Among the next steps in the National Reverse Mortgage Lenders Association's Borrow With Confidence efforts will be a story-telling campaign, with seniors describing their experience with and benefits from the product, officials from the group said at its Eastern regional meeting in New York.
Marty Bell, senior vice president of communications and marketing, said the group is looking for reverse mortgage borrowers who are willing to talk on camera about their experiences with the product. The best way to get the word out about reverse mortgages is to have the customer tell the story, he said.
Press releases, local op-ed columns and letters to the editor will support the videos.
Also as part of its efforts to get the message out, NRMLA has started its own blog.
Bell said Borrow With Confidence in its two years of existence has created a new level of transparency for reverse mortgages. When it first started, NRMLA was on the defensive, looking to respond to negative criticism. The group then began to reach to the press and politicians, saying it was available to respond.
So now it is going on the offensive, Bell said, and looking to reach out to consumer.
It has revamped its consumer-facing website, including getting rid of mortgage-speak. There is also a booklet available online—and soon in print—called “Your Road Map to a Reverse Mortgage.” It is a 24-page publication, and it will include a blank page for the lender to put its own information on.
NRLMA also has done a small publication for the children of potential borrowers.
Bell said the group wants to create more collateral materials for its members.
NRMLA has also created a pledge to reverse mortgage borrowers, which its membership must agree to in addition to the code of ethics. All members must sign the pledge and return it to NRMLA by April 9. In the future, when membership is renewed, lenders must sign on to both the code and the pledge.
