Comments on: Reverse Mortgages = Subprime? Unfortunate Comparison says HUD Economist

By: Anonymous

Anonymous — Thu, 06 Aug 2009 21:14:00 +0000

I think Mr Purcell has a great idea! A focused public service campaign is needed. I hope NRMLA responds favorably.

By: Anonymous

Anonymous — Thu, 06 Aug 2009 20:15:00 +0000

If Hal Riney or David Ogilvy were alive today they would donate their efforts to create a powerful ad campaign to re-position the category. Think “Beef, its whats for dinner” “Saturn” or many other wonderful in the public service campaigns such as The United Negro College Fund “a mind is a terrible thing to waste” that have radically altered how people perceived an entire industry.rnrnAs a senior advertising and marketing exec, with three campaigns in Ad Age’s Hall of Fame, I’d be happy to spearhead the effort.rnrnWhat says NRMLA to the idea?

By: Anonymous

Anonymous — Thu, 06 Aug 2009 19:33:00 +0000

Seniors who qualify for a FHA (HECM) Reverse Mortgage are people who have husband their resources and perhaps represent the largest equity position in America’s homes. rnMarketing should be directed strongly to Seniors who need approximately 52% equity in their homes to qualify for the program.rnThere seems to be a misconception that Reverse Mortgages are a factor rnin every senior homeowners life. Not so’ rnIt is clearly intended and used as a conduit to a peaceful mind and a tranquil heart . Ask the people who have them and then refer to HUD’s own finding that the families of the Seniors who are using the program ,overwhelming favor and praise it. rnBob LaFay, Reverse Mortgage Consultant

By: chrysb52

chrysb52 — Thu, 06 Aug 2009 19:14:48 +0000

I think Mr Purcell has a great idea! A focused public service campaign is needed. I hope NRMLA responds favorably.

By: Anonymous

Anonymous — Thu, 06 Aug 2009 18:37:00 +0000

Mr. Morse,rnrnIt would be best if all statements related to reverse mortgages being compared to subprime cease. While it is very true they are very misleading and flat out wrong, the status of the people making these statements give the statements undue credibility and unfortunately at least one (and perhaps even two) has more weight than anyone who has publicly defended HECMs against such charges to date.rnrnMr. Dugan needs to be corrected privately and carefully behind the scenes and allowed to make his own correction. The statements of neither Mr. Szymanoski nor Mr. Foody have the same level of instant credibility that those of Mr. Dugan (or the Senator) engender. We can all get steam blown off by bringing up the unfairness again and again but it is self-defeating.rnrnYes, as new attacks come, we need instant and immediate rebuttals but let’s not keep dregging up old war stories again and again, letting more people know what others have falsely said about our product. Unfortunately from a general public point of view, the government positions of at least two such detractors bring more weight to bear on the subject than all of ours combined.rnrnUntil we have a “white knight” we need to react in real time, not weeks or months later. I think Marty Bell’s call for a truce last month is something we all need to heed.

By: bobpurcell

bobpurcell — Thu, 06 Aug 2009 18:15:41 +0000

As a senior advertising and marketing exec, with three campaigns in Ad Age's Hall of Fame, I'd be happy to spearhead the effort.

What says NRMLA to the idea?

By: QuanAdora

QuanAdora — Thu, 06 Aug 2009 17:33:37 +0000

Seniors who qualify for a FHA (HECM) Reverse Mortgage are people who have husband their resources and perhaps represent the largest equity position in America's homes.
Marketing should be directed strongly to Seniors who need approximately 52% equity in their homes to qualify for the program.
There seems to be a misconception that Reverse Mortgages are a factor
in every senior homeowners life. Not so'
It is clearly intended and used as a conduit to a peaceful mind and a tranquil heart . Ask the people who have them and then refer to HUD's own finding that the families of the Seniors who are using the program ,overwhelming favor and praise it.
Bob LaFay, Reverse Mortgage Consultant

By: James_E_Veale_CPA_MBT

James_E_Veale_CPA_MBT — Thu, 06 Aug 2009 16:37:54 +0000

Mr. Morse,

It would be best if all statements related to reverse mortgages being compared to subprime cease. While it is very true they are very misleading and flat out wrong, the status of the people making these statements give the statements undue credibility and unfortunately at least one (and perhaps even two) has more weight than anyone who has publicly defended HECMs against such charges to date.

Mr. Dugan needs to be corrected privately and carefully behind the scenes and allowed to make his own correction. The statements of neither Mr. Szymanoski nor Mr. Foody have the same level of instant credibility that those of Mr. Dugan (or the Senator) engender. We can all get steam blown off by bringing up the unfairness again and again but it is self-defeating.

Yes, as new attacks come, we need instant and immediate rebuttals but let's not keep dregging up old war stories again and again, letting more people know what others have falsely said about our product. Unfortunately from a general public point of view, the government positions of at least two such detractors bring more weight to bear on the subject than all of ours combined.

Until we have a "white knight" we need to react in real time, not weeks or months later. I think Marty Bell's call for a truce last month is something we all need to heed.