One ongoing challenge will continue to be overcoming skeptics, Scheper says. “We have to remove the doubting Thomases out there,” he says. “The skeptics and the critics are still out there because they don’t know what they don’t know.” Downey says the industry has come a long way in overcoming doubters, noting that federal agencies and the financial services industry better realize the importance of reverse mortgages in helping some people finance their retirements. But he also knows that more must be done. “We need to continue to educate the financial planning and services community about reverse mortgages and what they can and cannot do,” says Downey, who is a NRMLA board member. “I feel strongly that the only way the average homeowner is going to feel comfortable with the reverse mortgage programs is if the financial services community also fully understands it and the proper implementation of a reverse mortgage.” Education Inside and Outside the Industry Through the years, NRMLA has done a good job of spearheading education efforts inside and outside the industry, observers say, including outreach to financial planning professionals, real estate professionals and policymakers. “I don’t think the reverse mortgage lending community really understands some of the more incredible things the association has done to keep the programs alive and viable,” Downey says. “NRMLA needs greater membership and support from our industry, which will allow NRMLA to continue its mission and increase its presence and service to our members.” He says it is a difficult time for lenders—reduced volume and revenues, regulatory and market headwinds, etc. “But I think it is shortsighted for lenders not to be members and participate due to costs,” he adds. “Or maybe they have the perception that they will benefit from NRMLA’s efforts even as nonmembers, which arguably is true, but very shortsighted.” Milestones continued from page 29 30 REVERSE MORTGAGE / JANUARY-FEBRUARY 2024
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