The reverse mortgage industry has taken a few shots from critics who believe it could cause trouble for older Americans. In the aftermath of the criticism, originators revealed how they have been working to convince their clients that it is a safe way to utilize home equity.
"At least one originator shared that his company received calls from past borrowers about the content of the USA Today article, but not because it gave them concerns," according to Reverse Mortgage Daily.
"Instead, they reacted with indignance at the news outlet’s lack of reverse mortgage understanding according to Malcolm Tennant, president and co-founder of Access Reverse Mortgage Corporation in Largo, Fla."
The article also cited an example from New American Funding, a California-based company that too the initiative to send out emails and voicemails to potential leads and loans. This was done to ensure the customers that they are valued and that the decision to choose a reverse mortgage is not one that they would regret.
In addition, some companies said the USA Today article, which was the major opponent in the matter, did not have much of an impact if any at all on their businesses.
To see more examples of how originators responded to reverse mortgage criticism, click on the image above.