It’s an argument that has roiled the Home Equity Conversion Mortgage industry for probably its entire existence: Should the industry ditch the “reverse mortgage” name — and its associated baggage in the public imagination — for something else? As RMD reported last month, surveys have shown that consumers tend to be far more receptive to the idea of taking out a reverse mortgage if they don’t hear the words themselves.
Or is the moniker permanently embedded in the financial world, leaving it up to the industry to rehabilitate the reverse’s image?
That’s where we need your help. RMD has created a list of potential new names for the reverse mortgage, and we’d like you to vote on your favorite — or make your own suggestion if you don’t see one that strikes your fancy. Think the “reverse mortgage” name is fine the way it is? You can vote on that issue, too.
We here at RMD know that it won’t solve the argument once and for all, but we hope to create a lively discussion that will flow into a separate post in the coming weeks. If you find that the comment section is just too short to contain your thoughts, feel free to drop me a line.
Cast your ballot below, or if the embedded survey isn’t working on your browser, click here. We’ll keep the polls open through Friday, with a full report on the results on Monday morning.
Written by Alex Spanko