Initially when I became a Reverse loan consultant, I thought that representing the federal program would be easy since it offered so many benefits to the senior community. I was naive. I did not know that many people felt negative about them and were unwilling to even investigate how they worked and what they could offer a senior.
I’m a nice person, ethical and honest to my core. But now I felt like the enemy. I was out to get a senior’s home. My feelings were hurt and I was frustrated by this attitude.
In the last few months, I’ve noticed that it seems we are finally rounding the curve on the myths and negative attitudes towards the loan, as the public in general is becoming more educated and informed about how it works and how it can make a huge difference between staying in your home or moving in with your adult children or possibly an assisted living facility (If you can afford it and don’t run out of money in the process).
More people are asking questions about a Reverse loan than previously and are considering using it to supplement their retirement income. With the extreme issues in the financial markets, many seniors are now applying for a Reverse loan in order to have a safety net of income well into the future.
There have been several positive articles recently written in the media and even Fox News presented a story about them that was quite upbeat. The Connecticut Post and Newsday.com featured articles within the last week that were not only informative and correct but also very positive.
Reverse loans are being used to prevent foreclosures and keeping seniors in their homes and they are very fortunate to have this federal loan program that is insured by the government.
Good news in the media is what is needed to help promote the advantages of Reverse loans. They will be part of everyone’s financial plan in the future and the need for them will only grow.