The qualifying age to receive a reverse mortgage is growing by the thousands daily, but the industry is still battling misconceptions and only penetrating 2% of the current market. That’s where you can help. Take our short survey to tell us why you do or do not offer reverse products.
Reverse mortgages have gained a bad reputation over the years and have developed the misconception of being a last resort for struggling seniors. However, recent FHA regulation changes have transformed the product to a viable financial planning tool.
The reverse industry offers more opportunity to forward mortgage companies that are looking to diversify their product portfolios. According to the National Reverse Mortgage Lenders Association, the industry is only penetrating 2% of the current market, which is growing by the thousands daily. The U.S. Census Bureau reported 10,000 seniors turn 62 every day, the qualifying age to receive a reverse mortgage.
Now, the issue that stands before the industry today is how to reach the other 98%.That’s where you can help.
We here at Mortgage Professional America have created the short survey below to better understand why you do or do not offer reverse products. The goal of the survey is to help us provide you more comprehensive coverage of the reverse mortgage industry by answering your questions and concerns.
