Reverse Mortgage
Sales Assessment Results
49
Needs Improvement
10 questions
Maximum score: 100
Completed in
Let's get real here. Your recent performance shows a struggle to connect deeply with prospects, and it’s showing in your scores. You’ve demonstrated some solid understanding of product features, but you’re falling short in engaging conversations and building rapport. Your strongest technique appears to be your ability to reference credibility and reassure clients with factual information, which is great, but it’s not enough. You need to shift gears from being transactional to consultative. This means asking better questions and really listening to your clients' financial concerns. There’s a clear pattern of lacking depth in your responses, and you consistently miss the mark on creating an empathetic and collaborative approach. To elevate your game, dive into the solution-focused selling techniques. Learn how to articulate not just the features of a reverse mortgage, but the real benefits it brings to the prospect’s specific situation. Also, practice storytelling in your sales pitch. A real-life story can help humanize your approach and make your discussions more relatable. Remember, people buy from those they trust, and trust is built through connection. Here’s your coaching moment: Your job isn’t just to sell; it’s to solve problems and to be a trusted advisor. Step up your engagement game, and you’ll see those scores climb. Let’s turn this around!
Question Breakdown
1.
4
/ 10Question:
"I'm concerned about the overall cost of a reverse mortgage and how it fits into my budget right now."
Answer:
There are out of pocket cost with a reverse mortgage. althoughthere are costs, like any mortgage, most folks build those cost into the loan.
Feedback:
The response provided does address the concern about costs but lacks depth and clarity. It touches on the fact that costs can be built into the loan, which is a positive point, but it fails to explore the implications of those costs or ask any follow-up questions to understand the prospect's specific budget concerns. There is no clear closing technique or exploration of value that reverse mortgages can provide relative to costs. The communication is somewhat unclear and could benefit from a more conversational tone. Overall, it feels a bit transactional rather than consultative.
To improve, consider using a solution-focused approach by explaining how reverse mortgages can benefit the prospect financially in the long term, and ask open-ended questions to uncover more about their budget concerns.
Additionally, you could reassure them by discussing potential options or alternatives that might fit their budget better.
Overall, this response could use more engagement and clarity in addressing the prospect's financial concerns.
2.
7
/ 10Question:
"Given my previous experience with lenders, how do I know I can trust your company to provide reliable support?"
Answer:
Our loan is Insured by HUD and FHA departments of the Federal Government. Our company is approved by the Federal Government, I am licensed by the state and undergo annual education, & even a credit check and FBI background check.
I would love to send you my past clients reviews as well.
Feedback:
Your response effectively highlights the credibility of your company through references to government insurance and licensing, which is crucial in the reverse mortgage industry. However, it lacks a personal touch that could build rapport and trust. Consider incorporating a brief story or testimonial from a satisfied client to humanize your response and connect on an emotional level. A follow-up question asking about their specific past experiences could demonstrate curiosity and a willingness to understand their concerns better. Overall, it's a solid start but could benefit from a more collaborative and solution-focused approach.
3.
4
/ 10Question:
"What if my financial situation changes unexpectedly; will this product still be a good fit for me?"
Answer:
This product is designed to eliminate financial strain from the get go. Using the security of you homes equity, is the wall to protect you through out your retirement years
Feedback:
The response attempts to address the concern about unexpected financial changes by emphasizing the product's benefits, specifically its role in alleviating financial strain and leveraging home equity. However, it lacks depth in exploring the prospect's specific concerns and does not invite further discussion or questions. The communication is somewhat vague and could benefit from clearer language and a more empathetic tone. To improve, it would be helpful to ask the prospect about their specific financial worries and explain how the product provides flexibility or safety nets in those scenarios. Overall, the response could do better in demonstrating active listening and curiosity about the prospect's situation.
Additionally, there is no clear closing technique or invitation for further discussion, which is crucial in a sales conversation.
Score: 4/10
4.
5
/ 10Question:
"I'm worried about the impact of interest rates on my reverse mortgage. How will fluctuations affect my loan?"
Answer:
The changing rates over time can increase you loan balance over time, but the program is designed so that there is sufficient equity remaining in you home to pay the balance if you decide to sell or if you live there the rest of you life.
The one caveat that protects you there is your home is the only thing that is used to repay the loan!
Feedback:
The response addresses the concern about interest rate fluctuations, but it could be more effective by acknowledging the prospect's feelings and providing additional clarity. It lacks a collaborative tone and could benefit from asking follow-up questions to explore the prospect's specific worries further. Additionally, it misses an opportunity to highlight the unique value of a reverse mortgage in providing financial security and a potential solution to their concerns. Consider incorporating a more empathetic approach and perhaps a closing technique to encourage further discussion.
5.
6
/ 10Question:
"I don't see a pressing need for a reverse mortgage at the moment; why should I consider it now?"
Answer:
The Reverse Mortgage will eliminate your monthly mortgage payment. Your monthly payment will be going in your pocket as opposed to going to the bank. That’s from month 1 until forever.
Don’t forget, the credit line we set up, starts growing too, that is a monthly increase in your available money, just by having the loan in place.
Feedback:
The response effectively highlights the immediate financial benefit of eliminating monthly mortgage payments, which addresses the prospect's objection about the lack of a pressing need. However, it lacks a deeper exploration of the prospect's personal situation or future goals, which could create a more compelling case for considering a reverse mortgage now. The tone is clear, but it could be more engaging and empathetic to build rapport. Asking questions to uncover the prospect's financial goals or concerns would have demonstrated curiosity and active listening. Overall, it's a strong start, but it could benefit from a more consultative and collaborative approach.
6.
4
/ 10Question:
"Can you help me understand how your reverse mortgage compares to other options available in the market?"
Answer:
You can continue to pay your monthly mortgage until its is paid off. You can acquire a HELOC mortgage for extra cash, but you will now have a payment. If extra cash is what you need, you can get a Part Time job, or you can always sell and move to a less expensive property. Or a reverse mortgage can allow no mortgage payments for life, and possibly a line of credit that gives access to more cash as needed. You can use your home to stay in your home.
Feedback:
The response provided seems to lack clarity and focus on the specific objection raised by the prospect. While it touches on the benefits of a reverse mortgage, it does not effectively compare it to other options available in the market, which was the core of the objection. The mention of alternatives like HELOC and part-time jobs, while valid, could come off as dismissive and may not resonate well with someone looking for a comprehensive understanding of reverse mortgages. Additionally, there is no clear closing technique employed to guide the conversation forward. To improve, the salesperson should aim to directly compare the reverse mortgage with other products, highlighting the unique benefits and value it offers in a more structured manner. Engaging the prospect with questions about their specific needs and concerns would also enhance the collaborative approach.
Overall, the response lacks a solution-focused approach and fails to fully address the prospect's inquiry, which is critical in the reverse mortgage industry where trust and clarity are paramount.
7.
3
/ 10Question:
"I have a strong relationship with my current lender; why should I switch to your service for a reverse mortgage?"
Answer:
I am an exclusive Reverse Mortgage lender. This specialized product is unkike any traditional mortgage and is best handle by an expert in the field
Feedback:
The response lacks depth in addressing the prospect's concern about their existing relationship with their current lender. While stating that you are an exclusive lender and that the product is unique, it doesn't effectively engage with the prospect’s feelings or needs. You could have built rapport by acknowledging their loyalty and asking questions to explore any pain points they might have with their current lender. A more effective approach would involve highlighting specific benefits of your service, using a solution-focused method to illustrate how switching could resolve any issues they might be facing. Additionally, you could have employed a closing technique to encourage further discussion or a meeting. Overall, the response is too vague and does not leverage curiosity or discovery effectively.
8.
5
/ 10Question:
"I'm not sure if my family will be onboard with me taking a reverse mortgage. How can I address their concerns?"
Answer:
We off a group setting to discuss how the Reverse works, we are available individually and collectively. Family members are also welcomed to attend the HUD Counseling for Reverse Mortgage borrowers
Feedback:
The response addresses the objection by offering a group setting to discuss reverse mortgages, which is a good approach for involving family members. However, it lacks depth in exploring the family's concerns and does not actively engage with the prospect's feelings about their family's opinions. It would have been more effective to ask questions to uncover specific worries the prospect has about their family's reaction. Additionally, the tone could be warmer and more empathetic to reinforce trust. A closing technique could have been employed to guide the prospect towards a follow-up discussion. Overall, it's a decent start but lacks engagement and curiosity, which are crucial in this industry.
Score: 5
9.
6
/ 10Question:
"I've heard mixed reviews about reverse mortgages; what can you tell me to alleviate these doubts?"
Answer:
Some of the stories about reverse mortgages from the past were based on rules and guidelines that HUD had not anticipated. Over the last 10 years there have been several changes and enhancements to the program to make it geared to fully protecting the applicant and strengthen the program for all.
Feedback:
The response does address the concern about mixed reviews by acknowledging past issues and highlighting improvements made in the last decade. However, it lacks depth in exploring the specific doubts the prospect may have. It would benefit from a more engaging tone and an invitation for further questions or concerns, demonstrating curiosity and active listening. A stronger closing technique could also help solidify trust, such as summarizing the benefits of the updated program. Overall, while the response is informative, it could be more effective and engaging.
10.
5
/ 10Question:
"How will this reverse mortgage product affect my estate planning and my heirs' financial situation?"
Answer:
You estate plan remains in place. You always own your home and your heirs will inherit your home per your directive, their will be an outstanding mortgage that need to be e paid off, either by selling the home orone the heirs refinancing with their own loan.
Feedback:
The response does address the objection by clarifying that the estate plan remains intact and that heirs will inherit the home. However, it lacks clarity and warmth, which are critical in the reverse mortgage industry where emotional factors play a significant role. The response could benefit from a more empathetic tone, acknowledging the concern about the financial implications for the heirs. It would be helpful to ask questions to further understand the prospect's specific concerns and to explore how this option could fit into their overall financial strategy. The explanation about the mortgage being paid off could also be simplified for better understanding. Overall, while the fundamental points are on-target, the delivery could be improved significantly.
Score: 5/10