FOX NEWS & BOB MASSI do A DO-OVER DISCUSSING THE HECM REVERSE MORTGAGE PROGRAM

Here's a rhetorical question: When was the last time  this industry saw a recognized expert in their field rise up in front of the television camera a second time to clarify what was said on the first airing?  By my count the answer is none-as in zero.

I think this provides a teaching moment in two aspects.  First: Many in the industry voiced a strong opinion in opposition to the core of  the Fox reverse mortgage story.  Looks like the rapid response system actually worked. Second: it shows the difficulty one has in researching a subject like reverse mortgages when there are so many published written articles and so many media segments that have gotten it wrong. Let's not forget the declamations and  demagoguery from some of our feckless politicians.

So imagine for a moment that you know nothing about this topic and you had to research the subject. What would you find? On the one hand, you will find a bunch of positive articles and media segments. Then again, one would also find a plethora of negative articles. These categories can be further subdivided into positive spins that are also wrong and negative spins that miss the mark by a wide margin.  One must also realize especially in television, that some segments are not planned well in advance.

So how would you do if you needed to write or present a cogent piece on reverse mortgages? I would surmise that you would not do  very well- your piece would be inaccurate if you relied upon any of the following presentations noted in a previous post.
One would think that you couldn't go wrong if you relied upon the CPA Journal, Forbes Mag, New York Times or NBC News to name a few. Financial Planning Journals, Legal Journals and Accounting journals have all had stories that did not approach good journalism.

It is for this reason that I have advocated for an industry-wide rapid response system. This time it worked partly because of the measure of a man who happens to have integrity.

Also kudos to Fox News.

 I can tell you that the ubiquitous and brilliant CPA Jim Veale and I once tried to get an article that was replete with wrong and misinformation re-written. The authors appreciated our concern and our desire to set the record straight, but the publisher refused to correct the inaccurate detritus that his magazine published.

 

Comments

[home buyer]

Great info on reverse home mortgages. This is a great option for home mortgage seekers. Thanks for the great post!

[Beth Paterson]

Bob,
Thank you for acknowledging Dennis Haber's response and knowledge on reverse mortgages. You are right, it is a hard subject to cover in 3 minutes, even in 10 minutes. I usually spend 2 hours with seniors during an information session to educate them so when they are proceeding they have an understanding of the loan and the terms.

It says a lot that you are willing to reach out and try to provide more accurate information. Thank you!

[ROBERTMASSILTD@HOTMAIL.COM]

THANK YOU ALL FOR YOUR RESPONSE. IT IS A TOUGH SUBJECT TO GET IT CLEAR IN THREE MINUTES BUT I THANK DENNIS FOR ASSISTING AND HELPING CLEAR UP SOME ISSUES. BOB MASSI

[Reverse Mortgages Canada]

I am sure there are lots of people that will get interested in that program. Reverse mortgage is one of the common problems of all seniors today.

[James E. Veale, CPA MBT]

Dennis,

Some of the responses by those in the industry to the second segment have been somewhat bewildering. Some think the Fox News second segment was insufficient and others do not believe it was a retraction at all.

As you declare, when has any major cable, TV, radio, newspaper, magazine, or other major media outlet done more? Rather than condemning, attacking, or questioning the response, we should be thanking Bob Massi and Fox News for their integrity and response. The normal response to our efforts is simply to ignore our concerns. Bob Massi and Fox News did not. While some may disagree it is hard to believe that if CNN had done a similar first segment, it is hard to believe they would have done more to correct it.

Your calls for a quick response team went largely ignored; that is too bad. If this had not been Fox News, I doubt if the response would have been so thorough and swift. Too many seniors watch Fox News to just let it go.