Friday Round-Up: R.I.P Reverse Mortgage ‘Loan of Last Resort’

In case you missed it, here’s what happened in reverse mortgage news this week:

The Reverse Mortgage ‘Loan of Last Resort’ is Dead, Good Riddance—The perception that reverse mortgages are best suited for senior homeowners desperate for a lifeline to protect themselves from foreclosure coughed up its final death rattle on April 27, 2015, following the implementation of the Financial Assessment.

3 Ways an Interest Rate Hike Could Impact Reverse Mortgages—There has been a lot of chatter surrounding the possibility that the Federal Reserve may finally increase interest rates this year. And while the financial sector as a whole waited with bated breath for the first potential rate hike in nearly a decade, there are several ways rising rates could impact the reverse mortgage industry, specifically.

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Reverse Mortgage Marketing Falls Short if Aimed at ‘Average Senior’—Just as reverse mortgages are not a one-size-fits-all solution, there is a danger to marketing these products to “the average consumer” that could cause messaging to fall short when trying to reach more potential borrowers.

HuffPost: 5 Reverse Mortgage Questions Consumers Need to Ask—The latest in a series of articles spotlighting the top reasons to get a reverse mortgage, the Huffington Post recently offered some additional guidance to readers who might be interested in learning more about these loans.

Room for Improvement: Reverse Mortgage Lenders Talk Keys to Product Awareness—Whether it’s the need for more diversified marketing messaging, increased public relations outreach or more emphasis placed on educating consumers on key product features, reverse mortgage professionals agree that the industry can only benefit from heightened public awareness of the reverse mortgage as a viable retirement asset. 

Written by Jason Oliva

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