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#176316 - 10/18/07 09:32 PM A little help on cold calling script for Reverse Mortgage
eugene_biggs Offline
Junior Member

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

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#176340 - 10/19/07 12:01 AM 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 - 10/19/07 12:16 AM 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 - 10/19/07 01:05 AM 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 02:24 PM 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

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#176539 - 10/19/07 10:41 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 11:33 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 - 12/03/07 03:12 AM 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 06:45 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 09:11 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 01:36 PM 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 09:16 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


Edited by HECUM123 (02/22/08 09:20 AM)

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#205396 - 02/22/08 11:28 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 02:19 PM 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 11:16 AM Re: A little help on cold calling script for Reverse Mortgage [Re: eugene_biggs]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7950
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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