In 2015, retirees are fully embracing the old fast food commercial to “Have it your way” when it comes to how and where they’re choosing to retire. Many still opt to stay put, and renovate their homes to suit their changing needs. But there’s a twist: they’re not downsizing or remodeling with an eye towards growing older, but often upsizing.
Continue readingTransparency Needed for Improvement
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CFPB Not Releasing Ad Data at Core of Recently Released Study
After releasing a consumer advisory and the results of focus group findings of reverse mortgage ads that were deemed misleading, ambiguous or difficult to understand to consumers and the media alike, the Bureau is less than forthright in releasing the data. After the release of the report numerous media outlets jumped on yet another negative reverse mortgage study. After all shouldn’t one trust a federal agency such as the Consumer Financial Protection Bureau? Yes, if that agency is fair and transparent in its findings.
Unfortunately that does not appear to be the case. In a press call last week industry representatives asked if the Bureau would make the ads used in the study available. The terse reply: they will not. Strange since the Bureau says they are committed to getting input from all parties to make markets more accessible and efficient for consumers. If that is the case then release the ads shown to the focus groups…
Download a transcript of this episode here.
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Changemasters
There is a national professional group called Toastmasters that helps their members improve their speaking and communication skills. Perhaps our industry needs a ChangeMasters group. One centered on the key skills needed to adapt to the ever changing HECM industry.
Continue readingListening — and Speaking — with the Ear of the Heart
Ever notice that the word “heart” contains both “ear” and “hear”? In order to really hear what your reverse mortgage clients and prospects are telling you, it’s essential to listen with the ear of the heart.
Continue readingCFPB Report Says Reverse Mortgage Ads Misleading
The Consumer Financial Protection Bureau released the results of a focus group finding that many reverse mortgage ads are either inaccurate, confusing or misleading.
Continue readingA Damaged Name?
Do you ever feel prejudged as a reverse mortgage professional when interacting with the general public? It’s unfortunate but true: the words reverse mortgage have become synonymous with poor cash-hungry seniors, questionable loans and even the butt of jokes in some cases.
Continue readingHow to Invent Retirement
With the burgeoning Maker movement, co-work spaces and crowdfunding platforms, possibilities exist to encourage and support older inventors that weren’t available even a decade ago. And the seniors themselves are an evolving lot: more educated, active, mobile and connected than previous generations.
Continue readingExam Before Prescription
I’ve often used the analogy that financial planners should treat their clients as a doctor would treat their patient. Gather the facts, find where it hurts and look to all possible solutions before prescribing a cure. Shouldn’t we do the same?
Continue reading4 Lies We Tell Ourselves
There are a number of lies that we can easily tell ourselves about working in the reverse mortgage industry that will affect our outlook, performance and sense of well being.
Continue readingPreparedness (Part 2): Self-Preservation
Some people say they have “made arrangements” in the event of a crisis — but have they done enough preparation for their own departure?
Continue reading