Lack of well awareness about the terminology and concept of reverse mortgages are among the biggest challenges to be faced by our mortgage industries in the future. Moreover, many people, who although have awareness about our offered products, but have deluged with misconceptions and untruths may create problem into the growth and development of our industry. By making familiar in front of the people and financial community of the mainstream has always remained our major weakness. Furthermore, frankly speaking, I have written and thought about the consistent use of different Hollywood spokesperson for representing our mortgage industry in front of public.
However, such techniques have cheapened and discredited our product, rather than giving help to us. I always give the credit to a famous people named Robert Wagner. Wagner has played vital role in bringing the product of reverse mortgage in to the eyes of public by overcoming the shadows. Few years ago, while travelling by bus or train, most of the passengers ask me about my job profile or about the activities, which I do for earning my living. During this time, when I give reply that I am involved in selling of mortgage products, they can easily recognize that it is the thing of Robert Wagner. However, all these incidents associated with our offered products and mortgage industry has become the matter of past.
Based on this incident, I can say that awareness about the reverse mortgage sector is not possible by the claims of Hollywood celebrity or any other multimillionaire personality. Now, the main question that comes in the mind of the people is that what exactly they should do for bringing awareness or give valuable education about the mortgage product to the industry. For this, we are available with two different options.
In the first option, personnel associated with the mortgage industry have to spend big amount of money in million dollars for launching direct advertisement campaigns for grabbing the attention of the customers. In other words, personnel have to deliver their messages on their own efforts and money. This type of approach may definitely give big losses to all the people associated with the mortgage industry. Hence, I have always given my support of an alternative solution towards creation and highlighting the reverse mortgage or other aspects of the mortgage industry. In this case, personnel associated with the mortgage sector should only create awareness of the mortgage schemes to the old aged family members or senior citizens, who truly need such types of services at the time of emergency.