Financial Planners Learn About Reverse Mortgages… Part 2 of 2
Security One Lending, a subsidiary of Reverse Mortgage Solutions, is making strides in educating financial planners about the reverse mortgage.
The recent changes, in a sense, have lit a spark. Presently, many financial institutions are taking advantage of the change by educating new employees and consumers about the benefits of the program, not as a “last resort,” but as a “financial planning tool.”
According to an article published in Reverse Mortgage Daily, the first step, in what Security One Lending hope will be many, was a a webinar titled “A Fresh Look at Reverse Mortgages,” which attracted 500 financial advisors. The webinar featured guest speaker Michael Kitces, who has outlined the benefits of a reverse mortgage before, partner and director of research for Pinnacle Advisory Group.
The President of Retail Lending at Reverse Mortgage Solutions, Torrey Larsen, is confident that the early success of the webinars demonstrates a shift in the mind of financial advisors, who are beginning to see the reverse mortgage program as a viable toool for healthy financial planning. Back in June, Security One Lending presented its first webinar, “Reversing Conventional Wisdom,” hosted by Dr. Barry Sacks.
There is still a long ways to go, however, in order to change many of the misconceptions that have been established over the years about reverse mortgages. While the webinar’s success shows an active effort on the part of financial planners to combat those misconceptions, there are still many who need to be educated when the new changes are implemented.
Security One Lending also has plans to establish a reverse mortgage advisory board in the future in order to specifically target these misconceptions. It is the beginning of a two-fold effort on the part of Reverse Mortgage Solutions to make the reverse mortgage’s reputation much more favorable than it has been in the past.
Future webinar topics will include the correlation between reverse mortgages and long-term care funds, as well as the ongoing series, “Using Household Wealth During the Distribution Phase of Retirement.”