The reverse mortgage industry has been facing a substantial amount of criticism from experts across the board. In a recent report, a Fox Business Host stated that reverse mortgage pitches need refining, causing us to question if this really is something industry professionals should take note of.
"The reverse mortgage product is still largely misunderstood, and those who market reverse mortgages can use a dose of reality," said Bob Massi, also known as Fox Business Network’s "Property Man,” according to Reverse Mortgage Daily.
Massi also pointed out that it wasn't just the baby boomers seeking reverse mortgage as an option that were unclear on the structure of it. He added that the children of these individuals seemed to struggle with the concept as well.
The Fox Business host does intend on helping the industry learn how to improve their explanation of their products to consumers.
"In an upcoming presentation to industry members attending ReverseVision’s UserCon next month, Massi plans to help industry members understand their audience, including how professionals should present the product and how they can improve the sales process, including special emphasis on the HECM for Purchase product," according to the report.
To learn more about the upcoming event and hear more about Massi's views on reverse mortgage pitches, click on the image above.