Financial Planners Receive Reverse Mortgage Education... Part 1 of 2

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Mortgage and Lending with PS Mortgage Lending 305-791-4874 or 888-845-6630 365768

Financial Planners Receive Reverse Mortgage Education... Part 1 of 2

I feel now, more than ever, financial planners will be a lifeline for the reverse mortgage industry moving forward.

Security One Lending, and it's parent company, Reverse Mortgage Solutions, seem to think so as well. According to an article, published in Reverse Mortgage Daily, they plan to establish an advisory board designated toward eliminating reverse mortgage misconceptions among financial planners and regulators.

The changes to the reverse mortgage program were implemented to make the program a lot safer for consumers. In truth, the advisory board will help combat a lot of the misconceptions about the reverse mortgage, especially, the fact that they are "unsafe" for borrowers. By ensuring that future borrowers continue to be well aware of their responsibilities via reverse mortgage counseling and mandatory set-asides, any current misconceptions should be taken care of.

In the future, it'll be important that financial planners realize how crucial a reverse mortgage can be in most situations, especially for borrowers who have not saved enough and are hoping to secure an extra boost of cash flow for any future "rainy days".

Torrey Larsen, president of retail lending for Security One Lending said: 

“Security One Lending and RMS believe future growth for the Reverse Industry will be driven in large part through the utilization of the HECM as a part of one’s overall financial plan. The ability to have this group of “thought leaders” from the financial advisory and research communities provide strategic guidance to S1L’s evolving Financial Advisor model is extremely valuable.”

Some financial planners have been climbing on the reverse mortgage bandwagon for some time now though. Brian Rezny, a financial planner, offers the reverse mortgage to about 90% of his clients (after careful consideration of their person situation). Lifestyle, to Renzy, is a decisive factor in each of these cases. If his clients aren't willing to change their habits, whether they are in financial trouble, or hoping to avoid it, he sees no need for the program. 

Moving forward, Security One Lending is taking the necessary steps in order to educate borrowers, lenders, financial planners, Realtors, etc. as the new changes come into play. Specifically, making sure that the reverse mortgage's reputation adapts to these changes. Often seen as a last resort, the changes will, hopefully, make the reverse mortgage what it used to be...a viable tool for retirees hoping to age in place.

Interested in a reverse mortgage program or want more information? Give PS Financial Services a call at (888) 845-6630 or email us at info@PSReverseMortgage.com. We do not pressure those who inquire.

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Information and content in this blog is original to Phil Stevenson

Please click the "SUBSCRIBE TO MY BLOG" button on the right, and receive more Traditional and Reverse Mortgage information in Florida and other parts of the US & Puerto Rico.

 

Phil Stevenson

PS Financial Services

Owner and Principal Mortgage Originator

Certified Reverse Mortgage Professional (CRMP)

LO #365768

NMLS #968090

Cell: 888.845.6630

Miami Mortgages & Florida Mortgages

Copyright © 2013 by Phil Stevenson & PS Financial Services, LLC

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Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thanks for being a source for information on reverse mortgages. I am still unclear on any new limitations for those that wish to use a reverse mortgage to finance the purchase of a more suitable primary residence.

Oct 22, 2013 07:13 AM #1
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Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Phil, thank you for the explanation about the reverse mortgage process.  As every other financial decision, people need to carefully weigh the pros and cons of the decision based on their situationa and act accordingly.  There is no one fits all!

Oct 22, 2013 10:09 AM #2
Rainmaker
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Phil Stevenson, CRMP
PS Mortgage Lending 305-791-4874 or 888-845-6630 - Miami, FL
"Mortgage Nerd" in Miami, Florida and Texas

Roy, you are very welcome! The changes will affect the reverse purchase in the sense that instead of having make a down payment of approximately 40% on your new home, homeowners will have to make a down payment of approximately 50%. Hope this clarifies things and thank you for your comment.

Silvia, thanks for stopping by! Any financial decision should be thought through, it makes for a smoother process all around.

 

Oct 23, 2013 12:20 AM #3
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Rainmaker
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Phil Stevenson, CRMP

"Mortgage Nerd" in Miami, Florida and Texas
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