Call Centers: The Race To The Reverse Mortgage Finish Line

The amount of lenders offering the reverse mortgage product has more than doubled in the past year. Sadly, the race to convert seniors into clients has begun. Too many lenders are focusing upon the reverse mortgage client dash. Because of hard times in the mortgage industry, these lenders are looking for a quick bundle of cash. (Rhyme intended)

The industry ethos has until recently been providing succor to our seniors in need. This has been replaced by focusing upon what I call the path of least resistance. This path is exemplified by call centers. A call center can have literally 100s of agents in a room cajoling seniors to sign reverse mortgage documents that the agent will gladly send in the mail.

To the contrary, the program works best when the lenders are offering much needed expert assistance. This requires the lender to act as a consultant instead of a salesman
Under the call center paradigm, the senior borrower will never come into contact with a concerned loan officer or someone who has taken the time to understand their peculiar circumstance. Understanding needs is no longer important. What is important is getting the senior to sign documents- at any cost.

I am at a lost to figure out how reverse mortgage concepts can be fully explained by those whose only focus upon winning the race. I am at a lost how difficult -to understand -reverse mortgage vocabulary can be properly explained by those who are focused upon their position in the race. Call center employees are usually divided into teams. These teams compete against each other. The focus becomes “What do I have to say to chalk up another one for my team?”

This is another reason why family members and their professionals must be the sentinels for their parents/ clients.And I dare say that this may be another reason why the reverse mortgage industry has not grown as rapidly as it should.