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Academic study links consumer knowledge to HECM demand
Misinformation, fear, a biased media? Are these the factors stopping older homeowners from utilizing a reverse mortgage?
A recent report entitled “Reverse Mortgages: What Homeowners Know and How it Matters” states that knowledge of the HECM product is strongly associated with consumer demand. Today the knowledge of reverse mortgages in the general public is fairly low. The report is co-authored by Dr. Thomas Davidoff, associate professor for the Strategy & Business Economics Division at the University of British Columbia Sauder School of Business. Davidoff focused on the level of financial literacy amongst homeowners 58 and older and how their knowledge of the reverse mortgage influences the overall demand for the product.
Surprisingly 97% of survey respondents have heard about reverse mortgages with only 2% having any practical experience with the loan…
Download a transcript of this episode here.
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