In this week’s Reverse Focus podcast, Shannon Hicks discusses a a personal finance columnist who recently defended his stance on reverse mortgages after being called “crazy” by some of his readers. In a column published by the San Antonio Express-News, personal finance commentator Scott Burns stressed that although reverse mortgages might not be the most practical retirement solution for everyone, but they are important for many retirees to consider today.
Also discussed, an administrative law judge recently ruled against Quicken Loans and several of its family of companies, including top-10 industry lender One Reverse Mortgage, in a labor rules dispute. The ruling, which is the latest in a series of ongoing court proceedings, stated that Quicken and several affiliated companies violated certain provisions of the National Labor Relations Act through language included within an employee-distributed manual dubbed “The Big Book.”
In another podcast story, the Department of Housing and Urban Development said it plans to “mystery shop” certain reverse mortgage lenders and counseling agencies that it suspects may be involved in illegal steering of prospective HECM loan applicants. Mystery shopping is a practice that allows consumers, watchdog organizations and companies to anonymously measure quality of service as well as compliance with regulations.
Lastly discussed, One Reverse Mortgage made headlines for some more positive press this week after announcing its new direction for TV reverse mortgage marketing. The company, which has long featured celebrity spokesman Henry “The Fonz” Winkler in many of its TV ads, recently aired a new commercial featuring Pamela Yellen, a financial planner and author of The New York Times best-seller, Bank on Yourself. While the inclusion of Yellen signals more of a financial planning emphasis for reverse mortgages in One Reverse’s TV marketing, the company assured that it will continue working with Winkler for future messaging as well.
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- Columnist defends his stance on reverse mortgages
- Judge rules against Quicken Loans companies in labor dispute
- Mystery shopper to target lenders steering to HECM counselors
- Lender takes new approach in national TV campaign
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.
Written by Jason Oliva