“Extreme” Action is Underway for Reverse Mortgages
The National Reverse Mortgage lenders Association is taking “extreme” action in order to change the face (and reputation) of the reverse mortgage, according to an article published by Reverse Mortgage Daily.
The “Extreme Summit,” as it has been named by those in charge of the campaign, has gained the financial backing to make a serious dent in reverse mortgage program misconceptions over the next few years.
Lenders and industry leaders have showed their support and encouragement by collectively donating $2 million to revitalizing the reverse mortgage program through advertising across several media outlets and raising awareness about the new program after the changes.
If NRMLA and the various lenders leading the charge are successful, the funding to the campaign can grow exponentially over the years.
Of course, it will take a lot of work, effort and time, but if the campaign is successful, the reverse mortgage program will be able to fully grow without the stigma of being “a loan of last resort.”
This is one small step but brainstorming and distributing the ideas through the media is only half the battle. Consumers have to give their confidence over to the reverse mortgage program, and that can only happen with the passing of time and a lot of success stories.
The success of the campaign is dependent on three goals: rebranding, geo-targeting in the areas of greatest opportunity and stimulating the 3:1 positive consumer impressions in the media.
When future consumers think about the reverse mortgage, they shouldn’t think of the “horror” stories the media has focused on, but instead of a helpful alternative to supplement their future retirement and investment needs.
Once the reverse mortgage program’s reputation makes positive comback, it’ll be easier to talk to more potential consumers and create a more positive outlook in the media with more success stories.
It’s like a stack of dominos, one will push the other and so forth until the industry’s effort are rewarded with a more stable, secure program that consumers can rely on wholeheartedly.
The first step is to rebrand the reverse mortgage and that will probably take some time. Little by little though, I’m confident it can happen.
If you want more information on the reverse mortgage program give PS Financial Services a call at (888) 845-6630 or via email at info@PSReverseMortgage.com. We do not pressure those who inquire. We are simply here to help.