For the last several years, the reverse mortgage industry has been on a mission to teach financial advisors how a HECM could be useful in retirement income planning.
Used strategically, a reverse mortgage can support a number of financial goals in retirement, like eliminating a monthly mortgage payment, delaying Social Security to maximize its benefit and establishing a growing line of credit for emergencies.
While researchers, professional journals and several high-profile figures in the financial planning world have validated the HECM’s use, getting through to advisors has been challenging. Many originators report that they run up against the same old misconceptions about the product, which prevent even financial professionals from wanting to learn about its real value.
HousingWire reached out to six seasoned HECM vets to get their ideas on how HECM originators can get through to financial advisors and turn them into solid referral partners. We asked them: How are you working to get through to financial advisors about the vital role a HECM can play in retirement planning? Here’s what they had to say: