We’ve all seen the commercials starring actors like The Fonz (Henry Winkler) or Fred Thompson (actor and politician) that extoll the virtues of reverse mortgages for Americans over 62 who own a home and who need cash flow!
The commercials address concerns that both the homeowner and potentially the homeowners children may have about this product including the mistaken impression that the borrower can be thrown out of their home or that they are giving up ownership of what is likely their most valuable asset.
And, as is the case with any product that may be somewhat outside of the mainstream, there are many other misconceptions and general lack of consumer knowledge and awareness that has had the effect of keeping this market from growing to anywhere near the size that it likely could.
So what is an industry to do in order to better market a product that could potentially help change the lives of such a large segment of the American population who for one reason or another are not particularly motivated to learn more about it?
From personal experience I would say that the issue is not a lack of advertising as I am sure that most who read this article have seen the following commercial many more times than once or twice.
In an article by The Mortgage Professor, the author provides some ideas for the industry.
Read at The Hallmark Abstract Sentinel here.
