It seems counter-intuitive that real estate professionals would need to know about reverse mortgages.  After all, the purpose of a reverse mortgage is to help KEEP someone in his or her home, right?  Actually, a reverse mortgage can INCREASE a Realtor's® business.

How?

You can double your business by listing the senior's home and helping them buy another one WITH a reverse mortgage.  Of course, the transaction has to be structured correctly (I can tell you how).  The important thing to know is that a reverse mortgage can be used in combination with the proceeds from the sale of a home or other funds that are to be used toward the purchase. The senior can move into a new home that might better meet their needs as they age and still have no mortgage payment.

Another reason to understand the reverse mortgage is so that you can help the senior who wants to buy a second home or an investment property. Unless you, the advisor, suggest this to them, they may not even realize they can get the money they need from their primary residence (and still make NO payments!) to use for the purchase.

Maybe the senior doesn't really want to leave their home of many years....  You can become a hero and win a client (and their family) for life by suggesting a reverse mortgage instead of selling.  There is a difference between wanting to move and HAVING to move.  If you sense that moving is not really the client's choice but they feel they have no choice because of finances, you will be a hero by letting them know there may be another solution.

As a Real Estate Professional, the more you know about the reverse mortgage, the more you will be seen as a trusted advisor.  Incorporate some of these ideas into your conversations with senior clients.  Your credibility will increase as will your business.  You will also have the personal satisfaction of knowing that you are providing the highest level of service and putting the client's needs ahead of your own.