About 40% of Seniors Aware of Reverses

Nearly four in 10 seniors have heard, read, or seen some information about reverse mortgages, according to the 2007 Financial Freedom Senior Sentiment Survey.Financial Freedom is the reverse mortgage lending unit of IndyMac Bank, Pasadena, Calif. The results, the company said, are consistent with the 2006 survey (which found that 41% of seniors had heard of reverse mortgages) and up from 35% in 2005. Most of the respondents who had heard of reverse mortgages had a favorable opinion of them. On the negative side, more than half said they haven't heard, seen, or read anything about reverse mortgages or considered taking out a reverse mortgage in the last year. Roughly one quarter had an unfavorable opinion of reverses and almost half, 44%, said they have heard of them but don't know enough about them to offer an opinion. "As an industry, we've come a long way in a short time when you consider that the industry has grown from 7,000 to over 100,000 loans in just a few years," said Michelle Minier, chief executive of Financial Freedom. The data also reveal "a tremendous opportunity for reverse mortgage lenders and brokers to connect with seniors by showcasing their expertise," she said. The company can be found online at http://www.financialfreedom.com.