For reverse mortgage lenders, the burden of proof that their product is beneficial for seniors is sometimes higher than it needs to be. Thats because our product, aimed at seniors aged 62 and older, attracts a sort of thin layer of misguided information funk on its outer skin. Misinformation, most commonly disseminated by biased media outlets and word-of-mouth misconceptions, has long been a thorn in the sides of lenders, proponents, and even borrowers.
This issue of proliferating misrepresentation is not unique to reverse mortgages alone. Products aimed at seniors and retirees (especially financial products) have always been the targets of extreme public scrutiny, and for appropriate reasons. News stories and reports of outright scams aimed at seniors hit the wires regularly, and even the most prestigious financial firms offering investment-grade financial products like annuities have been criticized for being expensive and misleadingly overvalued.
The underlying problem is that potential
reverse mortgage borrowers and their families are much more likely to read isolated articles and stories from news publications and media broadcasters that have a massive reach versus small scale, articles written by industry experts like those found on Legacy Reverse Mortgages blog.
And by the time a senior who could genuinely reap true benefits from a reverse mortgage sits down with one of our representatives, they may have already been convinced that a reverse mortgage is a product they dont need. This is a huge problem not just for lenders, but for seniors too.
At Legacy, weve taken a different approach to combating the rampant misinformation that looms over the reverse mortgage consumer marketplace. Our firm focuses less on dispelling the misinformation and misstatements by others, and more on delivering facts and information that our industry and satisfied customers can verify.
Heres our three-pronged approach:
1.First, we understand we stay up to date with all of the news, stories, and happenings in our industry. We read, watch, learn, and listen to every report about the reverse mortgage marketplace, both the good and the bad, that encompasses federal regulation, consumer reports and analysis, and published first-hand accounts. We know housing prices are down, unemployment is up, and the vast majority of seniors are under funded for retirement, exasperating the alleged controversy swirling around our product.
2.We listen to the customer when first speaking with potential borrowers and their families, we like to hear about what theyve heard or read about reverse mortgages and our industry. We listen to the concerns, and we open an honest dialogue and line of communication. Our goal is not to sell you anything. Our goal is to help you understand, regardless of what youve heard thus far, how a reverse mortgage may or may not help you in achieving financial security throughout your retirement.
3.We work toward disseminating real information were not here to argue with the small pool of politicians and news reporters who say what may be perceived as negative things about reverse mortgages. Rather, we focus our energies on distributing information that is verifiable, accurate, and helpful to both potential borrowers and anyone else who interested in learning more about reverse mortgages.
Most importantly, we actively participate in and support groups, associations, and coalitions whose mission it is to educate and protect the rights of seniors, in fact, Legacys CEO, Jim Cory, sits on the Board of Directors of the National Reverse Mortgage Lenders Association. We encourage all readers who have some concerns about how a
reverse mortgage works or questions about experiences theyve hear of or read to chat with us anytime.
