When financial planners counsel retirees on how to best leverage their retirement, social security, and assets, considering a reverse mortgage is often not part of that conversation – but this is beginning to change.
As the myths of the industry are laid to rest, many professionals are beginning to better understand how reverse mortgage can be used as a financial planning tool for seniors on a strict budget. These reverse mortgages can often mean the difference between getting by and living life.
In a recent Reverse Mortgage Daily article financial planner, Dr. John Salter, discusses his experience in studying the ins and outs of reverse mortgages – and eventually understanding why they should be part of the conversation. Dr. Salter holds seminars for other financial planners and says reverse mortgage is always a hot topic. He expresses the need to alleviate misnomers in the industry and for his colleagues to re-learn everything they once thought they knew.
A few tips for financial planners:
- Seek out and work with a reputable reverse mortgage specialist who has strong ties to the community, lends from an organization that is a member of the Better Business Bureau, and is associated with the National Reverse Mortgage Lenders Association.
- Make sure you fully understand the information you may be offering your retiree client. With the amount of misinformation within the industry, if you are not 100% sure of an answer, call your trusted reverse mortgage specialist to ensure the information you are providing is accurate.
- Communicate with adult children who may have concerns and make sure they fully understand the process from A to Z. Eliminating misinformation is key.
- Remember, reverse mortgages are not one-size-fits-all. Be creative and comprehensive when considering adding a reverse mortgage to a long term retirement plan. And don’t hesitate to contact a reputable reverse mortgage specialist if you are on the fence.
Jan Jordan is a Reverse Mortgage Specialist serving the Fort Collins, Loveland, Greeley, and Front Range areas of Colorado. Click here to contact Jan and learn if reverse mortgage is right for you.