Even so, she admitted that convincing borrowers to accept the product was still “an uphill battle”.
“We approach every interaction with a customer to create an advocate; then an advocate to create an evangelist at each point of contact, ”she said.
“We’ve geared our entire corporate strategy to changing that perception, and we need to re-educate the market so people aren’t afraid to explore the tool’s benefits.”
This educational phase can take up to six months and involve the borrower, their family, and their financial advisor before deciding to take another step.
At the forefront of FAR’s reverse mortgage campaign is a new product called EquityAvail, the first under the annuity mortgage umbrella, which includes a low payment and a 10-year term that automatically converts to a no-repayment loan at the end of the term so the lender can offer borrowers a higher LTV.