Positive Press Surges for Reverse Mortgages During JuneThe recent changes to the reverse mortgage cam swiftly last September 30 and changed the landscape of the reverse mortgage program for future borrowers. One of the biggest hurdles since the changes, however, has been combating the established reputation of the reverse mortgage program as a “loan of last resort,” that should only be used if (and only if) you have no other options.
Slowly, but surely, the reputation of the reverse mortgage is on the up and up and, NRMLA reports, the press results for the month of June 2014 are the most positive since August of 2013.Nationally, states the article, there were 195 positive stories last month and just 14 negative, a 13:1 ratio or 93% of a favorable result. In major market newspapers, the results were favorable as well, with eight positive stories on the reverse mortgage industry and only two negative.
The two negative stories considered of a reprint of an article detailing the problems faced by non-borrowing spouses as well as an editorial in the same newspaper, Tampa Bay Times.
However, these pieces were offset by a positive article detailing the HUD changes and a Letter to the Editor from Peter Bell, the president and CEO of NRMLA.In essence, for every negative reverse mortgage program article, there are four more positive articles detailing the changes to the program, the benefits of the program as a long-term retirement planning tool and the new resolutions to previously reported problems such as non-borrowing spouses. While this is excellent news all around, there is still plenty of work to do: There will come a time where the reverse mortgage is considered a viable long-term retirement planning tool for all seniors…a time where all financial planners are educated in the in’s and out’s of the program and offer the reverse mortgage as an advantageous option for their clients…a time where the reverse mortgage will reclaim it’s reputation as a viable alternative for seniors who built their home equity over the years and now want to tap into it as a way to live out their years in comfort. For now, we can only continue to write about the NEW reverse mortgage program and help seniors who look into the program as an option for their retirement planning. I’m more than happy to help spread the word. Interested in a reverse mortgage or simply want more information? Give PS Financial Services a call at (888) 845-6630 or via email at email@example.com. We don’t pressure those who inquire. We are simply here to help.