Scent of an Industry
Written by David Bancroft Wednesday, 18 June 2008 12:23
We stink. Currently our industry is giving off an odor that does not bottle well. It is being packaged at the local media plants and sold to anybody with a nose who wants to point blame. The stench is causing the public to make unfair comparisons to the recent mortgage mess and to correlate the rotting odor of a sub-prime carcass with the Reverse Mortgage Industry.
It is unfair to share the same room but we have to, it is the only one in the house. What we need is a mixture of apple-cider vinegar with a touch of tomato juice, the same concoction I used on my two labs that mistakenly thought a critter dressed in black and white was friendly. We can bathe in this mixture as long as our supporting organizations refute the political accusations on our industry and address the psychology of the consumer during this recession. We need to calm down this demonizing by standing together and hold the hose to wash clean the negativity.
It is time for the organizations which support this industry to step up and do a feel good, public relations, marketing and television campaign to awaken the spirit. We need more great stories of lives being changed and homes being saved. It will feel like warm towels from the dryer and will help us get the much needed positive vibe that is long overdue. We need our political leadership to embrace the Reverse Mortgage answer, call it a solution and increase the support from the senior associations. This will counter the naïve momentum, swing the pendulum back and create a new retirement sensation.
It is time for those of us who are serious about making it in this market to do a better job in all aspects. As leaders we need to take care of our companies, train our people right and bring out the positive we are doing. Together, let us cut the stigma of failure seniors seem to carry about Reverse Mortgages and make this choice the solution. Keep telling the good story and do not allow this industry to be compared to the smelly trash can of the recent mortgage debacle.
We can all recognize the current “scent of our industry” and we need to stop pretending the smell will simply go away on its own. Reverse Mortgages are definitely not accepted as a savior by the masses, but they are an answer for many, as well as a viable solution for the retirement community. Let us raise our expectations for this year and reach out not only to the seniors we can help, but also to those within our own industry who can make a difference.
About David Bancroft: David Bancroft is the President of OmniHome Financing Inc. Mr. Bancroft is a leading industry expert in the origination of Reverse Mortgages, FHA & VA Government Loans and uses his extensive experience to help promote the Reverse Mortgage industry. OmniHome Financing was founded by Mr. Bancroft and his partners in 2002 to specialize in Government lending and is one of the largest originators of HECM Reverse Mortgages in the Country.
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