Consider a Reverse Mortgage Loan in Your Retirement PlansAn article published in the Journal of Financial Planning, “Retirement Trends, Current Monetary Policy, and the Reverse Mortgage Loan Market”, has made strides in cleansing the reverse mortgage of it’s once (incorrect) reputation as “a loan of last resort.”The article comes only a month after FINRA declared that the reverse mortgage loan is no longer a loan of last resort. This announcement, complied with the reverse mortgage loan industry’s plans to work more closely with financial planners, has been creating a solid foundation on which the reverse mortgage loan can build itself up anew.Most interesting is the concluding paragraph of the article, which states:“Historically, many seniors and financial planning professionals have viewed reverse mortgage loans negatively and considered their use only as a last resort. However, the three legs of the traditional retirement “stool” (Social Security benefits, pensions, and personal savings) have been considerably weakened by the factors described in this paper. Current and future retirees need to re-examine their views and consider including a reverse mortgage loan as a part of their retirement plan. “In the end, nothing is more important than consumer perception, especially where reverse mortgage loan is concerned. It has been a tool of last resort for far too long and while it has benefited many seniors, it has also turned off many other (potential) consumers in the process.As a loan of last resort, many consumers are preconditioned to only look into the reverse mortgage loan if they have fallen on financial hardships and this is the worst way to look on it.While consumers have used a reverse mortgage loan to better their situation financially throughout the years, that is not ALL a reverse mortgage can do, in there lies the difference.The reverse mortgage is not like a cast, where you only get one if you have broken a bone.The reverse mortgage is more like wearing a helmet, you don’t putting it on knowing you will need it but you’re happy that it’s on your head if the need arises.Presently, the reverse mortgage offers flexibility and convenience, more so than previously popular retirement programs such as social security, stocks or pensions. The fact of the matter is, there is no reverse mortgage that is one size fits all; there are a myriad of products that a consumer can consider, until they find one that suits there needs. The reverse mortgage is no longer a loan of last resort, it’s time to change consumer perception, one client at a time.Be aware that while you cannot lose your home under normal circumstances, foreclosure may occur if you do not pay your taxes and insurance and otherwise comply with the loan termsIf you want more information on the reverse mortgage program give PS Financial Services a call at (888) 845-6630 or via email at info@PSReverseMortgage.com. We do not pressure those who inquire. We are simply here to help.