I have been hearing the resentful press related to reverse mortgage lenders and the reality is that most people chat about the product quite ruefully, I cannot help but wonder about if this is down to of the maturity of the people involved. Even though the much more suspect refinancing loan web sites have been swept beneath the Moroccan rug, reverse mortgages are now fully regulated by the HUD.
The differentiating characteristics of the two? One is aimed at everyone whilst the other is pointed to those over and above the age of 62. This age specific targeting, I believe, has caused the bad press. Selling to the over 60s has the same connotations of vulnerability that arises with selling unwholesome food to children.
What concerns my self is that in almost every other market or position; elder householders are considered the most clever; the sage ones that most seek counsel and warning from. So for what excuse, when it comes to anything online or many types of business offering, do we treat the elderly with children gloves! Interrupting like a brave knight to save them from their own selves. Do we really believe for one minute that they’re blindly falling for reverse mortgages like a field-mouse? No, I did not think so.