Tapping the Potential of the Reverse Mortgage Market

“The purpose of business is to create and keep a customer.” — Peter Drucker

While most sectors of the financial industry have been impacted by the economic downturn, one area has emerged as an important growth market: reverse mortgages.

Reverse mortgages have been around for two decades but have become an increasingly attractive option for older consumers who wish to stay in their homes as long as possible. According to AARP, approximately 350,000 reverse mortgages have been financed since 1961 but two thirds of that total has occurred in the last four years.

An aging Baby Boomer population approaching retirement age and the current housing slump have created an unprecedented opportunity in this arena. Some industry experts estimate that at least 20 million U.S. seniors are eligible for a reverse mortgage but less than 1% have actually taken advantage of the product.

On September 10, I will be moderating a panel of industry leaders at the MBA Reverse Mortgage Conference in San Diego. The session will focus on the best practices of the sales professionals in reverse mortgage lending. Join us for what should prove to be an informative and exciting discussion.