In the News

Title

New Research Shows Retirees Earn Poor Marks for Reverse Mortgage Literacy

Document Type

Article

Publication Date

4-26-2016

Abstract

In the reverse mortgage industry, it isn’t too far of a stretch to attribute a lack of awareness and understanding to the miniscule penetration rate of eligible American homeowners who can benefit from a Home Equity Conversion Mortgage, but don’t because they either know little about the product or they are guided by misinformed perceptions.

Consumer ignorance traps reverse mortgages within a vicious circle, where a lack of knowledge often feeds into common misperceptions of the loan product and, ultimately, hinders the willingness to learn more about the true functions of HECMs.