Fox Business’ Bob Massi on reverse mortgage sales pitches
Patronizing. To talk down to, condescend to, treat like a child. Fox Business Network’s Bob Massi -“The Property Man” was recently interviewed in Reverse Mortgage Daily and had some choice words for reverse mortgage professionals. Speaking of several originators he met Massi said, “One of the biggest things is how they present the product. The presentation was patronizing.”
Strong words. Are reverse mortgage originators patronizing potential borrowers, albeit unknowingly? Let’s be frank. The reverse mortgage’s complexity has increased exponentially due to numerous rule changes and endless tinkering by federal agencies.
In response, HECM professionals strive to communicate the complex loan in simple, easy to understand terms. The keep it simple approach may have been effective for the historic demographic of reverse mortgage borrowers from yesteryear- cash poor, house rich, and in many cases financially unsophisticated. However the new cohort of borrowers…