When I asked my friend Marc H about making a dynamic presentation, he told me not to do this (folded arms).
“Pete, you have a tendency to do this (folded arms).” And we all know what this (folded arms) means, right? It means we are closed, already made our mind up, and we are not open for discussion.
Well, I didn’t think I did this and I was certainly hoping that Marc would give more advice than just this, but I told him; “Okay, I get this. Thanks.” sigh . . .
It kept me thinking about this more and more. And on the way over to the meeting, this hit me. I do get this. I mean, I get this from not just my clients, but my client’s professional advisors.
When I address the reverse mortgage program with professional advisors, whether it is one on one, or to a group, there is always someone sitting back shaking their head and their arms folded across their chest.
And then I hear them (advisors) say this:
- “You are preying on old people.”
- “You are cheating their children from their inheritance.”
- “They will lose their home because of you.”
But when they give me just 7 minutes, and they begin to understand the truth about reverse mortgages, this (folded arms) becomes this (unfolding) and then this (more unfolding), and then this (unfolding and saying, “Oh”).
And then, I hear them say this: “I wish I knew about this before!”
And then I ask, “Before what?”
- “Before they had no other choice but to deplete their savings / retirement account.”
- “Before I told them they were better off selling and moving in with their son/daughter, and their family?” In one case, the mother and the son-in-law despised one another so much, that the mother would spend most of her day, staying in her room, sometimes not even coming downstairs for dinner with the family. This situation was shared with me by the same advisor that told me that I was cheating their children from their inheritance! Can you imagine his feeling now?
- “Before they moved in with the daughter and son-in-law, because they lost their home to foreclosure.”
- “I feel terrible because I am now learning that the HECM could have furthered their retirement savings as well as saved their home.”
Take away: Imagine the feeling these advisors had, or still have, when they realized that the advice they gave them to steer clear of a HECM at all costs, not only costs their clients their retirement savings or actually drove their client out of their home? Don’t be this advisor.Questions? Contact us now!