Predictive Reverse Mortgage Scenario - MBai146 - Script & Playbook

The contact is over 62 with a low estimated LTV and may be interested in discussing a Reverse Mortgage or cash-out, depending on income.

Alert Background:

This contact meets the minimum credit criteria set by your organization, and they meet the criteria for a reverse mortgage. The contact is over the age of 62; the estimated LTV indicates they may have high equity, and based on their income and lending behavior, they may be interested in discussing a reverse mortgage in the future. 

Script Example:

This script is one example; feel free to make it your own and communicate the message in your own words. 

"Hi (First Name),

It's (Your Name)." 

Make the Connection: At this point, you want to remind them of how you know each other. This will change the tone of the conversation from a cold call to a warm call. For example, if you spoke to them about buying in the past, bring that up. If this is a contact that an agent provided to you, let the client know the connection, for example:

"We spoke a few years when you were looking into buying a home..."


"I was introduced to you by (Referral Partner Name) a year ago..."


"We worked together at ABC Co. a few years back ..."  (you get the picture, right?)

Now that the conversation has relevance, it's time to start talking about them...

"You may have seen the letter or email from me recently; my system periodically reaches out to clients that may benefit from new mortgage options, so I thought I would give you a quick call. How have you been?"

Let them talk, and ask follow-up questions that will get them talking about their plans, for example... 

"Are you planning on staying in your home for a while?"

"Has anyone explained the benefits of a reverse mortgage to you?"

Give Value: Let the conversation continue from here, with you asking questions about them. Let them tell you how you could help them. The more value you can give, in the form of insight or answering questions, the more likely they will open up and have a meaningful discussion.  

Differentiate Yourself: Talking about rates and terms will put them to sleep. Rates and Terms will sound very similar from one lender to the next. Tell them how you are unique compared to other lenders and why you like helping solve complicated financial problems."  

Possible Next Steps:

The borrower is interested in a reverse mortgage shortly:

  • Schedule a time to meet face-to-face to discuss if a reverse mortgage is right for them. 
  • Send them a follow-up email so they have your contact info on hand.
  • Ask them their preferred communication channel: phone, text, or email. 
  • Keep in touch often through the process.

The borrower is interested in selling soon: 

  • Answer any questions they have and tell them you will follow up and help them get pre-qualified for their next transition. For example, ask when would be an excellent time to get them a pre-qualification letter.
  • If they don't already have an agent, ask them if it's ok if you introduce them to a good agent you know and trust! The sooner you do this, the less likely they will find an agent you don't know.
  • If possible, make an introduction to the agent so the client has a warm intro and the agent knows that the referral came from you. 
  • If they are thinking of selling and don't need a new mortgage, still make the introduction to an agent. The referral will get you more business.
  • Keep in touch often through the process.

The homeowner isn't interested at this time:

  • Send them an email thanking them for their time, and leave your contact info. 
  • Add them to your value-driven nurture campaigns in your CRM. 
  • Set a reminder to follow up if rates decrease.