For years financial planners have steered clear of talking up reverse mortgages as retirement planning and income tools for their clients.
It’s easy to see why.
The few horror stories of ‘reverses gone wrong’ have overshadowed the positive experiences many reverse borrowers in ideal situations have.
Those past horror stories likely involved lenders who didn’t understand their own product enough to be able to foresee how it would – and wouldn’t – work for their clients.
But we’ve learned a lot since those early days, and many of us have even become certified professionals in reverse mortgage lending.
With growth and confidence in reverse mortgage loans multiplying in 2021, it’s time again to talk about reverse mortgages with your clients.
Reverse Mortgage Stats in 2021
2020 saw a steep uptick in reverse mortgages thanks to a few factors, namely the pandemic and the loan product’s viability as an ideal solution for funding the costs of aging in place safely at home.
This upward trend is continuing in 2021, according to the results of the 2021 Outlook Survey released by Reverse Mortgage Daily.
The survey found:
- The reverse mortgage industry outlook in 2021 is overwhelmingly optimistic
- The pandemic has boosted reverse mortgage volume and it’s expected to grow in 2021
- Reverse mortgage product education is key for lenders, financial planners, and consumers in order to fight historical negative perceptions
- Financial planners have a big opportunity to educate clients about reverse mortgage solutions – and discuss the general idea of leveraging home equity as a retirement tool – with clients.
How a Certified Reverse Mortgage Professional Can Help You
Having a Certified Reverse Mortgage Professional in your network is more than just a mutual referral opportunity. It’s a lifeline to remaining informed about reverse mortgage products, their benefits, their drawbacks, and changes to government-backed and private reverse programs. Connecting with a specialist also means that when you field questions from clients who want to know more about reverse mortgages as a financial option, you have your facts together.
We’re happy to connect with you to help you wade through facts and be your subject matter expert when you need one.
Learn More About How Americans are Using Reverse Mortgages Strategically
Use the links below to learn about different scenarios where reverse mortgages can work for your clients:
- When Does a Reverse Mortgage Make the Most Sense?
- Using a Reverse Mortgage to Help Fund Aging in Place
- 3 Ways to Fund Retirement Savings Using Home Equity
- How Reverse Mortgages Can Help with Retirement Healthcare Costs
- Reverse Mortgages are Growing During COVID
- Reverse Mortgages as Retirement Income Tools
- Top 3 Myths About Reverse Mortgages Debunked
Reach Out to Us for Advice and Assistance!
Do you have more questions about reverse mortgages? Whether you have a client in a unique scenario or want to learn more about how these loans can be part of a well-rounded retirement plan, we’re here to help. Reach out to a Certified Reverse Mortgage Professional today. We’d love to connect with you to help your clients determine if a reverse mortgage is a good fit for their situation.