The reverse mortgage industry has seen a revival in the two years since the Federal Housing Administration instituted principal limit factors. One area where it’s still struggling, though, is proper product education.
Reverse Mortgage Daily conducted its 2020 Outlook Survey and Report online in December 2019. The survey found a combined 62 percent of respondents express that the biggest challenges in the industry remain negative product perception and lack of product awareness among consumers.
For 2020, to combat that, nearly half of respondents say that their own growth efforts going forward will revolve around refined marketing and consumer education practices. A general lack of product awareness, which correlates with a low participation rate for reverse mortgages among seniors, is the next top challenge according to respondents.
The article further states to combat the perennial issues of product education and awareness among consumers, nearly half of respondents (47 percent) say that their 2020 growth plan will include refined product education and marketing efforts, either as a primary or secondary component of a growth strategy.
More information is available about the RMD research.