When financial planners counsel retirees on how to best leverage their retirement portfolio, social security, and other assets, considering a reverse mortgage was long 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 who are on a strict budget or who want to live their golden years to the fullest. Reverse mortgages can often mean the difference between just living and living life to the fullest.
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.
Sara Cornwall is a local Reverse Mortgage Advisor serving the entire state of Connecticut. Contact Sara and learn if reverse mortgage is right for you.