This is a rather long title for a new designation for Financial planners, but apparently many of them are seeking to become educated on how to use a reverse loan for retirement planning.
Needless to say, many Advisors refuse to acknowledge the benefits of using funds from a reverse loan, instead of drawing down on a retirement portfolio, but more are becoming open to the suggestion that there are benefits to be had to their clients by using this option.
And article was recently published discussing this new certification and how quickly many financial advisors are undergoing the education to qualify for it’s designation that will “brand” them as current on financial matter and innovative and open to new ideas in retirement planning.
Program Teaches Financial Planners Strategic Use of Reverse Mortgages.
May 20, 2015
A growing number of financial advisors have looked to new designation programs to better guide retirees on how to plan for retirement.
One such program, which teaches advisors about the strategic use of reverse mortgages, has grown in popularity since springing up three years ago — perhaps because of its uniqueness.
The Retirement Income Certified Professional (RICP) designation became the fastest-growing financial advisor credential ever launched in The American College of Financial Services’ 88-year history, according to a recent article on ThinkAdvisor, which notes that some 1,500 financial planners have completed the program, and another 7,000 are currently enrolled.
“The program was designed specifically to address retirement income planning,” said David A. Littell, RICP Retirement Income program director at The New York Center for Retirement Income at the college. “We thought that was what advisors needed. That is what they were asking for. That is what the industry was looking for.”
Written by Emily Study
I will post the remainder of the article tomorrow.
A very small loan program to assist seniors in their ability to pay for their homeowners insurance and property taxes, has become available in the Washington DC area. Non payment of these obligations by seniors, even after they have done a Reverse loan as in some cases has caused a foreclosure on the senior’s property in the county where they live.
The Reverse loan requires the borrower to continue to pay taxes, keep the home insured and well maintained. But sometimes this can be difficult for some seniors, so a program such as this one this is described in the following article, could be very beneficial for the homeowner.
“Local Program Offers Default Relief for Reverse Mortgage Borrowers
Posted By Jason Oliva On November 12, 2013 @ 6:54 pm In Counseling,News,Reverse Mortgage | No Comments
A micro-loan program in Montgomery County near Washington, D.C., offers reverse mortgage borrowers default relief through the help of a local counseling agency, The Washington Post reported  this week.
Focused on assisting reverse mortgage borrowers in meeting their tax and insurance requirements, Asian American Homeownership Counseling’s (AAHC) Home Savers program  offers an interest-free micro-loan of up to $4,000 for eligible residents living in Montgomery County, Maryland.
AAHC is a nonprofit organization approved by the Department of Housing and Urban Development that serves homeowners as well as condominium owners.
Under the Home Savers program, the $4,000 micro-loan must be repaid within two years, though extensions could be obtained depending on a borrower’s financial situation.
Reverse mortgage borrowers are required to attend to financial education orientations, one of which regarding money management and the other focusing on “thoroughly understanding credit,” the article writes.
There is also an income restriction for Home Savers, as the program is designed for homeowners making less than Montgomery County’s median area income. For a family of four, the median income is $107,000 and $79,000 for a family of two.
AAHC intends to expand the reach of Home Savers to neighboring areas such as Prince George County and Washington, D.C. through the use of grants.”
Written by Jason Oliva