Survey: Seniors Don't Trust Mortgage Brokers

Senior citizens rank mortgage brokers as the least trusted of financial professionals, according to the 2007 Financial Freedom Senior Sentiment Survey.The fourth annual survey from Financial Freedom, an Irvine, Calif.-based reverse mortgage originator and subsidiary of IndyMac Bank FSB, found that personal referrals are less important in establishing trust than seniors' perceptions of a professional's character. Among financial professionals, 53% of seniors indicated they trust, somewhat trust, or very strongly trust their local bank representatives, while Realtors, stockbrokers, and mortgage brokers (all of whom work off commissions) finished at the bottom of the list at 25%, 21%, and 18%, respectively. "These findings underscore what we have been preaching to reverse mortgage originators and other financial professionals for over a decade -- to gain acceptance among seniors, it's crucial to demonstrate integrity across the entire enterprise from point of contact to products to servicing," said Michelle Minier, chief executive officer of Financial Freedom. The company can be found online at http://www.financialfreedom.com.