At the NRMLA Annual Meeting and Expo, Jim Cory highlighted the need for the reverse mortgage industry to increase awareness and usage rates. With current market penetration around 2%, Cory stressed the importance of advocacy and engagement in related industries. A comprehensive, long-term strategy has been devised to promote reverse mortgages, focusing particularly on the Home Equity Conversion Mortgage for Purchase (H4P) program, considered significantly underutilized. Cory aims to mobilize industry representatives and kick off initiatives to raise awareness amongst associations and groups critical to expanding outreach and education about reverse mortgages.
The industry faces a distribution problem concerning reverse mortgages, with only about 2% market penetration despite high satisfaction rates. We need to raise awareness effectively.
Jim Cory emphasized the importance of promoting reverse mortgages, particularly the underutilized reverse for purchase, to ensure a more significant impact on the market.
#reverse-mortgages #outreach-efforts #industry-advocacy #market-awareness #home-equity-conversion-mortgage
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