I will let others deal with how a reverse mortgage is not a “RESERVE mortgage” and how FHA is not the Federal Housing AUTHORITY.
 
What bothers me is what Mr. Smith supposedly said.  Again the reporter got so much wrong, what is attributed to Mr. Smith must be questioned as actually coming from him.  The rest of this comment will attack the statements, not Mr. Smith.
 
One of the zaniest statements I have read since coming into the industry is:  “A reverse loan really should be part of every senior’s plan.  It doesn’t mean it has to be the program used.”  What in the world does that mean?
 
Then here are some insulting words for the majority of our customers:  “The industry has been exclusively working in the needs based bucket….”  Besides being false, it is demeaning and absolutely unnecessary.
 
“…reverse mortgages should be a tool for every senior, even those who aren’t in desperate need of cash.”  These words should be stated by an actual financial planner not by anyone in our industry.  Since when are we an authority on cash management when we have supposedly been “exclusively working in the needs based bucket.”
 
If Mr. Smith said these words, no words can be strong enough to condemn this message.  If the statements are true, One Reverse should move Mr. Smith to the forward side of their business or sanction him and not allow him to speak out to the press on behalf of the industry or its company ever again.
 
When asked by the press for his reaction to what the COO said that morning about most of those laid off that morning as being little more than deadwood at the company, a CEO is alleged to have said:  “This is the only time I have lost my breakfast before even getting into the office.”  I hope all of senior management at One Reverse has similar sentiments to these statements whether made by Mr. Smith are not.

Hi John,

Fox not checking facts? I’m shocked, I tell you, Shocked. 

Sarcasm aside, it seems to demonstrate Churchill’s observation that a lie makes it halfway round the world before the truth even gets its pants on, and Churchill wasn’t even talking about a broadcast news operation. Thanks for your efforts to get their attention.