Makeover Needed for Reverse Mortgage Marketing, States Team with CFPB

ReverseFocusReverse Focus Weekly Podcast Episode #259

In this week’s Reverse Focus podcast, Shannon Hicks discusses that a new marketing strategy for reverse mortgages might be necessary to help eliminate negative perceptions that have plagued the reverse industry for years.

A new product marketing plan is needed because although the world has changed in the last 10 years, reverse mortgage advertising has not, according to one industry professional at the National Reverse Mortgage Lenders Association conference in May.

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Also discussed, state bank supervisors have joined forces with the Consumer Financial Protection Bureau (CFPB) in an effort to better serve and protect customers and borrowers nationwide. 

Lastly, a new partnership between NewRetirement and Texas Tech’s Financial Planning Department has created a calculator that allows potential borrowers to view retirement planning options, including the role of a reverse mortgage in retirement distribution management and cash flow.

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Talking Points:

  • New reverse mortgage marketing plan needed
  • State regulators join forces with the CFPB
  • New retirement tool takes a look at reverse mortgages

Listen Now. “Reverse Focus is the ultimate resource for reverse mortgage professionals providing the technology, training and marketing to grow your business. We are your one-stop resource for those committed to taking their business to the next level.”

Editor’s Note: These posts are sponsored by Reverse Focus.

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  • The problem runs much deeper than a need for new marketing. It will also require the need for a whole new approach.

    Our industry is hopelessly in a fog.

    Six years ago we were hearing that in less than four years, HECMs would be the least category of reverse mortgages being originated; proprietary reverse mortgages were our immediate future. Then we heard that Savers would be over 50% of all HECM endorsements in less than two years. Now we hear that consumers will be originating 50% fixed rate Savers and 50% ARMs.

    Yeah, we understand our marketplace just fine; just like we understand our products. As the old propaganda line goes: “Now let the house pay you.” — Sure!

  • The problem is that this is a great product when used properly and there is so much missinformation that no one but me seems to be countering- come on loan officers – educate your people! Mine can go out there and sell the product and will not let anyone tell them differently- but I am one lousy person- I rebut inaccurate information all the time- rarely see it in print. I teach my folks to become their own advocates on researching information- I saw one article with 25 mistakes! People are confused- so many programs of the past they don’t even know most of them are gone- It is a great program, and folks need to see the advantage for themselves- other countries have this program and not nearly as good!

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