As I was saying the the previous post, there is now a new certification that is available for Financial Advisors if they wish to educate themselves in the FHA product that will fill the financial planning gap in the future.
So many Advisors have refused to considered funds from a Reverse loan to be an option for retirement planning but are gradually changing their minds.
Especially considering that the # 1 fear of seniors, is running out of money. And if they do have a retirement portfolio they need options to extend it’s longevity and not be concerned or worried how long their money may last them.
Here is the next section of an article that discusses how Financial Advisors ( And most likely the younger ones who have entered their industry in the last 10 years), are making an effort to be qualified to discuss this option with their clients.
Published May 20, 2015 and written by: Emily Study.
The RICP program includes a curriculum that focuses on key topics, including long-term care planning, health care planning and different strategies for converting assets into income, Jamie Hopkins, associate director in the RICP program told Retirement Wire.
One of these strategies is the use of home equity, specifically reverse mortgages, to better plan for retirement.
“We also cover strategic use of home equity,” Hopkins said. “There is quite a bit on reverse mortgages — in part because there is more and more research showing that you can use a reverse mortgage strategically; not just as a last resort, but as a strategic part of your retirement income plan.”
While some financial planners are still not sold on the use of reverse mortgages in retirement planning, surveys reveal the need for more dialogue on the product.
“You can use it as a line of credit, and there are some studies that show you might be better off taking it earlier,” Hopkins said. “Some of the research supports that, although a lot of people have very strong feelings about reverse mortgages, and some of it very negative.”