old are you?
Who else is on the title besides you? Is he / she a senior as well?
If you have additional money that you never have to pay out, how would you use it?

Thank you Mr/s. ____________, for the information you just have provided.

Mr/s. ___________, are there any questions you have for me at this time? (Agent: If you can answer it, do so. Otherwise let them know you will bring it to the attention of the Senior State Licensed Specialist ahead of time)

[No Question] Great! I would have one of our specialists, who will be the best person to explain to you in greater details the benefits and advantages of the Reverse Mortgage.

SAME CLOSING AS THE FIRST SCRIPT

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#176340 - 10/18/07 07:01 PM Re: A little help on cold calling script for Reverse Mortgage [Re: eugene_biggs]
Mr. Foreclosure Offline
Major Contributor

Registered: 09/01/06
Posts: 2834
Loc: upstate New York
Reverse mortgages are not a good choice for every senior citizen. I think it should only be an option for those that really need the cash flow from it to make modest ends meet or if there are no living heirs or charities that they would prefer to have inherit their real property (free and clear if it has already been paid off, or with only a minimal residual balance).

An approach that targets senior citizen through telemarketing a product they probably don't need I consider to be a dis-service. That is not to say that there aren't situations where it might be the right answer to solve some financial problems where the homeowner is cash poor but has equity in their home.

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#176346 - 10/18/07 07:16 PM Re: A little help on cold calling script for Reverse Mortgage [Re: Mr. Foreclosure]
eugene_biggs Offline
Junior Member

Registered: 10/18/07
Posts: 4
Loc: Philippines
Thanks for the input Mr. Foreclosure. I actually agree that its not really a good choice for every senior citizen, however, what my telemarketers are doing is basically just informing seniors of the idea of reverse mortgage, who knows what might happen in the future. They're not really selling the program, just the idea.

Is it really that hard to convince people to at least listen to a presentation about reverse, no cost, no obligation?

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#176359 - 10/18/07 08:05 PM Re: A little help on cold calling script for Reverse Mortgage [Re: eugene_biggs]
super realtor Offline
Major Contributor

Registered: 05/01/05
Posts: 8596
Loc: georgia
They can find out about reverse mortgages for free what do you get out of it?

It seems like you pester people on the phone,hand off the lead for a fee to a mortgage company and collect your check.Is this how you operate?

This is just like the companies trying to sell ceritifed copies of deeds and quoting a federal website that says it is a good idea to have one to prove ownership.

They ONLY want to charge you $59.99 for a certified copy of the deed when all the property owner has to do is go down to the courthouse and can get it for FREE or veryl little cost like $2.50.


There are many things in this country that ARE NOT illegal however they certainly are in my opinion-unethical.

At the end of the day you have to question everything you do in your life and be at peace with your decisions.

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#176442 - 10/19/07 09:24 AM Re: A little help on cold calling script for Reverse Mortgage [Re: super realtor]
jstip Offline
Member

Registered: 08/23/06
Posts: 217
Loc: Central PA

Good morning, May I speak with Mr. or Mrs. ____________ please.

Hello ____________, this is ____________ with the ______________ and weíre located right here in _________________.

I really appreciate you taking my call.

Mr/s. ____________, we're not selling you anything here okay?

------CLICK------

............. At least offer a free iPod or OG gift certificate for listening....Geez

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#176539 - 10/19/07 05:41 PM Re: A little help on cold calling script for Reverse Mortgage [Re: jstip]
CALIF DREAMING Offline
Veteran Member

Registered: 08/01/06
Posts: 1304
Loc: Downey, California
Eugene posted the same pitch at broker outpost.
_________________________
"People rarely succeed unless they have fun in what they are doing"....Dale Carnegie

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#176555 - 10/19/07 06:33 PM Re: A little help on cold calling script for Reverse Mortgage [Re: CALIF DREAMING]
eugene_biggs Offline
Junior Member

Registered: 10/18/07
Posts: 4
Loc: Philippines
Yup, I'm really at a lost. I've done alot of scripts and I don't know if it's possible to generate leads when telemarketing reverse mortgage. FYI, we get around 40% of jstip's post. Any feedback on how I can improve on the script?

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#184685 - 12/02/07 09:12 PM Re: A little help on cold calling script for Reverse Mortgage [Re: eugene_biggs]
ColoBroker Offline
Major Contributor

Registered: 11/03/07
Posts: 2346
Loc: Northern Colorado
Do you tell them the part about after they die then the person or heirs who takes care of their estate will have all sorts of head aches dealing with the mortgage company that holds the reverse mortgage? And depending on the mortgage company do you tell them that their heirs will be threatened if they don't sell the property within a few months the company will foreclose? Run away from Reverse Mortgages!
_________________________


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#185091 - 12/04/07 12:45 PM Re: A little help on cold calling script for Reverse Mortgage [Re: ColoBroker]
PaulNHS Offline
Member

Registered: 10/23/07
Posts: 199
Loc: Arizona
Nice scripts they are important because trying to make the sales call off the top of your head can get confusing. And you always seem to leave something out.
_________________________
Search Arizona new home builders buildersarizona.com.

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#185124 - 12/04/07 03:11 PM Re: A little help on cold calling script for Reverse Mortgage [Re: PaulNHS]
Mr. Foreclosure Offline
Major Contributor

Registered: 09/01/06
Posts: 2834
Loc: upstate New York
Reverse Mortgages have their place as a financial alternative for some seniors. They are definitely not something to be actively promoted but rather held in reserve as an alternative.

As a senior myself the last thing I want my son or daughter to inherit from me is a mortgage they can't afford on a property they may well expect to want to enjoy, free and clear, themselves!

As an agent specializing in REO properties I handled one a few years ago that was a reverse mortgage foreclosure. It was obvious from the condition of the property, including personal property left behind, that the heir to the estate had little option other than to take a few momentos and abandon the rest! A very sad situation that I would not wish on anyone.

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#186831 - 12/12/07 07:36 AM Re: A little help on cold calling script for Reverse Mortgage [Re: Mr. Foreclosure]
Mr. Foreclosure Offline
Major Contributor

Registered: 09/01/06
Posts: 2834
Loc: upstate New York

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#205120 - 02/22/08 03:16 AM Re: A little help on cold calling script for Reverse Mortgage [Re: Mr. Foreclosure]
HECUM123 Offline
Junior Member

Registered: 02/22/08
Posts: 1
Loc: San Diego, CA
Mr. Forclosure I could not disagree with you more. Reverse Mortgages are a great tool for seniors to tap into their equity that they have been paying into for years and benefiting from the homes appreciation. Sure it might not make sense if they have lots of money and have invested wisely over the years. But one doesn't have to be broke to utilize this product. For most people their home is their biggest and maybe only asset, why leave it buried in the back yard?
And most children do not have any use for their parentís home and have no intention of living in it. They will simply sell it and use the money themselves.
Why shouldn't seniors be able to use the money to enjoy the money, make improvements on the house, take a trip, and invest it WISELY with a GOOD financial planner? Or if they do want their kids to have the money, why not give it to them now and be able to watch them enjoy it instead of when they are gone?
As for the fees and headaches when they pass away, there is federal laws that regulate what can be charged. Don't argue about how much you can make selling this product, EVERYONE wants to make as much money as they can for what they do; there is nothing wrong with that. The bank has every right to want the dept to be paid as quickly as possible and the house does not have to be sold to pay this dept. The home can be refinanced by the heirs who can keep it if they want. This just takes some PLANNING while the senior is alive, which is the responsible thing to do.
Eugene, your script is good, except you really should make the senior you are talking to knows what the product is up front, honesty is always best


Edited by HECUM123 (02/22/08 03:20 AM)

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#205396 - 02/22/08 05:28 PM Re: A little help on cold calling script for Reverse Mortgage [Re: HECUM123]
Mr. Foreclosure Offline
Major Contributor

Registered: 09/01/06
Posts: 2834
Loc: upstate New York
You are welcome to disagree, that is your choice! But please re-read my post. I clearly stated that it is a financial alternative for some seniors. I did not say that it wasn't right for anybody. I remain deeply concerned that they are being inappropriately promoted for people that they are not right for; do not read that as a blanket condemnation of the loan product.

This past summer while visiting my daughter in Maryland we attended a festival like neighborhood gathering. The street was shut off and numerous booths set up for all kinds of things (selling art work, food booths, antiques, etc.). Some one was there working the crowd for reverse mortgage applications from anyone with white (or no) hair. When he walked up to me and promoted reverse mortgages as "free money" my first thought was for the people that would get taken in to a program not realizing they where putting their single most valuable asset on the line.

Yes, there is a place for the reverse mortgage in responsible financial and/or estate planning but its use as a tool for those purposes should be carefully considered in a far greater context.

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#207823 - 03/01/08 08:19 AM Re: A little help on cold calling script for Reverse Mortgage [Re: Mr. Foreclosure]
Oli Offline
Member

Registered: 11/01/07
Posts: 297
Loc: North Carolina
Mr. Forclosure.. I agree with you.

A reverse mortgage has its place. And I believe that its place should be as a last resort. Yes, we want our elderly to enjoy themselves and to have the money to do what they want.They deserve this.But all financial avenues should be explored prior to using this option. If everything else has been exhausted, yes this could be a great option, just should not be the first. I would advise me clients to speak to their financial advisor for all the options so they can make an informed decision not just one person only showing them the reverse mortgage option.

PS. We will all be there some day. I hope someone is watching out for me.
_________________________
There are no shortcuts to any place worth going. (Beverley Sills)

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#431959 - 01/18/14 05:16 AM Re: A little help on cold calling script for Reverse Mortgage [Re: eugene_biggs]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7868
Loc: Vermont's North-East Kingdom
Soooo, now it's "clod" calling.

Change your attitude, or change your spelling.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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