Many people ask me why haven't reverse mortgages grown more in acceptance. Even though there has been significant growth over the past few years, research shows that slightly over 1% of the available senior market has taken advantage of this product. The senior population continues to grow everyday as thousands of boomers turn 62 in 2008. Reverse mortgages are not a solution for all senior homeowners, but one would expect a deeper penetration of the potential market, particularly with our slowed economy bringing more financial demands on fixed income living.
I believe that awareness of reverse mortgages and their benefit to senior homeowners continues to be a major factor in their acceptance. No major lender has committed to a public awareness campaign to actively educate both seniors and their adult children. The industry association, NRMLA, has dedicated efforts to educate seniors and their advisors, but the burden should not solely fall on their shoulders. As a society we owe it to our seniors, to our parents and grandparents to offer free education and information to assist them in this decision process.
So I am asking you get the word out, tell everyone you know that this product exists. Send them to the Internet to learn more. The NRMLA site is an excellent no sales site that provides excellent consumer eduction.
Also talk to your Representatives, both on the State and Federal level. With an impending Social Security crisis, our legislators should be on the bandwagon delivering education and information on a possible solution for senior homeowners. Seniors are some of their biggest voting constituents so they should be both informed and concerned about this issue of awareness. Your efforts and their support will go a very long way in raising awareness.
I apologize for the rant, but we must build awareness to be able to deliver solutions to our senior population.
PS. Here is the NRMLA site http://www.reversemortgage.org
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