The company behind the infamous McDonald’s golden arches has been hired to help the National Reverse Mortgage Lenders Association raise the public image of its members’ loan product.
Financial Planning is reporting that the product has been the subject of what the reverse mortgage lenders say is misleading press coverage.
During the National Reverse Mortgage Lenders Association road show in Philadelphia, Peter Bell, President of the associaiton told attendeeds that Golin Harris along with another yet to be publicly named PR firm would be leading the campaign.
Bell said a big factor in the origination decline is that the “local media has not portrayed reverse mortgages as an effective tool.” The result, he said, is a “march to legislate” in a number of states, including Maryland (which passed a new law last month), Florida, Arizona, California and Minnesota.
“A lot of that has been driven by adverse coverage that in some cases regurgitates information that is 15 years old,” Bell told the conference.
Bell did not say how much the lender trade group planned to spend on the campaign, but he said some members have made cash contributions to fund the effort and others have agreed to chip in $15 per loan as their share.
Besides taking the industry’s message to the press, the two public relations firms will help the trade group deal with state and federal legislators.