Online Reverse Mortgage Academy
Credit.org’s Reverse Mortgage Academy is designed to empower individuals with the knowledge needed to understand the benefits and risks of a reverse mortgage. This enables them to make informed decisions about their financial future. In an interview with HousingWire’s Reverse Mortgage Daily (RMD), the chief innovation officer, Robin Hillary, shared insights on the academy’s goals.
According to Hillary, while nonprofit counseling organizations typically come in at the end of the reverse mortgage process, the Reverse Mortgage Academy aims to change that narrative by providing unbiased information at the beginning of a homeowner’s journey. This approach helps individuals gain a better understanding of whether a reverse mortgage is suitable for them, along with its pros and cons.
By educating consumers early on, the academy aims to generate more informed leads for lenders. This approach not only enhances the consumer’s understanding of the product but also increases the likelihood of them exploring a reverse mortgage further. With only a 2% conversion rate for homeowners considering reverse mortgages, Credit.org believes that an educated consumer base presents a significant market opportunity, especially in today’s economic climate affecting senior citizens.
Being a nonprofit organization, Credit.org is in a prime position to provide objective information about loan products and guide prospective borrowers through the reverse mortgage process. The academy’s online course, available in English and Spanish, focuses on interactivity to engage users effectively. This approach aims to bridge the gap between reverse and traditional mortgages by ensuring that more individuals have a thorough understanding of reverse mortgage details.
Benefits of Nonprofit Product Educator
After completing the e-learning course, participants can opt for a fee-based counseling session, where they are encouraged to involve friends, family, or trusted advisers. This comprehensive approach, starting from education to counseling, sets a new standard in reverse mortgage education.
Hillary emphasized the importance of innovation in engaging consumers and increasing the conversion rate beyond the current 2%. Educating consumers about reverse mortgages is key to driving industry growth and ensuring that individuals make informed decisions about their financial future.